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

======================================= 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) a. $4.52 per share b. $45.20 per share c. $8.92 per share d. $89.20 per share