Net tangible assets (NTA) is the balance sheet value of the underlying properties in an A-REIT. It has long been regarded as an important measure of the true value of an A-REIT. A-REITs that trade above their NTA were for a long time considered to be overvalued. Conversely, if the A-REIT traded at a discount to its NTA, it was considered to be trading at a discount to the realisable value of its underlying assets. As a result, in the past most A-REITs tended to trade at close to their NTA over the long-term average.