How often do they need to be valuing? I would've thought annual...

How often do they need to be valuing? I would've thought annual is decent and they have sold three assets last year and stated to UBS conf that 81% portfolio externally valued in Nov 2023. Seems reasonable.

No doubt this stock is great value at the moment given the discount to NTA and div yield, but the persisting questions in my mind are:

- Is the div yield sustainable vs. FFO?

- It's been barely three years since IPO, have the management team proven themselves?

- Have they overbanked on rate cuts appearing soon, when that is far from a done deal? 35% gearing is manageable but you wouldn't want to see it start with a 4

- Is the property compendium on their website fully up to date? I saw Mildura Medical Centre in the portfolio with the key tenant being Tristar Medical Group. Searching "Tristar Medical Group Mildura" on Google tells a different story...

- Who can REP be compared to amongst the A-REITs? Who is the exemplar that says they should be doing better?
I'm seeing the likes of RGN (formerly SCP), AVN (bought by HomeCo), and HDN as similar. Out of those three, AVN exited via a scrip deal that was barely at a premium, RGN/SCP are down over the past 12 months around the same rate as REP, which leaves HDN who have outperformed these four. HDN have been aggressive with acquisition and capital deployment, have the backing of HMC Capital, scale is good and quality of assets is strong, it makes sense.

- So, what is the driver that makes REP poke its nose in front of the rest of the pack and outperform the market, or is it better for holders to see them continue to tank (bit harsh, let's just say "idle and underperform") in the hope of an acquisition a la AVN, BWP, etc.

Don't get me wrong - plenty of positives - big discount to NTA, share buyback running, diversifying streams of funding via private funds and international capital partners, showing signs of maturity - but it's not a done deal yet.

The NTA discount provides the comfort here IMO, so maybe you're right - keeping your eyes on those valuations is key.