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