Ann: Q1 FY24 Operational Update, page-14

I think it's difficult to compare REITs to high growth tech stocks especially given the different risk profiles - ie. REITs income generally stuck to CPI + margin + development ops with a mostly secured asset base VS High Growth Tech stocks which are more exponential growth and assets usually being intellectual property.

But yes, I agree; GMG does have scope to increase payout given their inflated interest cover etc., but I think right now the macro environment doesn't stack up to do so and given their historical conservative approach they probably will stick it out until it improves.

Also a few of the names you mentioned do have lackluster dividend yields, but I assume they have grown their dividends over time.



I think a better name to compare to is Prologis (largest industrial real estate company). Just purely comparing Cap Growth & Income Yield : Yes Goodman are lagging from a dividend yield perspective, but growth has been much stronger.