Niks, my issue is I dont believe the starting point that NAB (I...

Niks, my issue is I dont believe the starting point that NAB (I assume Net Asset Backing?) is $2.09.
All these trust are carrying assets in thier books at no where near their true realisable value(today).
Best I can model from reading IIF financials is they receive around $350million in net rental income per annum.
They say they have have $5.6 billion in assets. assume this is correct this implies a yield of 6.25%.
Market commentators will say prime industrial yields are 8.5%-9.5% today.
I think they are higher currently , but adopt 9.5% on $350 million rental and you have assets at $3.684 billion.
Debt at $2.7 billion. Equity approx $984 million with 1.13 billion securities on issue = 0.87 cents per security , and I reckon this is a bullish approach.
Still, I agree it makes 0.11cents look cheap. Have I missed anything?