The net asset value (NAV) per unit is 44 cents per unit (the net...

The net asset value (NAV) per unit is 44 cents per unit (the net tangible assets (NTA) divided by units on issue).
Net independent value (NIV), which includes water rights, is 49 cents per unit.

NTA excludes water rights, which are intangible assets.
NAV includes water rights at cost.
NIV includes water rights at fair value.

In other words, the NAV @ 44 cents and the NIV @ 49 cents reflects the fact that management consider the fair market value of the water rights exceeds their cost by 5 cents per unit.