Ascott Residence Trust


#1

ART is selling a building for 64.3% above the independent valuation which was as of Dec 31, 2018. Either the property valuers don’t know what they are doing, or the buyer is crazy. I have not met any crazy people with 353 million dollars to spend on a building…


#2

Beauty in the eyes of beholder no? Valuation seems more of an art than science


#3

It could be. It shouldn’t be. The NAV of the shares is wholly dependent on “artistic” feelings. I am benefiting in this case, with the stock being re-rated higher, but I shudder to think how many other gems are in balance sheets of REITS which might just as easily be over-valued