Yes, regarding the new links, I believe that's what separates SRG from the pack, they just plow through and don't stop to try to get funding or concessions - beyond already laid out development or improvement concessions by the cities, like get an extra couple stories in your office building if you improve some streets. They don't even try to get the last dollar, for example at Redmond they're only going 6 stories or something with the office, but have option to go 9 I believe.
I think these qualitative factors, such as not wanting - or needing - a helping hand will further differentiate SRG form other publicly traded REITs and private developers. You see this at Redmond and Hicksville. I have watched many of the planning commission and study session videos and SRG comes across as quite professional with quality partners with much successful experience. Look at their architect partners for Hicksville and Redmond among others, the cream of the US. I think a lot of this culture stems from Eddie who is a perfectionist and only does business in first class way.
If you had Ben Schall doing promotional visits on Cramer like WPG and KIM I would bet value would be more reflected in the stock price. But that's not Eddie's style, he's weeding out the non-believers like Buffett did with Berkshire long ago.
As to the math, I don't have anything detailed! Don't wish to be curt but it is quite obvious to me there is essentially zero downside and from satisfactory to very good returns over next 7-10 years, ie: 15%+ a year (3x 4x over that time).
Progress just moves slowly (albeit consistently) which leads many to mental masturbation while waiting I guess, but personally I feel very comfortable.
