At first glance, it would be fair to assume investors in Dexus (ASX: DXS) would be happy with how its latest set of earnings results went down this morning.

After all, units of this real estate investment trust (REIT) are currently up a healhy 8.16% (at the time of writing) to $6.84 each.

But when you consider this REIT’s long-term stock price chart, you might want to think again.

For one, Dexus is still down about 12% over the past 12 months (including today’s big jump). The REIT is also down 20.1% from where it was five years ago. But what’s even more sobering is that today’s Dexus unit price is about the same as it was back in August 2014. And it’s still below the level it was a whole decade earlier than that, way back…