You are preparing an A-REIT valuation report for one diversified A-REIT, Property Trust. The company has 550 million shares on-issue, with the companys shares are trading at $3.60 per share. The company distributes 90% of its income to unitholders in 2018.

2018 Profit & Loss Statement		2018 Balance Sheet
Net income	$152.0 mil		Cash	$6.5 mil
Total expenses	$38.0 mil		Property	$1,108.0 mil
Undistributed income b/f	$0.5 mil		Total liabilities	$183.0 mil

5-year Distribution per unit forecast (cents per share)

Year	2018	2019	2020	2021	2022	2023
DPU	18.7	21.0	21.8	23.7	25.4	26.9

Using the information given, assess the property Trust using:

Yield-based valuation

NTA-based valuation

Dividend discount model, using 6.7% discount rate and 7.8% terminal capitalization rate