AOF Opportunity or Value Trap

Interesting, trading significantly under NTA, but

Guidance has been limited to qtr to qtr which implies a lack of visibility as to the stability of AOF cash flow going forward.
Dividend sept qtr guidance has been cut from 3.8c a quarter to 2.5c. But as emphasized this is only for the Sept Qtr, no guidance after that.

Investment objective and strategy
During the financial year the Scheme’s three largest tenants, representing approximately 50% of the portfolio’s
net lettable areas, informed the Scheme that they would not be renewing their leases.

This resulted in the June Yr end property values falling accordingly and hence the drop in NTA from $2.71 to $2.26

A key question for me, given notice of not renewing their leases, when do the leases expire? 50% of lettable area is massive, and future cash flow is going to be a key concern, given the timing of exiting the leases, and the timing of new leases, and at what rate and with what 'lease cash incentives'.

The recent Aliro proposal was offered at $2.245cash but then they walked away after saying that with due diligence they couldn't meet that offer.

I just started looking at AOF given its drop in share price.

But value or value trap????

I don't know, but am weary.

I would very much like to know others opinions