|
VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
|
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
|
Welsh Property Trust (WLS) |
$553 |
n/a |
n/a |
1.3 |
1.7 |
|
Three 'uptrusts' have IPO'd this year-to-date |
|
|
|
|
|
Notice that WLS appears overpriced at the price range mid-point of $20, based on book value comparisons |
|
|
Excel Trust (EXL), REIT retail properties |
$190 |
n/a |
n/a |
0.9 |
1.1 |
|
….IPO April 22 @$14, off 12% |
|
|
|
|
|
|
Piedmont Office REIT (PDM) |
$3,200 |
n/a |
n/a |
1.1 |
1.1 |
|
….IPO Feb 10 @$14.50, up 30% |
|
|
|
|
|
|
Chesapeake Lodging (CHSP) |
$162 |
n/a |
n/a |
1.1 |
-12.4 |
|
….IPO Jan 21 @$10 off 11% |
|
|
|
|
|
