$AMHAmerican Homes 4 Rent Class ABATS:AMHDillyDallyGally1. NAV — the primary anchor Total portfolio Core NOI run-rate ≈ $1.07B; net of ~$50M unallocated overhead ≈ $1.02B economic NOI. Applying a cap rate and adding land/CIP/JV stakes (~$1.2B) and cash, less debt and preferred: Cap rateGross RE valueNAV / share6.0% (bear)$17.0B~$30.75.5%$18.5B~$34.35.25% (base)$19.4B~$36.55.0%$20.4B~$38.94.75% (bull)$21.5B~$41.5 total return story, buying back shares, increasing payouts. this is a NAV path only and doesn't necessarily take into account total return.