did u adjust the rents down for the 79% overrented Perth, and also the 15-20% overrented canberra asset?
even a small adjustment down in 4-5 years, say 20% lower for ECF group, results in the yield of 8.0% ish not being the true yield.
Also did u adjust for a % chance of downtime if Government elects not to renew on the large Canberra asset, this will result in 0% yield if they dont stay as it will be hard to find replacement tenants for government buildings.
If you include these adjustments, the upside is not as big as u state, and the other REITS also have their own risks/upsides too.
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