The analysis included a review of the personal financial disclosure Trump verified, signed and filed that was made public by the Federal Election Commission. The document provides top- line information on cash, marketable securities and airplanes, offering further clarity on assets.
The federal disclosure doesn’t require Trump to list real estate that’s only for his own use, nor other personal property such as art or clothing.Disclosure Range
The federal form requires disclosures of value ranges rather than specific sums. The government doesn’t mandate how to assess real estate. Trump valued many properties in excess of $50 million — the highest category on the form.
The Bloomberg analysis is based on purchase dates, square- footage figures, rental, occupancy and capitalization rates, operating margins, valuation ratios, leasehold arrangements and other mortgage data. The information was drawn from Trump- affiliated websites, documents filed with New York City and property consultants including Real Capital Analytics Inc., CBRE Group Inc., DTZ Holdings Plc., Faith Hope Consolo at Douglas Elliman Real Estate and Larry Hirsh at Golf Property Analysts.Royalties, Fees
There may be additional assets that the analysis doesn’t include. The federal disclosure lists 11 entities without values or incomes, and those aren’t included in the calculation. Also, Trump’s disclosed revenue range of $32 million to $55 million from royalties, television, management fees, model commissions, restaurants and beauty pageants is accounted for as cash.
The following is a list of Trump’s assets, as valued by the Bloomberg index:
* The 30 percent stake in the two office buildings that are majority-owned by Vornado is valued at a combined $640 million net of debt.
* Trump’s golf and resort properties are valued at a combined $570 million, based on price-to-sales ratios for similar properties. Trump said last month that these holdings are worth $2 billion based on the June 2014 figures, without disclosing his methodology. Trump Tower
* A leasehold at 40 Wall St. in New York is valued at $550 million before debt. Trump purchased the lease, which expires in 2059, for $10 million in 1995, according to property records. He has the option of extending it through 2194.
* Trump Tower is valued at $490 million, before debt. That includes Trump’s 30,000 square-foot (2,787 square meter) penthouse apartment, and the building’s offices and retail spaces, including the Gucci store, which is valued at $250 million. It doesn’t include the building’s condominiums, which Trump has sold, and are accounted for as cash.