check out the figures

Basically at $1.65 the shares are being priced for a 1 for 1 equity raising @ $1 and a 40% writedown in asset values

Here are how the figures were derived after much discussion

the basic premise is that "a REIT trading below its per share book value is essentially trading at a discount." from Value Investing for Dummies p318

I think for most part property valuations are based on discounted cash flow so the valuation of asset is equal


no of shares = 2,199,133,940
NTA = $3.86

Equity = $8,488,657,008
a decline in assets will be reflected in similar decline in equity
40% of equity = $3,395,462,803

Equity value after a 40% in asset values = $5,093,194,205

After a 1 for 1 equity raising @$1 GPT would be worth

$5,093,194,205
plus new equity ($2,199,133,940)
$7,292,328,145
New number of shares = 4,398,267,880

NTA after a 40% decline in asset values = $1.658

a 50% decline in asset values plus a 1 for 1 equity raising @ $1 would work out as follows

equity = $4,244,328,567
add in the new equity from the raising
$6,443,462,507

NTA = $1.465

so the way it is being valued at the moment the market is expecting a fall in asset values of between 40% and 50% plus an equity raising of 1 for 1 @ $1