Um.... thats like comparing apples and oranges.
The reason FMG is higher than NTA is because it has many assets that are not tangible. Goodwill, sales contracts stockpiles and the like being just some.
The only thing that reits have is their long leases.
The rest can be attributable to NTA. REITS are alot more transparent than other companies such as FMG.
my view on current matters, page-15
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