I just need you to compute WACC for all three REITs and finish the missing date in the other excel.

Profitability NLY MTGE DX Retained Earnings $ (4,655,440.00) $ (179,640.00) $ (394,509.00) Operating Cash Flows $ (1,032,713.00) $ 20,177.00 $ 51,406.00 Cash from Investing Activities $ 2,148,916.00 $ 33,020.00 $ 61,385.00 Liquidity NLY MTGE DX Cash and Equivalents Account receivable $ 77,987,849.00 $ 754,422.00 $ $ 167,480.00 $ 385,107.00 $ $ 3,189,133.00 $ 29,095.00 $ Long term investments 82,642,728.00 4,249,695.00 3,228,503.00 Debt Short term debt 61,784,120.00 $ $ $ 2,741,278.00 $ Long term debt 2,992,937.00 $ 238,962.00 $ 84,023.00 $ total 64,777,057.00 238,962.00 2,825,301.00 Return on Equity Net Income NLY $ 731,216.00 $ MTGE $ 69,018.00 $ DX $ 14,700.00 $ Assets 86,909,306.00 $ 5,482,402.00 $ 3,343,556.00 $ Liabilities 73,655,644.00 4,491,290.00 2,848,637.00 NLY MTGE DX $ *All data is from September 2016 $ $ $ Net Income 731,216.00 $ 69,018.00 $ 14,700.00 $ Total (2,808,021.00) (57,425.00) (267,018.00) Other assets Total $ 1,018,250.00 $ 162,403,249.00 $ 42,656.00 $ 4,844,938.00 $ 7,292.00 $ 6,454,023.00 ROE 5.52% 6.96% 2.97% Gross Sales Cost of Goods Sold Gross Profit Expenses Annaly Capital Management Income Statement NLY 2015 $723,590 $47,840 $675,750 2016 $745,298 $50,232 $695,066 $166,640 $99,846 $214,480 $675,750 $0 $675,750 $0 $675,750 $171,639 $220,161 $220,914 $523,427 $44,000 $479,427 $0 $479,427 Operating expense Depreciation Total expenses Operating Income Interest Expense @ 4.14% Pretax Income No Tax on REITS Net Income Annaly Capital Management For 2015-2017 All numbers in millions Pro Forma Balance sheet ASSETS Current Assets Cash Net accounts receivable Inventory Temporary investment Prepaid expenses Total Current Assets $ $ $ $ $ $ Fixed Assets Long-term investments Land Buildings and improvements Intangable Assets Other Assets Total Net Fixed Assets TOTAL ASSETS $ $ $ $ $ $ $ LIABILITIES Current Liabilities Accounts payable Short-term notes Current portion of long-term notes Total Current Liabilities $ $ $ $ Long-term Liabilities Dec-15 Sep-16 69,002,752.00 $ 352,961.00 $ 69,355,713.00 $ 72,350,393.00 113,494.00 373,603.00 38,536.00 607,930.00 73,483,956.00 142,839,669.00 $ 77,987,849.00 754,422.00 ### ### ### 78,742,271.00 82,642,728.00 $ 39,903.00 $ 1,018,250.00 $ 83,700,881.00 $ 162,443,152.00 485,710.00 $ 58,075,908.00 $ 58,561,618.00 $ 558,037.00 65,588,863.00 ### 66,146,900.00 Long term debt Other long-term liabilities Total Long-term Liabilities $ $ $ SHAREHOLDERS' EQUITY Prefered Stock Common Stock Retained Earnings Capital Surplus Net Tangable Assets $ $ $ $ $ Cash Flow Projection Net Income Depreciation Operating Cash flow $ $ 1,727,534.00 $ 455,108.00 $ 455,108.00 $ 913,059.00 9,359.00 (3,324,616.00) 14,675,768.00 12,273,570.00 2,992,937.00 794,845.00 794,845.00 $ $ $ $ $ 