Fair value has been estimated at $488 million to $530 million. This equates to a forward price to book range of 1.1 to 1.2 times and post tax 2016 dividend yield of 5.5% to 5.9%. The Reit’s portfolio comprises three Grade A commercial properties in Washington DC, Los Angeles and Irvine, Orange County. The most important in terms of NAV is Michelson in Orange County, which accounts for 43% of the total, followed by Figueroa in South Park, Los Angeles, which accounts for a further 38% and finally M Street in Washington DC, at 19%. The average weighted lease to expiry stands at 5.1 years, with an average occupancy ratio of 97.7% and 83 tenants in total. The top 10 tenants account for ...