$2 would be more expensive than CLW and CMA and many reits i hold which arent increasing. simply too ridiculous, considering the sub scale size of this particular REIT. these are over 50% sydney and melbourne.
the NTA, i dont think would go to $1.25 on the acquisition. This is because they used entire debt to fund the transaction, which leads to NTA decrease not increase. You havent factored stamp duties, acquisition fees in your analysis.
re the yield will surely drop when the perth rent expiry, 79% above market is absolutely huge. This is still 1/3 of the portfolio. The canberra is also above rented and the govt if they vacate in 4 years is a huge risk. theres no guarantee of the govt continuing. Even if they continue the rent will decline as over rented.
so if you use those factors, the yield is closer to 6% in line with other reits currently. The other assets are also over rented, and this will also moderate the yields towards the 6% mark as time progresses. I would not use the index of 4.5% as representative, as it has a lot of property managers e.g. CHC,GMG which are at low yields.
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