1,200,559.00 10,189.00 (4,655,440.00) 15,578,677.00 12,133,985.00 2015 12,275,585.00 $ $99,846 12,375,431.00 $ 2016 12,136,001.00 $220,161 12,356,162.00 CAPM Risk free rate (U.S. Treasuries) Current Beta Market return CAPM 2.48% 0.29 7.50% 3.94% Value of common stock First Dividends as of 2007 Investors RRoR Growth rate in Dividends Value per share 0.2 7.50% 6.32% 16.95 Market Value Added: 2015 Number Common Shares Outs 935,929,561 Common Stock Price 8.3721991071 Number Preferred Shares Outstanding Preferred Share Price Equity Book Value 11,905,922,000 MVA -2959655740.0472 2017 $767,657 $52,744 $714,913 $176,788 $226,766 $227,542 $538,125 $44,000 $494,125 $0 $494,125 nagement 17 millions 2017 estimated $ $ $ $ $ $ 80,327,484.47 777,054.66 81,104,539.13 $ 85,122,009.84 0 0 41,100.09 1,048,797.50 86,211,907.43 167,316,446.56 $ $ $ $ $ $ $ 574,778.11 67,556,528.89 0 68,131,307.00 $ $ $ 3,082,725.11 818,690.35 818,690.35 $ $ $ $ $ 1,236,575.77 10,494.67 (4,795,103.20) 16,046,037.31 12,498,004.55 $ $ 2017est 12,498,004.55 $226,766 12,724,770.38 2016 1,018,913,249 9.6826811548 12,575,972,000 -1514024885.5705 Preferred Stock PREF A PREF C PREF D PREF E 2016 7,412,500 12,000,000 18,400,000 11,500,000 25.04 24.1 24.14 24.1 2015 7,412,500 12,000,000 18,400,000 11,500,000 24.93 23.42 23.16 19 MTGE Investment Corp. Income Statement MTGE Gross Sales Cost of Goods Sold Gross Profit Expenses Operating expense Depreciation Total expenses Operating Income Interest Expense @ 4.14% Pretax Income No Tax on REITS Net Income 2015 $44,050 $31,810 $12,240 2016 $35,590 $33,401 $2,190 $25,205 $1,107 $57,015 -$5,450 $8,199 -$13,649 $0 -$13,649 $25,961 $1,295 $58,725 $69,050 $10,082 $58,968 $0 $58,968 MTGE Investment Corp For 2015-2017 All numbers in millions Pro Forma Balance sheet ASSETS Current Assets Cash Net accounts receivable Inventory Temporary investment Prepaid expenses Total Current Assets $ $ $ $ $ $ Fixed Assets Long-term investments Land Buildings (net of depreciation) Intangable Assets Other Assets Total Net Fixed Assets TOTAL ASSETS $ $ $ $ $ $ $ LIABILITIES Current Liabilities Accounts payable Short-term notes Current portion of long-term notes Total Current Liabilities $ $ $ $ Long-term Liabilities Dec-15 Sep-16 264,955.00 $ 379,459.00 $ 644,414.00 $ 4,783,074.00 54,914.00 4,837,988.00 5,482,402.00 $ 167,480.00 385,107.00 ### ### ### 552,587.00 $ $ $ 4,249,695.00 ### ### ### 42,656.00 4,292,351.00 4,844,938.00 58,824.00 $ 58,824.00 $ 38,565.00 ### ### 38,565.00 Long term debt Other long-term liabilities Total Long-term Liabilities $ $ $ 324,851.00 $ 4,107,615.00 $ 4,107,615.00 $ 238,962.00 3,634,648.00 3,634,648.00 SHAREHOLDERS' EQUITY Prefered Stock Common Stock Retained Earnings Capital Surplus Net Tangable Assets $ $ $ $ $ 476.00 (209,200.00) 1,146,797.00 938,073.00 $ $ $ $ ### 458.00 (179,640.00) 1,122,459.00 943,277.00 