7. Blackstone Properties, a national office REIT, reported GAAP net income $78,806,000 in 2005. It also reported the following income statement items Real estate deprecation: $147,746,000 Preferred stock dividends: $24,468,000 Allocation to OP unit holders $26,983,000 Net gains from sale of real estate assets: $2,058,000 Net loss from extraordinary items: $13,786,000 a. What was Blackstones funds from operations (FFO) for 2005? b. Given that Blackstone reported a 2005 net straight-line rental adjustment loss of $143,619,000 and capital expenditures of $27,500,000, what was Blackstones adjusted funds from operation (AFFO)? c. What was Blackstones 2005 AFFO/GAAP net income ratio? d. Given that the REIT paid out $143,826,000 in common stock dividends in 2005, what was its dividend/FFO ratio? e. What was Blackstones plowback ratio based on its AFFO (and deducting distributions to preferred shareholder and OP until holders as well as common dividends)? f. By what percentage did Blackstone exceed the 90% minimum earnings payout required (based on GAAP net income)?