I always understood that the path to redemption for GPT (and...

I always understood that the path to redemption for GPT (and likely many other companies) was to:

1. Plug the holes - GPT did this by raising money to strengthen the balance sheet. This satisfies safety/security/survival.

2. Demonstrate some smooth sailing - GPT are on track to do this, but smooth sailing is not instant, it needs to be demonstrated over time - 2 or so results reported with stable or modestly increasing returns will achieve this. This satisfies sustainability.

Now 1 and 2 achieve security and sustainability - that should lead to rational valuations. [Note: I do not believe that NTA has any relevance at all, as the "A" part is completely up for interpretation].

3. Demonstrate ability to achieve superior returns. This unlocks premiums to being paid on top of a rational value. In GPT's case it has a few growth instruments, including rental increases, acquisitions, asset sales at improved prices, added leverage at low locked in rates where longer term yields exceed the cost of capital... and of course - possibility of being taken over too.

Number 3 cannot be demonstrated meaningfully for a REIT without 1 and 2.

As for regular yields, GPT is returning me 2-3x more than my bank account does - and I remain satisfied that it will continue to do so in the medium term future. I also remain cautiously satisfied that it will now hold its underlying capital value with some grater stability than we have seen over the past 12 months.

I am treating it as a deposit account, a place to park my cash, where the returns are unexcitingly stable, better than a bank, and include modest capital growth.

This is not what has happened of course.....