2015 940,088.00 $ $1,107 941,195.00 $ 2016 945,293.00 $1,295 946,588.00 Cash Flow Projection Net Income Depreciation Operating Cash flow $ $ CAPM Value of common stock Risk free rate (U.S. Treasuries) Current Beta Market return CAPM 2.48% 0.43 7.50% 4.64% First Dividends as of 2011 Investors RRoR Growth rate in Dividends Value per share 0.20 7.50% 5.24% 8.85 Market Value Added: Number Common Shares Outst Common Stock Price Number Preferred Shares Outs Preferred Share Price Equity Book Value MVA 2015 47,626,000 15.817343004 2,200,000 21.7024086984 991,112 800070965.0435 2017 $36,658 $35,071 $1,587 $26,740 $1,334 $60,487 $71,122 $11,000 $60,122 $0 $60,122 Corp ons 2017 estimated $ $ $ $ $ $ 172,504.40 396,660.21 569,164.61 $ $ $ $ $ 4,377,185.85 0 0 43,935.68 4,421,121.53 4,990,286.14 $ $ $ $ 39,721.95 39,721.95 $ $ $ 246,130.86 3,743,687.44 3,743,687.44 $ $ $ $ $ 471.74 (185,029.20) 1,156,132.77 971,575.31 $ $ 2017est 971,575.31 $1,334 972,909.16 2016 45,798,000 15.2338889008 2,200,000 23.6032079683 932,730 748675971.408707 Dynex Capital Inc. Income Statement DX Gross Sales Cost of Goods Sold Gross Profit Expenses Operating expense Depreciation Total expenses Operating Income Interest Expense @ 4.14% Pretax Income No tax on REITS Net Income 2015 $40,757 $5,860 $34,897 2016 $24,123 $6,070 $18,053 $4,753 $39,105 $10,613 -$36,980 $0 $30,462 $0 $30,462 $3,355 $39,157 $10,931 $14,700 $0 $14,700 $0 $14,700 Dynex Capital Inc. For 2015-2017 All numbers in millions Pro Forma Balance sheet ASSETS Current Assets Cash Net accounts receivable Inventory Temporary investment Prepaid expenses Total Current Assets $ $ $ $ $ $ 3,539,111.00 $ 3,189,133.00 ### ### ### ### 3,539,111.00 $ 3,189,133.00 Fixed Assets Long-term investments Land Buildings (net of depreciation) Intangable Assets Other Assets Total Net Fixed Assets TOTAL ASSETS $ $ $ $ $ $ $ 3,587,706.00 7,975.00 3,595,681.00 7,134,792.00 LIABILITIES Current Liabilities Accounts payable Short-term notes Current portion of long-term notes Total Current Liabilities $ $ $ $ Long-term Liabilities Dec-15 Sep-16 $ 3,228,503.00 ### ### ### $ 7,292.00 $ 3,235,795.00 $ 6,424,928.00 15,452.00 $ 15,452.00 $ 14,422.00 ### ### 14,422.00 Long term debt Other long-term liabilities Total Long-term Liabilities $ $ $ SHAREHOLDERS' EQUITY Prefered Stock Common Stock Retained Earnings Capital Surplus Net Tangable Assets $ $ $ $ $ Cash Flow Projection Net Income Depreciation Operating Cash flow $ $ 41,205.00 $ 11,946.00 $ 11,946.00 $ 490.00 (330,713.00) 725,358.00 395,135.00 84,023.00 8,914.00 8,914.00 $ $ $ $ ### 491.00 (394,509.00) 726,701.00 332,683.00 2015 397,150.00 $ $39,105 436,255.00 $ 2016 334,699.00 $39,157 373,856.00 CAPM Risk free rate (U.S. Treasuries Current Beta Market return CAPM 2.48% 0.86 7.50% 6.80% Value of common stock First Dividends as of 2008 Investors RRoR Growth rate in