1. If an equity REIT pays a dividend in excess of its AFFO, the REIT is required to disclose that information to the SEC. (True)(False)

2. In a defined benefit pension plan, the participants in the plan receive an annuity upon retirement. This amount of the annuity is a function of the performance of the assets in the pension fund.(True)(False)

3. Most equity REITs generally do not disclose their own estimate of NAV to shareholders or analysts.(True)(False)

4. The wave of privatizations of public equity REITs that occurred from 2005 through the first half of 2007 was driven, in great part, by the reversal of the historic valuation arbitrage that had existed between public and private markets due primarily to the availability of plentiful and cheap debt capital.(True)(False)

5. The year 2022 marks _________ years since the federal legislation in the United States that provided for the creation of REITs..

6. An equity REIT with 400,000 shares outstanding owns property with an historic depreciable cost of $23,400,000. It depreciates its property on a 39-year straight-line basis. The company has $3,000,000 in annual gross income, and $1,100,000 in annual operating and general and administrative expenses.

(1) The companys taxable income per share is $__________.

(2) The company had no adjustments to FFO, so the companys FFO and AFFO are the same. The companys FFO per share is $__________.

(3) The company, in order to retain its REIT status, is required to pay a per share dividend of not less than $____________________.

7.The MSCI US REIT Index (^RMZ), an accepted measure of REIT performance, has been volatile in the last several years: as low as 666 in August 2011, and as high as 1,582.23 on January 4^th of this year. Given the current post-COVID inflationary environment looming recession, what do you think that ^RMZ might be on December 31, 2022? what is your opinion?