Investors like REITs for the current income that they produce. What is the measure of cash flow for a REIT that is net of capital expenditur EBITDA Net Income Funds from Operations Adjusted Funds from Operations QUESTION 16 By law, REITs are required to distribute 90% of their pretax income to shareholders. REITs are not taxable but shareholders are. If a REITP out a dividend of $500, and the shareholder has a tax rate of 40%, what share of the dividend does the shareholder have to pay in taxes? $200 $300 $500 None QUESTION 17 If a property has an NOI of $600K, and a comparable property traded at a 5% cap rate, what is a reasonable estimate of the property's value? $12M $10M $8M $14M