depreciable cost of $23,400,000. It depreciates its property on a 39-year straight-line basis. The company has $3,000,000 in annual gross income, and $1,100,000 in annual operating and general and administrative expenses.

Show your calculations:

a) The companys taxable income per share, assuming no dividend payout, is $__________.

b) In order to maintain its REIT status, the minimum dividend the company must pay out is $______ per share.

c) The companys FFO per share is $__________.

d) Assuming recurring capital expenses to maintain the REITs properties are $500,000 per annum, the AFFO per share is $_________.