The repricing of the Karratha rent doesn't hurt the NTA as much as it hurts the future distributions. With 119 million shares on issue, a $20 million fall in the NTA only equates to a 20 cent fall in NTA (down to $2).
However, with a $10 million fall in rent, thats a 9 cent fall in distributions on an annualised basis. If 15 cents in div falls to 6 cents in div, it will pretty hard to see this stock trading above $1.50 post the ex-div period.
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