EVOQ Properties Inc.(fka EVOQ)

[vpagano]

I have been out of EVOQ(MMPI) for a while but haven't seen anyone discuss valuation lately. I am in no way a CRE expert so thought others could chime in about an article someone had posted on Twitter.

http://theurbanobserver.com/2012/03/09/desmond-building-plans-south-park/

In there, it says rents are from $30 psf. What is normalized for the West Coast? Here is my reasoning for wondering:

-EVOQ has 3.5 MM sq. feet of property (from the website)
-Unless I'm mistaken, the current EV is about $430 MM
-Dividing $430 / 3.5 = $122.53 psf "cost"
-Dividing $30 / $122.53 = 24.5%

My question is that some sort of rental yield metric or did I just make it up? Now of course it is for a single property against a portfolio avg. of sq. feet, so I understand the flaws.

I ran the same exercise with Liberty Property (which is right down the road from me) and their "cost" psf is a little over $100.

I might be totally off but thought I'd at least open things up for discussion.