RE:RE:Its really simpleD.UN is trading at a 62% discount to NAV on the office portion (excluding the DIR.UN stake) if my math is right.
D.UN NAV = $33.15/unit
$33.15 NAV x 47,185,382 outstanding D.UN units = $1,564,195,413 NAV
DIR.UN NAV = $17.05/unit
$17.05 x 26,604,306 DIR.UN units owned by D.UN = $453,603,417 NAV
D.UN NAV excluding DIR.UN stake = $1,110,591,996 NAV
D.UN market value = $731.7M
DIR.UN stake market value = 26,604,306 DIR.UN units x $11.51 Nov 7 closing price = $306.2M
D.UN excluding DIR.UN stake market value = $731.7M-$306.2M = $425.5M
$425.5M market value divided by $1110.6M NAV value = 0.383. The market value of the non-DIR portion of D.UN is only trading for 38.3% of NAV = 61.7% discount to NAV.
The DIR.UN units could quite possibly be sold for above the public market price however I have not assumed that in this calculation. The discount to NAV would be larger still if the DIR.UN units were to be sold at a premium to public market prices.