Additional info for considerationI did read that the company uses the income approach but have just noted that they also use independent evaluation for some properties:
"For purposes of determining the total fair value of its investment properties at April 30, 2021, the Company commissioned independent appraisals for a selection of 12 of its 44 properties. The fair values of the remainder of the properties were determined by management following the method described above, with independent advice on the appropriate capitalization rates for each property."
Given the above I suppose there may be less of a difference between the real value of the portfolio and the value based on the income approach than I first thought.
Although I still think that the remainder of the properties were evaluated using the income approach so there could still be some discrepancy there....maybe.
If anyone more versed in RE valuations could step in and help me understand all of this it would be appreciated!
All imho.