Ann: Independent Valuations and Leasing Update, page-6

So the Cap Rate adjustment was 0.5% for the Canberra property and 0.75% for the other two and it led to a 19% drop in TOT NTA ($0.93 from $1.15)

Meanwhile since Dec 2021 the Australian 10yr Bond Yield has moved over 2% to 4% currently.

Since Dec 2021 the RBA cash rate has moved 4% from 0.1% to 4.1%.

If a 0.5-0.75% cap rate adjustment can cut 22c out of TOT NTA, that gives you an indication of what further adjustments will do to NTA.

TOT is leveraged and that works both ways: currently downwards. Moreover, its leverage is not locked in at lower rates.

TOT's earnings (after all costs) are what matters (per share, earnings yield). Note this is never the focus of TOT announcements or presentations.

The dividend yield claims are misdirections given the above context.