Susan Ryan, an investor, is considering a retail REIT investment. Ryan gathers the following information on the REIT:

Expected cash NOI next 12 months	$950,000
Net income	$600,000
Non-cash rents	$20,000
Other income (gain on sale of properties)	$50,000
Recurring maintenance-type capital expenditures	$40,000
Depreciation and amortization	$150,000
Cash and equivalents	$275,000
Accounts receivables	$200,000
Land held for future development	$500,000
Total liabilities	$2,100,000
Shares outstanding	200,000

Ryan is trying to estimate the value of the REIT. She analyses a set of comparable retail REITs, and determines that a cap rate of 8% is appropriate for this REIT. Furthermore, Ryan determines that the average P/FFO multiple and P/AFFO multiples for retail REITs are 16.5x and 18.4x, respectively.

8. 8.) What is the REITs net asset value per share (NAVPS)? (1 point)

9. 9.) What is the estimated value per share of the REIT based on an application of the average P/FFO multiple for retail REITs to the REITs funds from operations (FFO) per share? (2 points)

10. 10.) What is the estimated value per share of the REIT based on an application of the average P/AFFO multiple for retail REITs to the REITs adjusted funds from operations (AFFO) per share? (1 point)