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 NOl? $100M$105.5M$90M$150M