A few of the major players have released their updated...

A few of the major players have released their updated valuations (Dexus, Growthpoint, Charter Hall). My average is a 10% fall in office (vs. JUNE-2023). Though most of the in 2-2023. Geared, maybe a 15% decrease. Of course, this is only the valuations, limited transactional activitiy to confirm.

TOT has been beated up, but they are newer buildings, longer WALE. Can't see Cap rate blowing out too much. (5.3 - 5.5% is the A-grade office that I am seeing on the other REITs). But the timing on their foray into being an Office REIT is truly mind-boggling.
Just as they pulled of a great deal on the Irongate exit (the troubles were emerging in the REIT already in mid-2022...) they had to through it all away into the current mess.... yuck.

No, it would be crazy to expect a 6.0 dividend yield for FY24, and I wouldn't want them too pay out 120% of FFO either. Hold back, 4c franked is fine... and possibly even retire some debt to avoid a cap raising as these prices.

Management must update their strategy. I don't want to see any reference to 'GROWING FUM' this time around.... how about some shareholder growth, value add initiatives..... in short 'stemming the losses!' for FY24