I noticed also that the NTA had increased from the $6.11...

I noticed also that the NTA had increased from the $6.11 reported six weeks ago to now be at $6.17 per unit. CLW unit price closed at $4.39. The gap is significant.

Our 28 cpu distribution / 439 cpu price = 6.38% at the current price. Definitely better than buying a house with stamp duty, insurance, council rates, water, repairs, etc. And the dreaded phone calls from property agents wanting approval for major repairs. Triple net leases? Yeah, one of those sure would be nice for a residential rental property!

It seems the ten per cent haircut was already factored in to the unit price given we finished the day 3 cents up (basically flat)

I was a bag-holder of MCW (now CQR) during the GFC of 2007/8. And my ability to analyse and discuss finance/accounting is admittedly limited, so don't listen too much to my amateurish opinion, but CLW does look a boring, conservative buy and hold for the patient investor. I am sure analysts will have an opinion in the coming days and I will be interested in hearing their view on the financials.

I wish the gearing was a little lower. If property prices fall substantially that gearing will go up. I am not too worried about that, but I wasn't worried at the start of the GFC when I really should have been. It is a risk, for sure. That gap between unit price and NTA provides a nice buffer. I don't remember ever seeing a REIT with that high of a gap for a long time. I wonder if we'd be a take-over target at some stage...

My average price is $4.56. There is no reason for me to be buying more at $4.39 unless it drops another 8-10%. If I held no REITs now and were desparate to purchase real estate stocks, I'd probably look to put 2/3rds of the money into CLW and a third into CHC -- which has major upside when interest rates start to reduce. This market is making me nervous though -- especially the US market, which is betting heavily on inflation having peaked and rate cuts next year. I am not so sure. The US inflation data released this week will be interesting to see. I doubt I'd be dumping a huge amount into any stock at the moment, including CLW. I'd be accumulating slowly to avoid burning through that dry powder. It probably all depends on whether you see another leg down for the market, or back to the January highs by Christmas.

Definitely not advice