First, we identify the comparables in the public market. We then create a summary of comparable property portfolio or advisory business acquisitions with an emphasis on capitalization rates and multiples prevailing in similar transactions. After identifying potential public and private buyers or capital partners and narrowing down the likely prospects for the transaction, Stanger analyzes each prospect in terms of growth rates, multiples of funds from operations, funds available for distribution, or EBITDA, general and administrative costs, property management costs, cost of capital, etc. The objective is to see how the proposed transaction will affect the prospect in terms of growth, incremental earnings (accretion), and real estate market and management synergy, among many other factors. The result is a good feel as to the value of our client’s assets or businesses to the acquiror. In today’s markets, evaluating valuation disparities between public and private real estate markets, and capital markets savvy is the key to maximizing value for our clients.