The main issues weighing down the SP seem to be the high level...

The main issues weighing down the SP seem to be the high level of gearing, given how interest rates have risen, plus the war in Ukraine. They have investments in Poland, which borders Ukraine, and Italy, which was one of the European countries most reliant on Russian gas.

Their programme of spinning off assets into other real estate investment vehicles (which they intend to manage) is stalled because of the state of the markets. Once things improve they should be able to complete this and retire all debt.

In the meantime, debt servicing is going to depress profit from operations, and like most property stocks on the ASX, they will probably take a hit on property valuations for June. Against this they have realised some profits from asset sales during the year, so whether this translates to a statutory loss (like many other ASX property stocks) remains to be seen.

As you say, it is an extremely unloved stock ATM - probably the most unloved in what is an unloved sector ATM. Once the war in Ukraine ends, this stock should come alive again.

All IMO.