Ann: Response to Media Article, page-9

thanks madamswer, good to know I am on the right rough broad stroke track.

So then my next thought process is to play devils advocate with myself.

If the above is the case, then why is Mr Market not agreeing. Now we can just say that Mr Market is just being a bit senile. But sometimes Mr Market is actually correct and I am wrong, I am just not appreciating the full display of information.

So then I thought about the REIT sector. Few are trading at their NTA with many trading anywhere from 15-40% below NTA.

If this is the case, then to compare apples with apples a discount should be applied to the NTA before adding for the funds management business.
If this methodology is applied then one sees a current 'apples with apples' value approximating the current share price give or take.

Next I looked back through their half year report:
The debt levels against the property portfolio seems much higher than the more conservatively operated REITS:

Gearing of 40-55% seems to be pushing the peddle to the floor, especially in an environment of rising interest rates.

Mr Market could well be discounting to reflect this risk.

Having said this I bought a small 1st position just to keep this stock on my radar and so I have some 'skin in the game' which helps to focus my mind.

Thanks again for your input.