All REITS/INVITS undergo a periodic exercise to determine the net asset value of their underlying investments in subsidiaries. Whenever there is a difference between the asset value on the balance sheet and the likely future cash flows the asset value gets revised and possibly there is impairment.
This is similar to depreciation, the difference being depreciation is more predictable and regular
If you see page 18 of the annual report you will notice impairment has been done across the board for all assets in PGINVIT. This could be a one off exercise and may not happen every year. Current cashflow will get a boost as impairment is a non cash activity (it should be balanced out in the balance sheet and income statement). However would be good to keep in mind the potential of future cash flows from these assets. Hope this helps
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