Using VB.NET IIF I get NullReferenceException

I am doing a little debugging, and so I want to log the eventArgs value

I have a simple line that basically does:

logLine = "e.Value: " + IIf(e.Value Is Nothing, "", e.Value.ToString())

The way I understand the IIF function, if the e.Value is Nothing (null) then it should return the empty string, if not it should return the .ToString of the value. I am, however getting a NullReferenceException. This doesn’t make sense to me.

Any idea’s?