Chartered Financial Analyst Level 2
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39 An analyst gathers the following information (in € millions) about three REITs with the same share price and number of shares outstanding:
| REIT 1 | REIT 2 | REIT 3 | |
|---|---|---|---|
| EBITDA | 325.0 | 330.0 | 325.0 |
| Depreciation & amortization | 110.0 | 80.0 | 60.0 |
| Non-cash rent | 10.0 | 16.6 | 18.5 |
Which REIT has the lowest price-to-FFO ratio?