You are right. NTA went up with Yen appreciation after recent...

You are right. NTA went up with Yen appreciation after recent asset revaluation of -4.7%.

The seductive NTA of the J-REIT's, especially post Yen rise, is the reason we are here discussing these stocks. Unfortunately until they actually start selling in volume no-one knows what the asset values really are (though less than BJT's idea I'd wager). The reason the REITs with longer dated debt rollover are priced higher is of course based on the assumption that "time" will allow the realestate market to stabilise and some of this fabulous value to be unlocked. Thus GJT and RJT have been smashed hardest as they have run the highest risk of running out of time.

If funding was made available there is a good chance that the bottom of the Japanese realestate market would still see reasonable NTA left in most of the REITs. If cashflow is directed to keep gearing low and banks happy then "patient" capital prepared to look beyond dividends being cut should theoretically come out smelling roses. After all retained earnings or paid dividends both increase the shareholders value by essentially the same amount. Not the market for patience though is it.

cheers