If you look at its growth 91% in the past 5 years excl divsWhen...

If you look at its growth 91% in the past 5 years excl divs

When you're measuring the growth at 91% you have to remember that a lot of this growth has come from expansion funded by capital. It helps to look at the following graphic comparison.



Although it's not reflected in the numbers above, you're correct, the profit numbers have pretty much doubled in the last four to five years.
But you'll see that the external debt and the number of issued shares have also increased in similar portions.
BWP's performance over the same period is quite different.
The best way to measure growth of a REIT from a shareholders point of view is by looking at and comparing the earnings per share.
ARF has done well. It's improved its earnings by about 25% for the table period while Bunnings have improved theirs by only about 5 - 6%.
ARF has raised capital and increased debt to achieve this but the fact that they've managed to increase their shareholder return at the same time suggests that they expanded wisely.
This graph and your observations are across a period of low interest rates. Their interest bill for the financial year 2021 was about $3m so that may double across the next few years.
At the end of it all their return on Equity and on Invested Capital (Equity plus external debt) has never reached more than about 5% to 6% and the current dividend yield is about 3.5%.
It is one of the very few REIT's that has grown its EPS every year and that will continue as the Government (whether Liberal or Labour) is quite supportive of the Child Care industry.
It represents about 6% of my investments and it has been higher and I'm comfortable holding.