Below table2 shows monthly closing share prices (adjusted to include dividends) of 5 companies, and the adjusted closing prices for the ASX200 index. Table 1 is the dividends per share of the 5 companies in the past 5 years.

Calculate the average annual growth in dividends over the last five years. Use this information, along with Gordons Growth Model to estimate the implied expected return for each REIT at the current market priceuse past 12 months as an example. Show your analysis process.

Dividends per Share ($)	FY16	FY17	FY18	FY19	FY20
GMG	0.240	0.259	0.280	0.300	0.300
CHC	0.269	0.300	0.318	0.337	0.357
DXS	0.435	0.455	0.478	0.502	0.503
MGR	0.099	0.104	0.110	0.116	0.091
SGP	0.245	0.255	0.265	0.276	0.241

Date	AXJO	GMG	CHC	DXS	MGR	SGP
2019/10/1	6663.400	14.093	10.923	11.419	3.108	4.611
2019/11/1	6846.000	14.514	10.449	11.667	3.263	4.762
2019/12/1	6684.100	13.094	10.710	11.161	3.079	4.357
2020/1/1	7017.200	14.744	12.623	12.414	3.355	4.773
2020/2/1	6441.200	14.833	12.250	11.867	3.000	4.569
2020/3/1	5076.800	11.981	6.733	8.871	2.062	2.454
2020/4/1	5522.400	13.021	7.509	8.939	2.210	2.794
2020/5/1	5755.700	15.219	9.511	8.783	2.319	3.463
2020/6/1	5897.900	14.704	9.511	8.978	2.141	3.211
2020/7/1	5927.800	16.930	10.520	8.510	2.090	3.190
2020/8/1	6060.500	18.310	12.510	8.830	2.110	3.960
2020/9/1	5815.900	17.940	12.430	8.890	2.180	3.780