NAVPS confusion

Hi,

In the question below, NAVPS calculation does not add Book Value of properties into the NAVPS calc. Shouldnt this be considered “Other tangible Assets” and added to the Value?

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Does it consider only market values?

They compute the market value of the properties by capitalizing NOI. If they added the book value as well, they’d be counting them twice.

Since NAV= NOI/cap +assets -Liabilities, how do we know what assets and Liabilities that we should include in the calculations

Don’t include the assets that are already in the NOI/cap calculation: the properties. Include all other assets, and all liabilities.

Thank you

You’re quite welcome.