Updated views on TOT, page-4

just some commentary on your post:
25/8 change in substantial holding by TGP: they increased by 3% which is the max allowed every six months without giving a general takeover offer.
Lets see if they 'creep' another 3% (which they can do around March 2024)

Yes I expect their CAP rate to rise (which will result in property losses/writedowns). Compare TOT cap rate to COF. COF average cap rate 6% for A-grade office property.
Having said this just like the whole REIT sector, share price trading significantly below NTA, so market doesn't belive CAP rates or NTA. So one needs to reflect is the buffer discount to NTA sufficient. This is the key question to be answered.

I also don't know how significant M&A can occur with the REITS trading at significant discounts to NTA. (Maybe a combination of like discount to NTA??).

There will be a benefit with small cap listed REITS if done right because of listing costs.

Personally I wouldn't be selling at these prices (the damage has been done already!!!).

But at the same time I don't know whether its time to buy at current prices.
Sought of a no-mans land at the moment.