as only 1/2 the income comes from Healthscope if it collapsed and we write down the carrying value of those assets to ZERO then the NTA becomes 79c or about where we are now (81.5c)
The maths here is not correct. HCW is leveraged so the NTA does not reduce proportionally with assets.
From the H1 presentation appendix, the Healthscope assets are 69% of NTA: $289m directly held plus the $610m for its 50% stake in UHF = $900m, of the $1,587m total assets.
Net assets are $869m: $1,587m less $441m in borrowings less $277m in other net liabilities
Note: $869m / 550m units is what gets you $1.58/unit NTA.
From this you can see that the Healthscope asset value is larger than the net asset value, so if Healthscope assets went to zero, the NTA would be negative, not 79c.
As you say, this outcome is not going to happen. But I think it's important to understand that REITs are leveraged (up and down) to asset values.
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