Crunching the numbersIndustrial- 954,696
Office -1,542,452
Retail- 556,498
Resdiential- 214,749
Miscellaneous- 230,000 (estimate current market liquidation value of Public Securities + Iris + Cash on hand)
Total: 3,500,000
-Debt (47%): 1,645,000
-Preferred Shares: 250,000
Unit Holders Equity: 1,600,000
NAV per share -$15.2 (They have it higher because they value public securities + Cominar at cost, not fair market value)
Market cap at $7- 735,000
The question is how are they going to engineer that ~850m disconnect, and lets be real the value of the REIT is not $16.20 right now. Seems reasonable to expect something can be done around $10 as a liquidation event, with $12 being a very pleasant surprise if artis assets are that in demand. All comes down to if those industrial and retail assets can move at scale.