let me explain, the village locations and their individual values are reported see: "28 Feb 2011 18:16 ! ILF Appendix 4D and Half Year Accounts - 31 December 2010"
sale announced 2nd of may: "ING Real Estate Community Living Group (ILF) today announced the sale of three Garden Villages rental properties in Toowoomba Queensland for $8.8million, representing a 20% premium to 31 December 2010 book value."
so the numbers go like this:
valuation less loan equal NTA
you must take into account the gearing which now is at around 70% for all assets and for the Australian assets around 40%. example calculation for Australian assets: asset value say $5m gearing 40% contribution to NTA $3m, if this asset is sold for a 20% premium that would be $6m making the contribution to NTA $4m so 26c would go up by 33% to 35c, the effect is even bigger for non Australian assets because of the higher gearing. hope this helps
ILF Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held