1. Atlantis REIT expects to earn an income of $8.50 per share. This includes a deduction of $1.75 per share for depreciation. Atlantis did not have any gains from the sale of real estate. Its properties are mainly apartments, and you believe apartments are currently selling for a 5.0 percent cap rate. Atlantis has 1 million shares outstanding and its balance sheets shows liabilities of $20 million. Comparable REITS have FFO multiples of about 14. Atlantis is expected to pay a dividend during the next fiscal year of $7.25 per share and to increase those dividends at about 3.0 percent per year in the future. Assume investors in REITs like Atlantis require a return of 8.0 percent. a. (10 points) What is the FFO and value per share based on the FFO multiple? b. (10 points) What value per share is indicated using a dividend discount model? c. (10 points) What is the value per share implied by the net asset value of the properties