I'll do a valuation in the next few weeks but I just wanted to make a note of how good GPT's reporting is compared to some of its peers. A few things I really like are:

1) They report AFFO which includes actual cash outflows for maintenance capex and lease incentives.

2) They report cashflow instead of just passing off FFO as representing the true underlying cashflow of the business:

3) The Fair Value Reconciliation is pretty insightful in terms of demonstrating how the book values of the portfolio have come to be. It's interesting to see how much expenditure is capitalised for each asset.