At the end of the semester, we looked at the office sector and discussed the difference between gross and net leases. Assume the following rental property charges in $/SF. Rent 100, Property taxes 12, Insurance 8, Utilities 4, Maintenance 8, Security 6, and Management 5. In a Triple Net Lease scenario, where the tenant is responsible for all of the operating expenses, what is the Lessor's take home amount?

		100
		88
		57
		143

ABC Realty Trust has an annual NOI of $110M. Net debt equals $700M. The company has 90M shares outstanding. Based on the trades for comparable assets in its portfolio, the company believes that a fair cap rate for its assets is 8.5%. If the stock trades at $3.37/share, what is the discount or premium of the share price to Net Asset Value per share?

		60%
		50%
		53%
		51%