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No. of Recommendations: 12
MonsterFluff, I am puzzled by one thing in your calculation: NAV is calculated on the basis of market value of assets net of debt, divided by the shares outstanding. You have "assets net of debt" of $3.407 billion. If there are 71.2MM shares outstanding, that equates to an NAV of $47.75. I don't get where you arrive at $151 per share. Where does the $10,719 billion come from?

I subscribe to Green Street. They have a value of operating real estate and total assets for ARE substantially higher than yours - perhaps because they use a lower cap rate (but their liabilities figure is about 10% higher than yours). Their estimated net asset value (after debt and pfd stock), when divided by shares outstanding (close to your count), they end with an NAV in the high $90 range. I would provide more detail, but Green Street is very sensitive about clients disclosing this stuff.

Ralph
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