RE:RE:I reviewed the 2013 statements. Book value was $7 range AND I agree. It is comparing apple and oranges (2023 vs 2013). It was more an exercise to show that the stock price was trading higher than its book value in 2013 compare what it is today.
If the real estate is 240M, cash is 100M = 340M ...which convert to $7.00 per share.
Cash flow per share is 2.26 (G&M) x 5 = $11.00 per share