ccf business model, page-14

Actually, that is not 100% true. Look at any Property Trust that grows. Take this basic senario...

Small property trust grows from $100m in Property with $50m in debt... to $1,000m in property with $200m in debt.

NTA has grown from $50m to $800m, debt ratio has dropped from 50% to 20%, yet debt has growth from $50m to $200m.

Wouldn't the shareprice have increased with the NTA growing form $50m to $800m? I would think so.