I think it's even worse than it first looks on paper. The JV...

I think it's even worse than it first looks on paper. The JV properties held with Urban America are assumed to be sold at book value. These are worse assets than the rest of the portfolio (which was sold at an 11% discount to book value), hence why they are not being acquired with the rest of the portfolio and there is leverage held in the joint venture (US $25.7m debt compared to a property valuation of US $38.2m per Note 6 of the annual report).

Assuming they sell at a 20% discount to property book value then it equates to a US $7.6m discount compared to the US$10.8m book value. This subtracts another 2.6c per share in AUD terms and would bring the net proceeds down to $0.19 for URF ordinary unit holders.

Not a great result for poor old ordinary unit holders......