Attached Extra Space Storage's $($EXR$)$ annual P&L$,$ Balance Sheet and Cash Flows. EXR's current share price is $$86.$ Assume a cap rate of $5\mathrm{.}0\%$ and normalized capex of $$50$MM$.$ Answer the questions below for the fiscal year ended $2017.($Note: Add cash and cash equivalents, land held for development and projects under development at the current book value. Subtract all liabilities $($simplifying assumption$)$ and preferred stock.$)$

$($a$)$ What is EXR's current normalized $($diluted$)$ FFO and AFFO?

$($b$)$ Assuming both FFO and AFFO will grow $10\%$ next year, what are EXR's $1-$year forward normalized P$/$FFO and P$/$AFFO multiples $($x$)?$ Compare vs$.$ peer average P$/$FFO of $17\mathrm{.}0$x and P$/$AFFO of $19\mathrm{.}0$x

$($c$)$ What is the current market value of EXR's assets?

$($d$)$ What is current NAV?

$($e$)$ Is EXR undervalued or overvalued if its peers trade at an average $10\%$ premium to NAV?

$($f$)$ Compute leverage ratio defined as total debt $/($total debt $+$ book value of assets$).$

$($g$)$ Assume EXR sells one of its storage assets with a book value of $$50$MM for $$55$MM$.$ The storage asset had an NOI of $$2\mathrm{.}5$MM$.$ Calculate the new current AFFO and NAV.