What point are you trying to make? Qantas have announced that they will exclude the proceeds of the sale from their underlying profit figures, because it is a one-off, the same as in previous years. I don't think anyone making financial or investment decisions has ever been confused about the difference between underlying and statutory profits.
Qantas have plainly made a judgement that there is greater value in a sale and leaseback arrangement, between freeing up capital, not having to have in-house property managers, and not having to split focus between running an airline and managing a commercial real estate portfolio.
Do you think Qantas should be spending time and money making decisions about Krispy Kreme leases in T1 instead of buying a new fleet?
What has changed is that Leases are now on the balance sheet as debt(ftom 30/6/19) compounding the strategy of having off balance sheet debt where leases used to sit. This amplifies debt to equity ratios.Strong companies have kept Assets on the books. Time will tell.