You pose an interesting question Bullish and one that I've gone...

You pose an interesting question Bullish and one that I've gone back and forth on myself over the past few months. How much of an opportunity does the current horrible sentiment towards TGP and TOT present? I think the recent Bell Direct in depth report on REITS summed it up quite well which was that there's plenty of good value around but no obvious short or medium term catalyst that could result in a closing of the discounts to NTA.

Something that won't happen in reality but hypothetically would repair a bit of the fund managers reputation would be a partial return of the acquisition fee that TGP charged TOT for the extremely poorly timed property deal as an acknowledgement of the error. Maybe something like 25 percent as a gesture of goodwill. I realise that I'm biased holding TOT but not TGP at the moment.

Once again this wording was used in the presentation without any clarification:

Our focus for FY24 for TOT is to complete the leasing of the remaining vacancies within the portfolio,
look for opportunities to increased the scale of TOT, being mindful not to dilute the quality of TOT’s
portfolio, and gain market recognition of TOT, to improve the trading price for all TOT unitholders.

Despite the fund lacking the financial capacity to increase it's scale and their one non core asset seemingly proving almost impossible to sell.

I actually think HPI is a good buy from them they just went a bit early in hindsight but it's nothing like the TOT direct property deal so they should do pretty well out of that one over time. No rocket science required just a large portfolio of unique assets on long leases currently trading at a discount.

I've been very drawn to the whole REIT sector in the past 12 months as I can't help but look at beaten up areas of the market. So far I've been directing funds towards DXC rather than this one though as I feel there's more certainty around the valuation of their portfolio along with lower gearing and greater scale. The strategy is almost clear whereas one of the other recent posters quite accurately described 360 as a "black box"

Unfortunately I'm down around 40% on TOT after holding for two years.

I have my doubts as to whether being listed is even the best model for them and have previously floated a merger between the two funds to try and build a bit of scale but then I guess how would you even structure that? It's not fair for the TGP shareholders to absorb TOT around it's reported NTA value when it was trading at a 40 percent discount as a listed entity.

On one hand I do admire that TGP bought the SOL stake to try and show a bit of faith but them now being 30 percent holders works against us in another sense because there isn't much chance of an activist investor coming in and shaking things up.