yes true but maybe just maybe that’s why it’s trading at 40%...

yes true

but maybe just maybe that’s why it’s trading at 40% discount to nta and this Nta is an accurate reflection based on latest sales and not some goodwill on the balance sheet

also remember clw can maintain its dividend by

1) market reviews on its leases which will reflect on higher cap rate

2) engage in more active capital management and hedging

3) engage in higher return activities such as use capital to develop surplus land on its properties

4) sell some low yield non core properties at nta or above and use that to buy back shares

there are certainly things they can do and not just sitting there wishing for rate to stop rising