If the company has a fairly solid return on invested capital and management are seen as good capital allocators, is it not in most shareholders' interest to let the company use the excess capital and reinvest within the business as opposed to paying out dividends? Goodman has averaged around a 10%+ p.a. return on invested capital, a number much higher than most of their peers in the REIT sector on the ASX to my knowledge.
I understand retirees have a need for income within their portfolios, but is arguing for a larger dividend not just trying to have your cake and eat it too? You can't enjoy the solid capital growth that Goodman has achieved thus far and expect growing dividends at the same time in my opinion. Perhaps if their growth trajectory was coming to a slow and they were struggling to find a use for excess capital it may be an option, but so far, I can't see the rationalization for it.
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