The valuations have recovered a little but still well behind...

The valuations have recovered a little but still well behind where they were in 2019, remembering they purchased "Millennium Boulevard?" not long before COVID.

I expect any further recovery in valuation will depend upon Operating revenues increasing. I was a little surprised they provided distribution guidance of 26c+ so I'm hoping for further modest revenue upside.

If so, and barring any nasty shocks the DRP may be an elegant (and temporary) solution. I wouldn't want it to be permanent but 2-3 years at 70% participation should be enough to get gearing to more comfortable levels, particularly if we see even modest lifts in revenues (even though they may be partly a result of inflation).

I've recently topped up, time will tell if we'll see any recovery or just a slow grind lower on stagnating revenue (in which case I'll have little to look forward to as the dividends will be funded by progressive Capital Loss from increasing Shares on issue).

Having said all this, plenty of REITs still in the doldrums with the threat of recession, not limited to just CDP. Property generally still on the nose.