Dillards - The Real Estate, Property, Plant and Equipment Is Worth More Than One Point Four Billion

In the third quarter of 20 20, dillards had 22 million shares outstanding at 30 dollars a share. That's a market cap of 660 million. Net debt was 561 million, but the tang book value per share was 63 dollars - double the share price. So despite the net debt,. dillards was selling for less than half of its tangible book value. I believe it was the real estate on the books, after depreciation. The gross property, plant and equipment was one point four billion. But later on in their annual report on f ten, they say they record their realestate, property, plant equipment at cost, and it's after depreciation. This makes me think that