Some really interesting stuff here I would be interested to...

Some really interesting stuff here I would be interested to compare VAP against the two more conventional REIT'S that I'm holding.

If I could just make a few counter points:

1. In terms of the write downs they've definitely announced quite a significant one in the industrial property portfolio already which off memory took the cap rate out to 5.1%. While this still seems pretty tight it needs to be considered in the context the it's a very in favour class of property (industrial) that's likely to show strong rental growth and off set any further cap rate expansion

2. I never use PE to try and value either SOL or BKW as their weird structure makes the surface level figures very messy. The statutory earnings include gains or losses that haven't been crystalised yet due to the big SOL holding in particular which changes in value every day being listed. I try and look at the discount to the underlying assets

3. Comparing BKW against the REIT index isn't quite matching apples with apples due to the big SOL exposure that's in there plus building products which is the least significant part of the company but still not completely immaterial. I don't really have a strong view on construction going forward either way but would expect the current very high immigration levels to work in their favour.

I haven't topped up on BKW or SOL in a while but will certainly look to do so if SOL gets back around $32 or BKW get's back to $25