Seems like a bargain to me. The PM business alone if carved off is worth minimum 2 x earnings. 20% of the revenue is derived from the rent roll. $130mill at 20% is $52 mill book sale value. If the PM rent rolls were packaged up and sold out as local portfolios/separated by location would be closer to 3x value.
Ann: Earnings guidance and key organisational changes, page-14
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