The REIT fund has 100,000 shares outstanding and the appropriate cap rate is 11%. Given that NOI is expected to grow at a rate of 1.6% next year, estimate the Net asset value per share for making an investment in REIT. The financial information for making calculation: Last 12 months real estate NOI - $ 584,960 ; Noncash rents 9,885; Full year impact of acquisitions 5,279 ; Cash and cash equivalents 74,388 ; Land for future development 27,874 ; Accounts receivable $ 36,912 ; Total debt $ 1,625,370 and Other liabilities $ 342,579