and the fact that most real estate companies trade at 18–20x earnings
Analysis: Is WeWork at $10B the most unjustified valuation since the dot-com bubble?
Neil S W Murray

I think this should be qualified to say that “REITs” are valued at 18–20x earnings, but (critically) REITs own assets. If you treat WeWork as a property management company (service company w/o real estate assets) the multiple should be closer to 5–10x. Though, they claim there assets are long term leases, but those would trade at lower rates than the underlying real estate assets.

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