Whatever write-offs IIF might have, IMO there's no way the NAV has lost more than 10 times their value, hence $0.11 still a bargain. I believe that regardless what REIT we're talking about they're all way under the "normal"price. IMO, IIF should be at least 90c but in this market there's no normal values.
proof lending covenants might be ok, page-3
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