I sift through the earnings and take operational earnings as...

I sift through the earnings and take operational earnings as "real repeatable earnings"

I ignore the plusses and minuses of increasing / decreasing book value of properties - its swings and roundabouts.

Much the same, I also ignore the hedging and futures...

I have noticed with both these items, over years what they make one year they lose the next.

What I pay close attention to are operational KPIs - real operating earnings (before P&L asset price adjustments and hedge games) ... then look at the weighted lease term, occupancy and avg. increase in rents, as well as MAT / sqm indicators.

These let me know that I can expect to see earnings increase by about the contract rates... and thats about it - no goodwill etc.

So.. in GPTs case I believe we can bank on about $350m - 400m p.a. Put whatever value you like on their assets, but all they are going to earn this year, next year and the year after is about $400m each year- possibly less, not likely more.

Why someone would pay 15x these earnings, being all the juice squeezable form this company in the next few years, with no goodwill or any other intrinsic accelerator of earnings is beyond me....

Except of course as a takeover target - which is likely - but no longer investing and more speculative.