Provided it adheres to the rules that govern REITS, a REIT does not pay taxes at the corporate level. This means that an equity investor in a REIT avoids double taxation?

True

False

When a REIT stock is trading for less than its liquidation value, the stock is said to be trading at a premium to Net Asset Value?

True

False

As a public company, REITs are required to report quarterly earnings on a GAAP basis. A big difference between net income on a GAAP basis and net income on an Adjusted Funds from Operations basis is the treatment of depreciation. Depreciation is treated as a non cash charge using GAAP. REIT investors are keen on cash flow and AFFO is a measure of net income less capital expenditures but excludes depreciation.

True

False