Ex-rights, with a pro forma DPU of 6.4c for 2011, I estimated First REIT's fair value to be at 80c per unit many moons ago. This was based on an expectation that 8% distribution yield was fair for the REIT. With the latest announcement of a DPU of 1.92c for 3Q 2011, is the estimated fair value of 80c outdated and probably too low?
I still hold the units I bought during the last bear market at
