RE:RE:RE:RE:RE:You Ain't seen nothing yetI can respect this explanation. You are essentially saying the book value is overstated as the valuation of the properties is too high. Based on the REIT transaction you are saying the properties are overvalued by a few hundred million or roughly $10 per share.
If I am understanding you correctly, then you are applying about a 50% discount (effectively the portfolio discount) in order to arrive at $15 per share.
I think that is a very realistic and achievable price target. Once the REIT deal closes I could see them reinstating a larger dividend which should support your target share price using a dividend based valuation model.
I am a bit more optimistic based on their potential to pull forward the NPV of the land or by selling some properties. My view is that this could be worth $5+ per share.
Best of luck!
LR