Ansa Gintburg, CFA is using the following information to analyse a potential investment in an industrial building. Estimated 12 month' cash net operating income (NOl) - \$40 Fundis from operations (FFO)530 Cosh and equivalents - $30 Accounts recenable - 520 Oett and other liabilities - $250 Non-cash rents - 55 Recuring maintenance-type capital expenditures - $10 Shares outstanding - 10 million shares Gpected annual dividend next year (2014) - $3.00 Diviend growth rate in 2015 and 20164% Dividend growth rate (from 2017 into perpetuity) - 3\% Assumed cap rate - 8\% Office subsector average P/FFO multiple - 12x Office subsector average P/AFFO multiple - 20x Ginzburg's cost of equity capital - 11\% isk-free rate - 2% he value of Ginzburg's potential investment using a price-to-AFFO approach is closest Select an option $30 $35 $40 $45 Ansa Gintburg, CFA is using the following information to analyse a potential investment in an industrial building. Estimated 12 month' cash net operating income (NOl) - \$40 Fundis from operations (FFO)530 Cosh and equivalents - $30 Accounts recenable - 520 Oett and other liabilities - $250 Non-cash rents - 55 Recuring maintenance-type capital expenditures - $10 Shares outstanding - 10 million shares Gpected annual dividend next year (2014) - $3.00 Diviend growth rate in 2015 and 20164% Dividend growth rate (from 2017 into perpetuity) - 3\% Assumed cap rate - 8\% Office subsector average P/FFO multiple - 12x Office subsector average P/AFFO multiple - 20x Ginzburg's cost of equity capital - 11\% isk-free rate - 2% he value of Ginzburg's potential investment using a price-to-AFFO approach is closest Select an option $30 $35 $40 $45