Aztec REIT reports a net operating income of $15.50 and a GAAP Net Income of $10.00 per share. The REIT also reports a depreciation expense of $2.75 per share. Aztec did not have any gains from the sale of real estate. Its properties are mainly apartments. Apartments are currently selling for a 6.0 percent blended cap rate. Aztec has 1 million shares outstanding, and its balance sheets shows liabilities of $65 million. Comparable REITs have FFO multiples of 15. Aztec is expected to pay a dividend during the next fiscal year of $8.75 per share and to increase those dividends at about 3.25 percent per year in the future. Assume investors in REITs like Aztec require a return of 7.8 percent. a. (10 points) What is the FFO and value per share based on the FFO multiple? b. (10 points) What value per share is indicated using a dividend discount model? c. (10 points) What is the value per share implied by the net asset value of the properties?