Ann: CLW 2024 Half Year Results, page-16

Peter, managers do not like to sell assets below "book", it's a bad look to their investors and ruins their brand.

Rather, it's more likely managers figure out the assets they can sell at reasonable numbers, then the reporting period before the campaign, get them revalued at true market value which enables them to sell around "book".

Then report they've been selling assets at "book".

Look at 40 Tank book numbers which CLW just sold:
- 30 June 22: $43.8m
- 31 Dec 22: $43.8m
- 30 June 23 : $37m
- Now sold at $36.5m

Imagine CLW sold their Telco Exchange portfolio worth $435m valued on a 4.25% cap rate at a 20% discount of $346m which is a 5.3% cap rate (still too tight). The market would be in uproar and their co-investors in that asset would go bonkers.