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I'm not sure what point you are making here. Your quote is selective in that you have only referred to one of four points made as to why I think it is reasonable to think at some point soon, GPT should return to favour. The 2012 Annual Report released by GPT to the market on 14 February 2013, readily available per the ASX or GPT web sites clearly shows:

1. Net profit after tax of $594.5 million for year ending 31 December 2012...;

2. Realised operating income (ROI) of $456.4 million up 4.0% from December 2011;

3. ROI (Realised operating income) per ordinary security of 24.2cents...;

4. Cash disrtribution of 19.3 cents per security, and

5. NTA per security of $3.73.

On page two of the release, the Changes in fair value of Assets is added in boostng earnings from the ROI  of $0.242 to the Iress/Huntleys sourced earnings per share figures in the table of $0.336. Security holders that receive their "distributions" (not dividends) also receive a covering tax note at the end of each fiscal year providing the break down of tax components including the taxable capital gain on revaluations passed on to the share holders/security holders.

Again I'm not sure the point you are trying to make. The structure of A-REIT's (mostly as stapled securities) is different to companies in other sectors. A-REIT's do "distributions" not "dividends", the tax treatment is different and no comparison with Woolworths or other non A-REIT's companies have been made.

As stated above, GPT reports "realised operating income" (ROI), last year $0.242 per share. Also GPT has a policy of trying to distribute arround 80% of ROI which is why the distribution was $0.193 cents per share.

Interestingly at the bottom of page one of the report under "Guidance" GPT indicates:

1. 2013 forcast EPS growth of at least 5%; and

2. Payout ratio of 80% of ROI .

There is a footnote (5) EPS defined as Realised operating income per ordinary security. I'm not sure you should be stripping out asset revaluations from earnings, particularly if there is a taxable component of capital gain included in the distribution.

The "outlook" per page five of the release  was "cautiously optimistic for 2013....targeting growth in earnings per security of at least 5%". At this stage there haven't been any profit warnings from GPT and if I recall correctly even J.P.Morgan were recently rating it a "buy", after attending a GPT hosted office tour, with a target price of $4.33.

Personaly I don't think that the current share price action is a result of "what institutional investors are worried about". The volumes traded are not indicative of "institutional investors" being concerned. To me the current price action is more likely the result of retail investors, that entered when the share price was less than $3.00, taking their profits before it falls further and offshore investors that bought in on the run up of the last year or so getting out before the fall in the Aud$ completely wipes out their capital gains.

However, I am not a financial adviser, which is why I generally end my posts with the note "do your own research and good luck".