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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.2x - 1.3x | 1.2x |
| Historical Pb Multiple | 1.2x - 2.9x | 1.8x |
| Fair Value | $14.31 - $15.81 | $15.06 |
| Upside | -8.8% - 0.8% | -4.0% |
| Benchmarks | - | Full Ticker |
| BXP, Inc. | - | NYSE:BXP |
| Hudson Pacific Properties, Inc. | - | NYSE:HPP |
| Kilroy Realty Corporation | - | NYSE:KRC |
| SL Green Realty Corp. | - | NYSE:SLG |
| JBG SMITH Properties | - | NYSE:JBGS |
| Douglas Emmett, Inc. | - | NYSE:DEI |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| BXP | HPP | KRC | SLG | JBGS | DEI | |||
| NYSE:BXP | NYSE:HPP | NYSE:KRC | NYSE:SLG | NYSE:JBGS | NYSE:DEI | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -51.1% | NM- | 1.6% | -54.1% | NM- | -42.8% | ||
| 3Y CAGR | -69.4% | NM- | -30.6% | -77.1% | NM- | -29.9% | ||
| Latest Twelve Months | -102.3% | -72.6% | -2.6% | 94.4% | -16.6% | 199.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 21.1% | -9.3% | 32.0% | 6.2% | -9.9% | 6.4% | ||
| Prior Fiscal Year | 5.9% | -20.3% | 18.7% | -67.9% | -13.5% | -4.5% | ||
| Latest Fiscal Year | 0.4% | -43.6% | 18.4% | 0.7% | -26.7% | 2.2% | ||
| Latest Twelve Months | -0.1% | -47.2% | 17.6% | -4.5% | -30.5% | 5.3% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 8.5% | -3.7% | 5.6% | -0.1% | -2.2% | 2.7% | ||
| Prior Fiscal Year | 3.2% | -6.9% | 3.9% | -14.3% | -3.3% | -1.8% | ||
| Latest Twelve Months | -0.1% | -15.1% | 3.7% | -0.8% | -8.5% | 2.5% | ||
| Next Fiscal Year | 5.5% | -10.8% | 2.6% | -2.2% | 14.0% | -1.6% | ||
| Two Fiscal Years Forward | 6.5% | -10.5% | 2.0% | -2.3% | 1.2% | -2.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.5x | 1.3x | 3.7x | 7.2x | 2.8x | 3.1x | ||
| Price / LTM EPS | -2403.4x | -2.7x | 20.6x | -149.7x | -7.8x | 48.4x | ||
| Price / Book | 2.2x | 0.4x | 0.8x | 1.3x | 0.9x | 1.5x | ||
| Price / Fwd Book | 2.2x | 0.5x | 0.8x | 1.3x | 0.7x | 1.4x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.4x | 0.9x | 2.2x | |||||
| Historical P/B Ratio | 1.2x | 1.8x | 2.9x | |||||
| Selected P/B Multiple | 1.2x | 1.2x | 1.3x | |||||
| (x) Book Value | 2,046 | 2,046 | 2,046 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BXP | HPP | KRC | SLG | JBGS | DEI | |
| Value of Common Equity | 10,897 | 1,031 | 4,174 | 4,394 | 1,247 | 2,627 | |
| (/) Shares Outstanding | 158.3 | 378.9 | 118.3 | 71.0 | 73.1 | 167.4 | |
| Implied Stock Price | 68.83 | 2.72 | 35.29 | 61.87 | 17.07 | 15.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.83 | 2.72 | 35.29 | 61.87 | 17.07 | 15.69 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |