Net revenue	$20,000,000
Less:
Operating expenses	9,800,000
Depreciation and amortization	4,400,000
Income from operations	5,800,000
Less:
Interest expense	1,280,000
Net income	$4,520,000

1. Consider the financial statements for a REIT, given above. Price multiples for comparable REITs are about 10 times current funds from operation (FFO). What price does this suggest for the REITs shares if 1,000,000 shares are issued? (D)

1. $4.52 per share
2. $45.20 per share
3. $8.92 per share
4. $89.20 per share