You have been presented with the following set of financial statements for National Property Trust, a REIT that is about to make an Initial stock offering to the public. This REIT specializes in the acquisition and management of warehouses. Your firm, Blue Street Advisors, is an investment management company that is considering the purchase of National Property Trust shares. You have been asked to prepare a financial analysis of the REIT National Property Trust Panel A. Operating Statement Summary Net revenue Less: Operating expenses Depreciation and amortization General and administrative expenses Management expense Income from operations Less: Interest expense Net income (loss) "At 8% Interest only. $ 109,000,000 43,600,000 31,000,000 6,900,000 3,900,000 23,600,000 6,400,000 $ 17,200,000