the "other" way of looking at it: over the past 6-odd yrs,...

the "other" way of looking at it:

over the past 6-odd yrs, practically ALL the RIET sector has booked the chg in asset values due to falling rates thou the P&L, and booked the chg's to NTA.

if (and its a big if), the tenancies get back to 85%++, then rents recieved will get back to 85-90% pre CV19.......

so - it becomes a trade-off question of how quickly int rates rise relative to CPI (which is used in the rent review cals).......

at least "some" of this is reflected in the current price (all imho)

ditto GPT

both have "done something" abt recapping the bal sheet's ........(to reduce risks)

URW is the one that is "surprising" ......

rgds
V_H