My concern is that the cap rate is 5.4% but the industry seems to be buying and selling at around 7% yields. Isnt this meaning the property is overvalued and hence the discount to NTA.brings it to fair value. I would suggest that on this basis all the ratios need adjusting. Some think its cheap I think it is fair value. Even the 6% payout is around the right value.
Ann: Investor Presentation - 30 June 2023, page-4
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