Inovalis Real Estate Investment Trust T.INO.UN

Digging into this reit

[ScroogeMcDuck1]

On the website 2 of their France properties are stated as being worth almost 100 million each.  This stock has something like 33 million shares at 3.3$ apiece, meaning that with 50% debt the entire reit is publicly valued at the price of only 2 properties.  Seems crazy. They state the nav is 8.66$
 The dividend is what I am most curious about.   A seeking alpha article states its still poised for a cut.   The most recent earnings states 76payout ratio, but I am wondering what the following means and if its expected to be constant going forward."The FFO payout ratio was 75.8%, in line with our internal forecast but increased by finance income from Courbevoie and Metropolitain swap contracts termination."

what does this last bit indicate?

[colucci]

"The FFO payout ratio was 75.8%, in line with our internal forecast but increased by finance income from Courbevoie and Metropolitain swap contracts termination." signifies that they were 1) expecting a 70-80% AFFO rate after the dividend cut and 2) the rate is going to be relatively stable and in actually decrease over time (speculation) since their revenues were decreased this quarter