Book Value Barometer Loses Relevance for Vicinity and Most REIT Peers
Vicinity Centre’s recently updated valuation of 42 of its 74 directly owned malls--representing 56% by value--should see the firm record a noncash revaluation gain of AUD 408 million or AUD 11 cents per security, or cps, for the December half year. The incredibly low capitalisation rates implicit in valuations prepared by property valuers has made book values hyper sensitive to small assumption changes. We see the valuations of Vicinity and many other REITs of diminishing relevance as the high c...
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