They were curiously quiet about this in the results...

They were curiously quiet about this in the results presentation, despite previous results spruiking increased EPS/ yield growth.

Given the operating revenue growth is increasing ~4.5%, I can only imagine this is due to CLW locking an earning dilutive interest swap/ hedging rate or higher rent incentive CAPEX.

Even though we are receiving a smaller distribution, I see increased hedging as a smart move from management to shield investors from interest rate volatility.

This will be a great share to hold for 5 years +, superannuation fund flows into the industry should keep blue chip real estate cap rates relatively low for some time to come.