Scenario 1. A REIT has a stable NOI of $15 per share and currently pays a dividend of $10 per share. The blended cap rate is 9.75 percent and the required rate of return is 10.5 percent. The REIT has 1 million shares outstanding and $60 million in liabilities. HINT: At least one piece of the information given is superfluous (not needed to solve the problem using a NAV approach). Referring to Scenario 1 above, what is the NAV (or equity value) per share of the REIT? $93.85 $85.00 $79.47 $101.47 $97.46