The following link is to an article by respected analyst Phil Oakley on stock picking based on NAV and variations of. Worth reading IMO even if you do not have have the analytical, data and charting software SharePad or Sharescope. I myself have subscribed to ShareScope since 1999 and recently added SharePad for small extra cost. I think they are excellent value for money for any serious investor who want to do their own share picking.
Big REITs such as BLND SPs have suffered badly since referendum on EU. IMO they have been oversold. NAV valuations would support my view though NAV calculated on historic property valuations that may now look optimistic. I think SP of BLND will pick up when it is found that office rental prices do not fall as much as expected.