What does this text in comparable company analysis in SEC filing mean?

Dear all,

I have been reading S-4 reports since it is the database of my thesis topic. When I was doing M&A internship and in university, CCA has always been pretty straightforward- identify the comps, retrieve data and do the adjustment, and present a range and a median multiple from the group. However, some of the texts I read in S-4 seem to suggest there is more to that, such as the following:

"The overall low to high calendar year 2016 and calendar year 2017 estimated FFO per share multiples observed for the selected Parkway REITs were 10.4x to 14.6x (with an average of 12.9x and a median of 12.8x) and 10.1x to 13.6x (with an average of 11.9x and a median of 11.8x), respectively. BofA Merrill Lynch noted that, based on the closing stock price of Parkway on April 27, 2016 and the Parkway Forecasts, the implied calendar year 2016 and calendar year 2017 estimated FFO per share multiples for Parkway were 12.5x and 11.7x, respectively. BofA Merrill Lynch then applied selected ranges of calendar year 2016 and calendar year 2017 estimated FFO per share multiples derived from the selected Parkway REITs of 11.5x to 13.5x and 11.0x to 13.0x, respectively, to corresponding data of Parkway based on the Parkway Forecasts. This analysis indicated approximate implied per share equity value reference ranges for Parkway, based on calendar year 2016 and calendar year 2017 estimated FFO per share multiples, of $14.17 and $16.64 and $14.49 and $17.72, respectively."

(Link to full text (p.98): https://www.sec.gov/Archives/edgar/data/25232/000…)

The CCA I did usually stops at the 1st bold part. I don't really understand the 2nd bold part. What did they do exactly to arrive at 11.5x-13.5x from 10.4x-14.6x for CY2016, for example?

I know this is probably elementary but I really appreciate any input to help me understand. Thank you!