21. funds mostly invest in existing operating properties that are stable, with low vacancy and current cash flows and are located in major metropolitan areas. a. Core b. Core plus c. Value Added d. Opportunistic 22. The importance of a strong balance sheet cannot be overemphasized for the following reasons: a. It can restrict the REIT's ability to expand through acquisitions or developments b. Excessive debt leverage will magnify the effects of any decline in NOI c. It can make equity financing expensive d. All of the above 23. P/FFO and/or PIAFFO Ratios are useful in that they give the investor or analyst the ability to value a REIT in what type of manner? a. Intrinsic b. Relative c. Via a common method seen in Corporate Finance, a NPV number d. All of the above