Yield
Reit yield has been going down for past decade or more with lowering interest rates. What this mean is higher Stock Price. This seems a yield spiral which result in yield compression against SSB or Bonds. There needs for a reversal.
The bad way to do this is to have relative lower stock price with higher yield as we can see in past one and half year. Basically Covid impact weakening business fundamental. The ideal way to have much better earning in DPU. How can this happen ?
Currently I can think of 3 and item 1 condition is happening today. There could be more but for interest of time ...
1. Inflation - Yes. This result in higher rental prices provided strengthening economy.
2. Leverage - Higher Leverage will helps including Perpetual.
3. Property - Yes. Increasing Property Price means lower Gearing.

Rental
In short, Reits need to adjust...