CASE Robert Boyle & Associates, Inc. develop real estate just as easily from here as in the city, you know. Which reminds me, what's the latest on the Nantucket Center project? You've been quiet about it for about a week now." Janet referred to a proposal Robert had made a few months ago to build the first shopping center on Nantucket On a Saturday afternoon in May 2016, Robert Boyle and his wife Janet were sitting on the porch of their house on Nantucket Island, Massachusetts, watching the fog roll in. The couple frequently spent weekends on the island, when the demands of Robert's business and Janet's teaching job would permit. Robert was the president of Robert Boyle & Associates, a closely held real estate investment trust (REIT) located in Auburn, Massachusetts. From a small office there, Robert had been managing the development of shopping centers for a little over eight years. Robert conducted most of the business himself, and the "associates," a group of about 40 friends, family members and business colleagues, provided most of the financing. The trust had been quite successful, and today it owned two shopping centers, which produced rental income of almost $6 million in 2015. (See Figures 1 and 2 for Boyle & Associates Island. Robert sighed. "Well, it's on the back burner right now for lack of financing. I'm convinced that it would make us a lot of money; but, the trouble is, it will take a lot of money to get it built-about $10 million, in fact, and that's more than we've ever had to raise before." "Oh, come on," Janet said. (She had always been an active participant in the business.) "You've built two shopping centers, so far, and didn't have any trouble getting the money for them. Why don't you just borrow some more?" "Too much borrowed already, I'm afraid," Robert replied. "Our debt-to- assets ratio is quite a bit over the average for REITs now, and our investment banker says that another loan, or even a bond issue, would be quite expensive in terms of interest cost." (See Figure 3 for comparisons between Boyle & Associates and a sample of other REITs.) financial statements for 2015.) "You know, Janet," Bob said wistfully, "we ought to move out here permanently. There's just no comparison between life here and on the mainland." "You get no argument from me," Janet replied. "I've been telling you that ever since we bought this house. You could