12 A commercial investment property was purchased for $25,000,000. The property's net lettable area is 3,000 m2. The property is operating at a stabilised occupancy of 90.0%. The leases are gross and the annual base rent in the first year is $650 per m2. The rent is reviewed annually and increased at a fixed rate of 3.50%. The building doesn't generate any miscellaneous income. The fixed OPEX are $70 per m2 and variable OPEX are $90 per m2 in the first year. The annual OPEX inflation is 5.00%. The property is purchased with 50.00% in debt financing with a fully amortising loan for a term of 20 years, monthly payments and an annual interest rate of 6.45%. Calculate Year 3 Break Even Ratio. The ratio will be a value = or