Agreed, noting your "eventually"! NB the balance sheet and the regular pre and post NTA figures do not allow for selling costs of assets. Selling costs are usually about 6 or 7% when assets are sold singly. If one assumes that tax applies at 21% to capital gains, and allowing for the gearing effect of the senior debt, IF all the property assets are sold at their latest book value, the likely selling costs would reduce stated after tax NTA by about 6 cents. This would reduce the latest published NTA figure of 62c to 56c. Of course this is hypothetical—a bulk sale might involve lower selling costs, and perhaps lower tax charges—but the selling price for a bulk sale might be higher or lower than current book value. But this hypothetical estimate shows that the current market price of about 28c is only half the fully diluted NTA post tax and allowing for selling costs, after conversion of the prefs. Even if it takes another 1 or 2 years to sell most of the assets, the gap against NTA should narrow considerably as assets are exchanged for cash.

Moreover, that ignores the value accretion of the URF buybacks at well below NTA. The larger the number bought back, and the bigger the discount of the buyback price to NTA, these factors will both increase the NTA of the remaining units.