Attn Rusmin – Valuation of REITS using P/B chart?

hi rusmin,
i understand the importance of using Price to NAV when valuing REITS.

this has been mentioned many times in your live webinars for DM members.

however, i was wondering if it is possible to value a REIT using a Price to Book chart (with a mean PB and standard deviation lines applied to it)?

(see attached screenshot)

thanks for your insights in advance.

best,
edmund