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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 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

d) Calculate the G&A ratio

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