I agree - it's a bit perplexing as to why the IDR yield doesn't get pushed down. I would have thought the risk of an IDR-type investment wasn't so disproportionately high as the SP sems to indicate. Someone recommended NVN to me as they expect the merger with FDC will produce significant benefits. But when I look at NVN it seems to be trading at a significaant premium over NTA (SP 2.52 NTA 1.97 at end Dec14). When I look at the underlying assets I can see that properties like Chatswood are capitalised at a rate of only 5% already so I would have thought even the NTA was fully priced?
But I am no expert - DYOR certainly applies!
I agree - it's a bit perplexing as to why the IDR yield doesn't...
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