ABC Realty Trust has an annual NOI of $110M. Net debt equals $700M. The company has 90M shares outstanding. Based on the trades for comparable assets in its portfolio, the company believes that a fair cap rate for its assets is 8.5%. If the stock trades at $3.37/share, what is the discount or premium to Net Asset Value? 60% 50% O 53% 51% QUESTION 12 According to NAREIT, REIT stocks correlation with the S&P 500 index during the period from 1980 through 2010 was 0.55. If the S&P gained 2% during this period, what is the expected gain in REIT stocks? 5.5% 1.0% 1.2% 12.0%