Hi, it seems like you follow this name already for a while. What's your take on the current NAV? I get somewhere between $5-$6. Cash (end Q2) + 14m JV + 16M Westbury sale + 40-45M NJ plus West Palm + 100-120M NYC development. The NYC development is the a bit of an unknown and since it is the biggest asset any major swing could change the NAV in a big way. I have used $350-400/sqft times 300'000 in sqft under development. In the past some similar deals were done at higher valuations (450-500/sqft) but NYC real estate has definitely cooled down and so I wanted to be more conservative. I did not consider the substantial NOLs nor the intellectual property rights (e.g. Filene's basement etc). This could potentially add a couple of dollars to the NAV (with high uncertainty of course). The fact that existing and new investors signed up to pay $7.5 per share in a rights offering and a private placement obviously begs the question where they see substantial further upside on this name. I assume they will eventually sell all the non New York real estate and focus on buying more of what they recently did in Brooklyn. I can imagine there will be additional rights offerings in the future in order to gain proper scale. I like what they do but I am not sure if the current stock price is a bit high to current NAV. Any thoughts?