CLW dropping, page-23

There is a lot of talk about about property valuations being off.

If we calculate the cap rate based on the supposedly inflated book value of these properties we get:
Income 326 million (triple net leases so minimal expenses) / 6.2 Billion portfolio value = Cap rate 5.25%

Is 5.25% too low in this environment? Possibly although these are bluechip tennants with annual CPI rent increases and some property in prime locations. CLW is trading well and truely below book value at the moment so it seems (at least to me) that the market jitters are causing a misspricing this stock.

I am glossing over the risks which others have outlined about debt but it does seem within the realms of possibility that some of the properties could be offloaded for close to book value. If there are any flaws in my logic I'd be happy to be corrected.