Atlantis REIT expects to earn an income of $8.50 per share. This includes a deduction of $1.75 per share for depreciation. Atlantis did not have any gains from the sale of real estate. Its properties are mainly apartments, and you believe apartments are currently selling for a 5.0 percent cap rate.

Atlantis has 1 million shares outstanding and its balance sheets shows liabilities of $20 million. Comparable REITs have FFO multiples of about 14. Atlantis is expected to pay a dividend during the next fiscal year of $7.25 per share and to increase those dividends at about 3.0 percent per year in the future. Assume investors in REITs like Atlantis require a return of 8.0 percent.

Please answer the following:

a) What is the FFO and value per share based on the FFO multiple

b) What value per share is indicated using a dividend discount model

c) What is the value per share implied by the net asset value of the properties

Thanks in advance for answering it and showing your work in order to reproduce it myself.