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Assume a REIT has net debt of $1,000M, and 100M shares outstanding. Both the stock price and NAV/share = to $40.0 and a fair cap

Assume a REIT has net debt of $1,000M, and 100M shares outstanding. Both the stock price and NAV/share = to $40.0 and a fair cap rate for the portfolio is 5.5%. What is the implied NOI?

1. $100M

2. $102.5M

3. $275M

4. $110.0M

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