1. The BEST Shopping Center REIT owns 50 shopping centers in the NY metropolitan area. It reported annual revenues for 2016 of $50 million. It also reported property operating expenses of $10 million and recurring capital expenditures of $5 million. In addition, to the 50 shopping centers, this REIT owns vacant land which has a current market value of $25 million.

   Analysts who cover this REIT believe that its shopping centers could be sold at an overall capitalization rate of 8.50%. If the REIT has total liabilities of $200 million and 20 million shares outstanding, what is its Net Asset Value (NAV) per share?

   	a.	$20.66
   	b.	$14.78
   	c.	$11.84
   	d.	$10.59
   	e.	$19.41