14. There are a set of restrictive conditions that REITs must satisfy on an ongoing basis in order to maintain their special tax status. All of the following statements regarding the main restrictions are true EXCEPT: (a) At least 100 investors must own a REIT's shares (b) No five investors can own more than 50 percent of a REIT's shares (c) At least 75 percent of the value of a REIT's assets must consist of real estate assets (d) A REIT's must distribute at least 75% of its taxable income to shareholders in the form of dividends. 15. Since most real estate assets are depreciable, using accounting income to measure a REIT'S cash flow may actually understate the funds that are available to distribute to investors as dividends. Therefore, REITs utilize a measure that adds back depreciation and amortization expenses, more commonly referred to as: (a) Net income (b) Net asset value (c) Funds from operations (d) Effective gross income