Answer Questions Part A Aztec REIT reports a net operating income of $15.25 and a GAAP Net Income of $9.75 per share. The REIT also reports a depreciation expense of $2.50 per share. Aztec did not have any gains from the sale of real estate. Its properties are mainly apartments, and you believe apartments are currently selling for a 6.25 percent blended cap rate. Aztec has 1 million shares outstanding, and its balance sheets shows liabilities of $65 million. Comparable REITs have FFO multiples of 15. Aztec is expected to pay a dividend during the next fiscal year of $8.75 per share and to increase those dividends at about 3.1 percent per year in the future. Assume investors in REITs like Aztec require a return of 7.8 percent. A) (Show All Your Works For Your Calculations) What is the value per share implied by the net asset value of the properties