CLW dropping, page-35

Their stated portfolio cap rate is 4.77%. That is ridiculous.
In reality this portfolio is likely to be in the 6-7% range. So excluding any rental growth, the valuations need to adjust downwards by another 20.5% - 32%. With look through gearing at 40%, this means NAV will decline by 34% to 53% due to the cap rate movement. So NAV/unit would go from $5.63/unit (stated) to $3.70 with a 6% cap, and down to $2.64 at a 7% cap. So the SP is probably about right.

Plenty of prime office buildings trading around 7% caps right now, same for retail. Industrial assets are still lower due to a lot of rental growth, but if you have long WALE, you don't receive the rental growth so their portfolio cap on the sheds should be around close to 6%, not 4.25%.

Their portfolio cap rate is the same now as it was in 2021, seems the small matter of 400 bps of interest rate hikes hasn't moved the needle for them or their trusted valuers