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Patricia Ly, CFA is a portfolio manager who wishes to add diversification to her portfolio through the addition of a real estate investment. Ly finds the following data for a particular industrial REIT:
Net operating income (NOI): $710,000 Funds from operations (FFO): $630,000 Assumed cap rate: 6% Shares outstanding: 90,000 shares Storage property average P/FFO multiple: 13x. Industrial property average P/FFO multiple: 10x.Ly decides to perform a valuation on this REIT. The value per share of this REIT using a price-to-FFO approach is closest to: A. $91 B. $112 C. $70 |