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No. of Recommendations: 6
Is it your understanding that only the real estate assets should count on the NAV/share and the market value of the NOI isn't part of that calculation?

Yes, real estate NOI is built into the NAV estimate, so adding them together would be double-counting. That said, I think a good NAV analysis would give credit for non-revenue producing assets, such as development in process and a land bank.

I guess I'm missing something in your other NAV analyses, but I don't see how we can capitalize NOI and add that to the real estate values. Real estate is valued in many ways, including capitalizing NOI, using replacement cost, etc., but I still think adding NOI value to real estate value would be double-counting.

R.
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