I have not read the report in full but I remember a key...

I have not read the report in full but I remember a key grievance of Bonitas was that the valuation was overvalued by 100%.? This sticks out because property valuations is a key focus of all REit audits. Like I mentioned earlier, I used to work in a REit co in Asia and properties are always valued by discounting at a cap rate. Unlike Equity which are valued with PE, REITs are all about yield, hence capitalisaion rates is the standard for valuing Reits. And with interest rates going down, we can expect very low cap rates will be used, resulting in high valuations. This is not only acceptable but is the correct method of valuation.