Stephanie Tran Price Quotations

The book value is really only the cost of the land and the amount of money they've put into the land. It doesn't reflect the market value of the land. In the last eight years, real estate has gone up quite a bit. Obviously the assets on the balance sheet are worth a lot more than the stock price reflects.

We think it's a step in the right direction, but the price is a bit low. We don't think an 8 percent premium is a fair price. We are looking for a 20 percent premium.