This question has to do with how to value a REIT using Net Asset Value. (All values are in Millions) Assume a REIT has debt of 1,000M, there are 100M shares outstanding, both the stock price and NAV/share equal $6.36, and a fair cap rate for the portfolio is 5.5%, what is the implied NOI?

a) $100M

b) $105.5M

c) $90M

d) $150M