yes maybe -$40M NAV but have not office and retirement market values improved since their last valuations 1 to 2 years ago which is going to make the current market NAV more than the book value NAV. The survival of BEC is just as much related to keeping the interest cover ratios (ICRs) over 1 as it is in keeping the gearing of covenants with the NAV not being broken IMHO. market valuations are going to determing cap rates not book value NAVs and if those valuations are higher then CAp rates should decrease so higher revenue from leases and a consequent improvement in ICRs providing interest rates stay low. Stil a risky stock but IMHO worth having a few in the portfolio based on a risk reward basis.
BEC Price at posting:
$9.00 Sentiment: None Disclosure: Held
