Even if I would apply a 6% capitalization rate based on the NOI (and again adjusted for vacancy), the NAV/share would still be approximately US$15/share while the LTV ratio would remain limited to 48%.

Source: https://seekingalpha.com/article/4635524-bsr-reit-im-a-buyer-for-its-4-3-percent-yield-and-60-percent-payout-ratio?source=feed_all_articles

The LTV ratio of this financing, with respect to the appraisal values of the four assets as of 31 December 2022, was 49.4%.

Source: https://www.marketscreener.com/quote/stock/CARMILA-5189/news/Carmila-Inside-Information-Operations-of-the-issuer-acquisitions-sales--43524444/?utm_medium=RSS&utm_content=20230417