Here is a DPU track record of 3 office space REITs. None of them have given any appreciation in DPU since listing. I don’t think any of these are working for minority share holders. All their focus is either to increase their assets under management or benefit sponsors.
Embassy REIT:
First full year DPU (FY 2020): 24.39
TTM DPU: 21.33
Brookfield REIT:
First full year DPU (FY 2022): 22.1
TTM DPU: 18
Mindspace REIT:
First full year DPU (FY 2021-22): 18.79
TTM DPU: 19.2
To me it looks like a failed investment product yielding DPU in the range of 5-7% with no YoY appreciation. Given this track record, do you see any case for investment here?
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