You are an investor and have decided that you would like to take your portfolio of apartment properties public via a real estate investment trust (REIT) initial public offering (IPO). The value of your portfolio is $2.3 billion. Existing portfolio debt equates to a 45% loan-to-value ratio. The portfolio has a stabilized cap rate of 5.25%. You earn an annual management fee of 7.5% of net operating income (NOI) on the portfolio. The market currently is placing an 11 times valuation multiple on the management fee income. Calculate the portfolio's net pre-IPO equity. Arial 3 (12pt) T i ABC Paragraph 4 % DOO fx Mashups " T* T, 2 5 HTML CS5 Path: P Words:0 You are an investor and have decided that you would like to take your portfolio of apartment properties public via a real estate investment trust (REIT) initial public offering (IPO). The value of your portfolio is $2.3 billion. Existing portfolio debt equates to a 45% loan-to-value ratio. The portfolio has a stabilized cap rate of 5.25%. You earn an annual management fee of 7.5% of net operating income (NOI) on the portfolio. The market currently is placing an 11 times valuation multiple on the management fee income. Calculate the portfolio's net pre-IPO equity. Arial 3 (12pt) T i ABC Paragraph 4 % DOO fx Mashups " T* T, 2 5 HTML CS5 Path: P Words:0