Irongate bought 38 Sydney Avenue, Canberra ACT on 15/6/21 for...

Irongate bought 38 Sydney Avenue, Canberra ACT on 15/6/21 for $73.75 million. TOT paid $80 million
Irongate bought 34 Southgate Avenue, Cannon Hill QLD on around 17/8/21 for $36 million. TOT paid $42 million
Irongate bought 50% of 510 Church Street, Cremorne VIC on 15/12/21 for $130 million TOT paid $132 million

So NTA goes down from $1.315 to 93 cents because they bought office property at prices that were inflated again on their recent 2021 transacted prices when was clear that the environment was inflationary, interest rates were headed up and cap rates were coming down.

I'm saying that they knew that what they were doing would be bad for shareholder value and they did it anyway despite having the option to back out.

A previous poster said he was seriously thinking of buying more that these levels. I wouldn't want to hitch my wagon to this team when annual earnings looks nearer to 3 cents per share than 4. At earnings of 3.5 cents per share that's a multiple approaching 20 times going on a 67 cent share price.

Hopefully they bail on at least one of the properties and retire some debt or they get taken out at near enough to NTA.