Correct sir. REITs are buy when they are a significant discount...

Correct sir. REITs are buy when they are a significant discount to NTA. This is exactly where this sits. Have not touched this stock since the last rout back in the GFC or most REITS except for Covid era. Because of what you said, they have been simplistic yield plays for the most part without capital growth (GMG a little diff). So what have I done? Well I dipped into SGP and GPT a few months back and sitting quite well.

The other thing to consider is the pension funds tend to own index or at least high index weighted REITS to manage their property asset classes. They’ve likely sold down their listed holdings to manage the overvalued unlisted which likely trade at NTA on their books, despite listed counterparts like this, GPT etc travelling at 30% or so discount to NTA. Ie they were or are selling down listed stocks for liquidity to manage asset allocations, as you cannot readily do it with the unlisted assets they hold. This will change at some point and default selling will turn and the NTA discount will close. We’ll likely of course and my opinion. You can view public disclosures per se on pension fund websites every quarter, but it won’t factor in large inflows of cash.

Buy when the discount exists. My view. It’s worked very well in this sector for me. Albeit not a favourite sector of mine at all given general low returns, pure yield plays.