Subject: Re: UTG - wow, the buybacks are getting interesting!
That's an interesting point... though pension funds usually aren't looking to swoop in and pick up regular apartments.

They want a whole block and low hassle. e.g. different market for institution grade property.

https://www.property118.com/st...

This article suggests BTR yields were unchanged from 2024 to mid 2025.

Also, there's a lack of new development starting in the last 12 months, also fell off a cliff.

Either way, externally appraised recent book value in the accounts should be pretty accurate.

TRS