Asking the NTA of an AREIT at present is really asking "what if the sh!t hits the fan, how much money will I get back?"
There is a heap of money on the sidelines at present, representing large Hedge Funds, Pension Funds, etc that globally have liquidated their equity holdings early on in this GFC and are now looking to re-enter (if the price is right).
... in this "worst case scenario" I'd take the published NTA and then halve it. Any cashed up Hedge Fund/ Pension Fund would jump at the revenue metrics from commercial property at 1/2 the currently published NTA for AREITS.
You can then work out what you'd PROBABLY get back as a unit holder if a particular AREIT failed.
If these AREITS survive and business returns to normal then other metrics such as NPAT/ distribution yeilds etc become relevent... IMO
nta, page-4
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