asset sales to reduce leverage, page-22

I think what is important is that for every property sold at less than book then the NTA is reduced.

IE 5 x $1 Mil properties each LVR 60%

therefore 3 mil loan
$5-$3 =$2equity
lets say 2mil shares on issue (for ease)

Simply NTA $1.00

Sell one property at $800k then

Asset = $4mil (no revals)
Loan = $2.2Mil
4-2.2=1.8

NTA = 90c

Further more if asset sold at less than LVR ie @ $550K
then LVR will always increase

Asset = 4mil
Loan = 2.45mil
LVR = 61.25%
NTA = 77.5c