@Olden Weiss
Excuse me, but please learn what “capitalized development” means, the difference between tangible and intangible assets, the implied time difference between the income statement and balance sheet. I do not want to write a long post to educate you here. This dicussion is already off-topic.
Your original statement that I pointed out was “$3.1 bn is largely tied up in assets like offices and warehouses”, which has nothing to do with reality. So please really stop this “fake news” about PDX
We're getting insanely off topic, but capitalized development means exactly what I stated: Cost added to existing fixed assets when building or purchasing new assets. Granted, these costs aren't immediate expenses, but that wasn't my point. My point was to indicate that a sizable portion of the financial report for the period that PDF covers is related to these assets.
If you want a legal definition for reference, here you are:
Capitalized Development Costs means development cost (including land and building for out of service assets during development or redevelopment) capitalized in accordance with GAAP. Development costs for a Property on which development or redevelopment has been completed for at least 12 months or which has achieved an occupancy rate of at least 85% (determined, in the case of redevelopment, with respect to the portion of such Property undergoing redevelopment) shall be excluded from Capitalized Development Costs.
And I'll direct you back to this point as well:
- Cash and cash equivalents amounted to $28.73M of the company's ~$3.1B net worth. That means around 0.9% of the company's total net worth was, at the time of posting and during this financial period, attributable to cash or assets that can be immediately converted to cash.
That $3.1 billion has to be invested somewhere. If cash and cash equivalents amounted to $28.73 million during a period in which nearly $150 million in revenue was reported, we can surmise that the company is in fact investing a great deal of their money into assets and development. Nearly 40% of the period's revenue went into development costs, for heaven's sake.
Might I have overestimated on how much was invested in hard assets? Possibly. So for argument's sake, let's assume I did. Let's assume that value is actually quite small compared to competitors. To presume I know nothing of corporate economics, and thus that PDX is in fact sitting on wads of cash amounting to nearly $3 billion USD, would mean ignoring the entirety of the rest of my post and pointing at a single misstated assumption.
The fact remains that you've called me a fraud on the grounds that allegedly, public companies are required to provide open access to spreadsheets listing every asset they own. You've yet to provide me with such data, and I've yet to find it. What I did find is their financial report for 2019, and I've listed all the data therein which proves my argument that the company is not sitting pretty on a throne of dollar bills.
I don't like getting off-topic anymore than you do, but respectfully, I'm not going to sit here and let a stranger call me a liar without evidence when I've presented plenty to support my own stance.
