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Hello Indefensible,
I don't think they're talking their book, it's just normal practice in the UK REIT industry, to the best of my knowledge.
REITs generally get their assets externally appraised, using a) recent sales of similar properties b) fair estimate of income being made c) any other relevant market factors.
The appraisals are pretty regular.
The smallest REITs (like 1/30 the size of UTG) might make their own appraisals, and less often, I suppose? I'm not sure.
This is actually done in a pretty standard way across Europe. Google / AI search for "EPRA".
TRS.
