FIN 460 Real Estate Finance and Investments Notes for completing homework: Update data in yellow from problems. Solve cells in blue as interim calculations. Solve cells in green using notes. Chapter 21- Problem #1 (Algorithmic) 2 3 4 Real Estate Investment Trusts Net revenue Less: Operating expenses Depreciation and amortization General and admin expenses Management expense 3 Income from operations e Less: D Interest expense Net income (loss) 5 Cash 5 Rents receivable Operating Statement Summary 7 Properties@ cost 3 Less: Accumulated depreciation 9 Properties - net Net Assets 1 2 3 Interest Rate 4 Outstanding Shares 5 6 7 EPS a) Set of Financial Ratios 8 NOI 9 FFO O Dividend Per Share (90% x EPS) 1 ROC 2 Cash Retention Per Share 3 Net Assets Per Share 4 Equity or Book Value Per Share 5 ROA 6 ROE -7 8 b) Price Ranges -9 Price based on Dividend Yield 1, 21-1 Assets 2, 21-3 117,000,000 46,800,000 39,000,000 7,700,000 4,700,000 18,800,000 6,400,000 12,400,000 870,000,000 467,000,000 8% 10,000,000 3, 22-1 53,200,0