Homework $1-$ REIS Spring $2024$

Big Dawg REIT, a national office REIT, reported GAAP net income of $$88,706,000$ in $2023.$ It also reported the following items:

Real estate depreciation $$123\mathrm{.}546,000$

Gains on Sales of $$4,250,000$

Tenant Improvements of $$3,100,100$

Leasing Commissions of $$6,300,000$

Shares Outstanding of $12,500,000$

OP units Outstanding of $3,000,000$

Based on the above, show your calculations for the below:

a$).$ What was the REIT'S FFO for $2023?$

b$)$ What was the REIT's FFO per share in $2023?$

c$)$ Given that the REIT reported a net straight$-$line rent adjustment loss of $$4,619,000$ and capital expenditures of $$17,500,000,$ what was the REIT'S AFFO in $2023?$

d$)$ Given the above in c$,$ what was the REIT's AFFO per share in $2023?$

c$)$ Given that the REIT paid out $$143,826,000$ in common stock dividends in $2021,$ what was its dividend$/$FFO ratio in that year? $(1$ point$)d$

d$).$ After all distributions, what percentage of the REIT'S AFFO was left over $($for what the industry calls "plowing back into the business$)?(1$ point$)$ F$.$

e$)$ By what percentage did Big Dawg REIT exceed its payout requirement?

f$)$ What was Big Dawg REIT's FFO payout ratio for $2023?$

g$)$ What was Big Dawg REIT's AFFO payout ratio for $2023?$