- 21 -
3. Conclusion
As explained above, we find that an 8.5-percent minority
interest discount is appropriate in valuing the marketable
securities component of the partnership interests and a 19-
percent minority interest discount is appropriate in valuing the
real estate component of the partnership interests. These
minority interest discount factors yield weighted averages of
14.70 percent and 14.49 percent, as of April 19, 1996, and July
2, 1996, respectively.20 Rounding these weighted averages, we
conclude that an overall minority interest discount
20 As of Apr. 19, 1996, these minority interest discount
factors yield a weighted average of 14.70 percent, as calculated
below:
Percent Percent
Asset Percent Disc. Weighted
Class of NAV Factor Average
Marketable Securities .41 8.5 3.49
Real Estate .59 19.0 11.21
Total Weighted Average 14.70
As of July 2, 1996, these minority interest discount factors
yield a weighted average of 14.49 percent, as calculated below:
Percent Percent
Asset Percent Disc. Weighted
Class of NAV Factor Average
Marketable Securities .43 8.5 3.66
Real Estate .57 19 10.83
Total Weighted Average 14.49
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