you forgot to include the development pipeline i.e. where is the money coming from to pay this? Balance sheet has no cash on hand page 7. its too simplistic to just use $5Mil. You need to deduct the costs of the borrowing. So you use $86M dev pipeline at 6% odd say a spread of 3%(cost of debt 3.5%) and i'm getting closer to 2.0million half that number as management costs need to be deducted. so it appears fair value at these levels of 4.4% yield in my opinion. Other reits on about 6% yield without development e.g. CQR, COF.
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