1. Assume the following data on a public REIT. If we also assume the only adjustment to arrive at FFO is Depreciation & Amortization, and that net income = taxable income, what should the share price be, and what is the minimum dividend this REIT must pay? Ch21

		Net Revenue			31,400,000
		Less:
		Operating Expenses			22,500,000
		Depreciation & Amortization			4,200,000
		Income from Operations			4,700,000
		Less:
		Interest Expense			2,700,000
		Net Income			2,000,000
		Other
		Typical FFO multiples			10
		Shares Outstanding			1,000,000
			Share Price: $20.00 Dividend: $4.23
			Share Price: $62.00 Dividend: $1.80
			Share Price: $47.00 Dividend: $4.70
			Share Price: $89.00 Dividend: $55.80