ABC REIT is an active apartment REIT. Currently its net income expectation, after a $6 per share deduction for depreciation, is $18 per share. ABC has no gains or losses from the sale of real estate. For the location of ABCs holdings, apartments are selling at an average cap rate of 6. ABC has five hundred thousand shares outstanding with liabilities of $115 million. REITs that are comparable to ABC currently have FFO multiples of 7. Over the next fiscal year, ABC expects to pay a dividend of $7 per share and ABC expects this dividend to increase by 6 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?