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. The total number of shares is 10,000,000 shares. 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. What of the following statement is CORRECT? $100,000,000 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) 40,000,000 22,000,000 6,000,000 3,000,000 29,000,000 6,400,000 $ 22,600,000 A rchy Panel B. Balance Sheet Summary Assets Cash Rents receivable Properties cost Less: Accumulated depreciation Properties-net Total net assets Liabilities Short term Mortgage debt" Total Shareholder equity Total liabilities and equity $ 51,500,000 2,500,000 700,000,000 450,000,000 250,000,000 $304,000,000 $ 12,000,000 80,000,000 92,000,000 212,000,000 $304,000,000 The dividend yield of National is 8%. The market price per share using the FFO multiple approach is $50.8. The funds from operation per share is $2.26. The net asset value of National is $508 million