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An acceptable way to value real estate investment trusts (REITs) is by using a multiple of EBITDA. Using this valuation method, as well as a

An acceptable way to value real estate investment trusts (REITs) is by using a multiple of EBITDA. Using this valuation method, as well as a funds from operations (FFO) in a growing perpetuity model where the cost of capital is 12%, what is your enterprise valuation estimate of PK? Based on multiples of revenue and book values, what is the value of PK? What do you believe is a reasonable estimate of value for PK?

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