As at December 31, 202X FFF REIT has 10,000,000 units outstanding with each unit trading at $85. FFF REIT has provided you the following information as at December 31, 202X.

Market value of assets					2,200,000,000
Market value of liabilities					1,400,000,000
Dividends paid in 202X					33,000,000
Rental revenues					175,000,000
Property operating expenses					65,000,000
Depreciation					20,000,000
Loss on sale of real estate assets					5,000,000
General & administrative expenses					3,500,000
Interest expense					70,000,000
Net income					11,500,000

c) Calculate the dividend payout ratio