Repeatedly stated on the call that it was the Capital structure (i.e the debt) that is the issue with Healthscope not the operating performance. Not expecting any significant incentives on any new hospital operator & not expecting to lose a single days rent if the operator changes.
So there's a lot of downside factored into the unit price vs NTA that IMO is unlikely to happen. Assets have been independently valued so the NTA should be pretty firm, divested assets sold at 5% discount to NTA support this.
So IMO it comes down to where you think the cap rates are going to go on HCW assets & as we're about to start cutting rates it's unlikely they're go up significantly.
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