Dividends Value per share 0.10 7.50% -1.10% 1.16 Market Value Added: 2015 Number Common Shares Outs 49,047,335 Common Stock Price 6.2892599524 Number Preferred Shares Out 4550000 Preferred Share Price Equity Book Value 492,025,000 MVA -80687060.2135 2017est $24,847 $6,374 $18,473 $3,456 $40,332 $11,259 $15,141 $0 $15,141 $0 $15,141 al Inc. 017 millions 2017 estimated $ $ $ $ $ $ 3,284,806.99 3,284,806.99 $ $ $ $ $ 3,325,358.09 0 0 7,510.76 3,332,868.85 6,617,675.84 $ $ $ $ 14,854.66 14,854.66 $ $ $ 86,543.69 9,181.42 9,181.42 $ $ $ $ $ 505.73 (406,344.27) 748,502.03 342,663.49 $ $ 2017est 342,663.49 $40,332 382,995.20 2016 49047335 6.0582769206 4550000 494,919,000 -86386162.35085 2015 2016 Preferred A 23.33 25.06 2,300,000 Preferred B 21.87 23.89 2,250,000 102866500 111390500 Annaly (NLY) Takeover Target Enterprise Value Enterprise Value = Market Cap. + Preferred Stock + Debt - Excess Cash $ (61,031.12) EV can be negative when the company's net cash is more than its Market Cap. EBITDA $ 1,465.95 Target Takeover Formula Enterprise Value / EBITDA $ (41.63) MTGE Enterprise Value $ 991.53 EBITDA 121.15 Target Takeover $ 8.18 DX Enterprise Value $ 670.97 EBITDA 21.84 Target Takeover $ 30.72 Selection of Takeover Ratios for Top 25 U.S. Public REITs EV 3,040,000,000 1 American Assets Trust, Inc. AAT 2 Saul Centers BFS 2,330,000,000 3 Chatham Lodging Trust CLDT 1,340,000,000 6,010,000,000 4 DCT Industrial Trust DCT 3,560,000,000 5 Education Realty Trust EDR 2,770,000,000 6 FelCor Lodging Trust FCH 1,310,000,000 7 First Potomac Realty Trust FPO 2,820,000,000 8 Government Properties Income Trust GOV 7,360,000,000 9 Highwood Properties HIW 1,630,000,000 10 Investors Real Estate Trust IRET 3,600,000,000 11 Kite Realty Group Trust KRG 4,300,000,000 12 LaSalle Hotel Properties LHO ### 13 Middle America Apartment Communities MAA 4,130,000,000 14 National Health Investors NHI ### 15 Realty Income Corporation O ### 16 Omega Health Investors OHI 2,900,000,000 17 Pennsylvania REIT PEI 21,510,000 18 Power REIT PW 3,470,000,000 19 QTS Realty Trust QTS 4,700,000,000 20 Ryman Hospitality Properties RHP 2,260,000,000 21 Ramco-Gersherson Properties Trust RPT 4,500,000,000 22 Rayonier Inc RYN 2,950,000,000 23 Sabra Health Care REIT SBRA 4,730,000,000 24 Selected Income REIT SIR 936,900,000 25 Urstadt Biddle Properties UBP Takeover EBITDA 165,790,000 18.33645 140,450,000 16.58953 108,440,000 12.35706 268,920,000 22.34865 129,290,000 27.535 222,440,000 12.4528 90,620,000 14.45597 138,170,000 20.40964 351,150,000 20.9597 95,690,000 17.03417 222,260,000 16.19725 388,560,000 11.0665 636,260,000 25.36699 220,270,000 18.74972 997,640,000 22.1623 821,540,000 13.15822 224,230,000 12.93315 1,600,000 13.44375 150,170,000 23.10715 311,620,000 15.08247 164,110,000 13.77125 371,360,000 12.11762 227,860,000 12.94655 334,340,000 14.14728 69,970,000 13.39002