Ann: COF FY22 Results Presentation, page-16

I think when interest rates rise and all other things being equal, you will expect to see a somewhat correlating increase in the cap rate. We're in some unchartered territory at the moment for most of these REITs as many have only been listed since around 2012 and haven't gone through an environment like this.

I see the NTA obviously falling but by how much is yet to be seen. I think Office space is a lot more volatile at the moment compared to most other commercial real estate sectors and I will be looking closely at some top-up opportunities.

At the end of the day, my goal is build wealth over time and believe that Centuria and it's funds will be here for the long term, any dips in price, although sometimes painful, serve as great opportunities