iif is no centro, page-27

Roadster - The Net Asset Backing (NAB) of $2.09 per share is at 30 June 2008 and based on an average yield of 7.0% (Annual Report).

Prime industrial yields are currently more like 8.0-8.5%.

Lets say that yields have softened by 1.25% since 30 June 2008.

That equates, to an 15% fall in values.

$2.09 x 0.85 (15% fall) = $1.78 (real NAB per share currently and what we might expect in the Feb 09 annoucement)

If you then lose 44% equity from an upcomming fall (previous post) you get a NAB per share of $1.00. This last point is a big IF though.