$3.$ A REIT reports the following financial information on a per share basis:

$-$ GAAP Net Income: $$5\mathrm{.}00$

$-$ Depreciation: $$3\mathrm{.}00$

$-$ Dividend paid: $$5\mathrm{.}00$

$-$ Debt$=$$$50,$ with an average interest rate of $8\%.$

This REIT is traded at a $10\%$ premium to the net asset value, and the private Real Estate

market cap rate is $8\%.$

a$.$ What is the minimum dividend the firm must pay to shareholders to be a REIT?

b$.$ What is the net operating income of all the properties within the REIT? $($Hint: NOI$=$FFO$+$INT$)$

c$.$ What is the Net Asset Value $($NAV$)$ of this REIT?

d$.$ What is the share price of the REIT?