My back of the envelope valuation for URF based on latest...

My back of the envelope valuation for URF based on latest quarterly report (since the new management took over):

Portfolio valued at USD$500M (looks fair since properties are selling at book value.) minus USD$255M debt
USD$245M --> AUD$374M

Assuming a pace of sale of ~USD$150-180M per year so about 3 years to divest the lot.

Negative FFO of ~AUD$22M per year (~AUD$17M from Q3 2024 *1.33)

AUD$374M - (AUD$22M/y * 3y) --> ~AUD$308MVs URF market cap of ~AUD$240M

A ~22% upside over 3 years gives us ~7%/year assuming constant exchange rate.

The big unknown remains the tax treatment of repatriating US profit to Australia.
What percentage of tax component are we expecting roughly? 15%?

Did I miss anything else?