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moonbrooke:

> Andrew - 2 quick questions on your NAV calculation... first, why a caprate
> of 10? Also, when doing NAV on REIT's, is it common to use 1 quarter X 4
> rather than trailing twelve months revenues - expenses?

I used 10 just like upper bound caprate, you can use 9.5 or 9...
The reasons for using 10 are that
1) I tried to be concervative and
2) Green Street discount SKT NAV for some reason in their June tables (the only tables available without subsribtions), so I decided to use 10.

> Also - why do you just subtract preferred shares as though they are priced
> at 1 dollar?

I substract preferred based on their 25 dollars liquidation preference, not 1 dollar.

> Just curious - I may have misread and calculated on some of these... SKT
> still looks good to me, and I am started to slowly nibble on this one.

It's great!
Please share you findings with me.
I'm not sure about my SKT NAV calculations so please let me know if you find any suspicious details that I may have missed.

Thanks and good luck!
Andrew.
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