Given the following information, calculate the price-FFO multiple for the following REIT:

Net income (annual): $1,200,000

Gain/losses from infrequent and unusual events (annual): $0

Amortization of tenant improvements (annual): $120,000

Amortization of leasing expenses (annual): $75,000

Depreciation (real property) (annual): $2,675,000

Stock Price: $40

Market Capitalization: $40,000,000

0.10

4.07

9.83

393.12