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I would typically agree, but in ROIC's case nearly all of the properties have been purchased in the lst 1-2 years, so recorded cost should be a decent proxy of NAV since mgmt bought the properties at market prices. Perhaps mgmt got above-average deals, but cost should still be in the ballpark. It is hard to calculate AFFO for ROIC since they do not have an established operating history and are still adding on new properties and levering up.
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