Updated views on TOT, page-6

As an investor I think whether you are bullish or bearish on the REIT opportunities currently comes down to how much of a gap you think there is between actual NTA (which requires us to speculate ourselves on what the further write downs will be) and reported NTA and whether or not you are comfortable that there is enough margin of safety between these two figures to justify an investment. A bit of a strong stomach is clearly required for offices in particular but you could make an argument that a worst case scenario is already reflect in some of these valuations (Including TOT) and that's where the opportunity lies for a contrarian play.

I wish I could say that's what my strategy is with TOT but in reality I actually bought in before they became an owner of direct office property when they were simply a fund of funds trading at what was a decent NTA yield at that stage (before almost every REIT was trading at a huge discount!) plus there was also the SOL connection which gave me more comfort than it should have as it turns out! It was such a tiny part of their portfolio part I'm still shocked they were willing to sell at the absolute bottom of the market.

Very true that the damage has been done so all there really is to do is hold on, collect the fully franked dividends for as long as they last and hope that the whole concept of a "bifurcation" between top quality office buildings and everything else in that sector plays out and we get a bit of an improved sentiment.