re NTA i'd be careful. its not apples to apples. Existing listed...

re NTA i'd be careful. its not apples to apples. Existing listed companies internally value their NTA on a very conservative basis. Charter hall aggressively valued their NTA i believe(especially on the office and industrial properties). The pubs i agree with the valuations.

Gear up actually declines the NTA as there is more debt as a proportion(basic finance).

Here is evidence of aggressive mark up of NTA. Note i am an experienced property investor.

ATO adelaide - 6% cap rate. I would give it a 7% at best. should be 7.5%. The rents were set too high and the rents will plunge at the end of the lease.

Metcash perth- 7.3% cap rate. I would give this over 8.5%, as it is in perth

Coles perth- 6.5% cap rate. Too aggressive for perth.

Woolworths VIC - only 4.5left on the WALE - 8% cap rate. This should be over 9% as there is only 4years left on the WALE, if the tenant were to exit, its really hard to find another tenant.