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No. of Recommendations: 4
I still don't get it. If total assets are $10.5 billion and liabilities are $4 billion, the net assets would be $6.5 billion; divided by 71MM shares outstanding is $91.50 per share. Green St's figure is modestly in excess of that, as they value the operating assets a little higher than you do (using a cap rate a little lower than 6%), but their liabilities are a little higher too).

R.
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