nav prediction, page-8

Fair enough methodology niks.

It still gives me more questions than answers.

1. Commercial rates of return - I don't know that there is a valuation methodology that states that property can purely be valued on return. Interest rates to me normaly set the market for acceptable rates of return. If you were paying 9% interest then a rate of return around 8% - 9% would be what you would think was about right. I wonder whether this dynamic changes much in a climate of falling interest rates, I would doubt however that acceptable rates of return would increase.

2. Has IIF received any benefit from the 4% slashed from rates since September? Presumably their cashflow would be increased to some degree and they can reduce/retire debt even quicker