ABC REIT is an active apartment REIT. Currently its net income expectation, after a $$9$ per

share deduction for depreciation, is $$24$ per share. ABC has no gains or losses from the sale

of real estate. For the location of ABC$$s holdings, apartments are selling at an average cap

rate of $6\mathrm{.}50.$ ABC has five hundred thousand shares outstanding with liabilities of $$158$

million. REITs that are comparable to ABC currently have FFO multiples of $6.$ At the end

of the next fiscal year, ABC expects to pay a dividend of $$12$ per share and ABC expects this

dividend to increase by $3\mathrm{.}75$ percent per year in the future. On a risk$-$adjusted basis,

investors are requiring a return of $10$ percent for investments such as ABC. What is the price

per share based on net asset value?