A REIT with 100,000 shares outstanding earns $1,000,000 in revenues from rent and incurs operating expenses of $400,000. In addition, the REIT owns property purchased for $7,000,000 and depreciates it over a 27 year useful life period, using straight-line depreciation. What is the minimum dividend payment the REIT must make to maintain its tax exempt status? $3.68/share $3.07/share $3.20/share $3.92/share