pep boys---highlights from the investor slides...119 new tire stores opened in 2011, and 22 anticipated opening in 2012--these small units are expected to gross $1 million in sales per annum and provide $150,000 of EBITDA ( each store involves about a $400,000 investment and the CEO once said this format is a potential game changer). About PBY's real estate...out of 745 locations, the company owns 232 locations, has a ground lease on 162 locations and leases 351 stores... the beautiful news? The 232 owned locations are on PBY's books at $386 million, but the appraised value of those locations is much higher at $684 million meaning there is approx. $298 million of "hidden value" waiting to be tapped. With 53 million shares outstanding that represents $5.62 per share of hidden value. PBY also has $79 million in cash and $200 million in debt. No wonder Gabelli likes this one!