EXR's current share price is $86. Assume a cap rate of 5.0% and normalized capex of $50MM. Answer the questions below for the fiscal year ended 2017. (10 points) (a) What is EXR's current normalized (diluted) FFO and AFFO? (b) Assuming both FFO and AFFO will grow 10% next year, what are EXR's 1-year forward normalized P/FFO and P/AFFO multiples (x)? Compare vs. peer average P/FFO of 17.0x and P/AFFO of 19.0x (c) What is the current market value EXR's assets? (d) What is current NAV? (e) Is EXR undervalued or overvalued if its peers trade at an average 10% premium to NAV? (f) Compute leverage ratio defined as total debt / (total debt + book value of assets). (g) Assume EXR sells one of its storage assets with a book value of $50MM for $55MM. The storage asset had an NOI of $2.5MM. Calculate the new current AFFO and NAV.