You are analyzing a REIT with the net operating income and cap rate for each property: NOI Cap Rate Property 1 $990,000 4.00% Property 2 $915,000 4.75% Property 3 $1,020,000 5.40% There are 1,250,000 issued shares of the REIT. What is the NAV? $47.54 $49.78 $49.55 $48.78