32. You are contemplating an industrial investment that costs $25M with a year one cap rate of 5.5% (based on NOI) and expect an NOI growth rate of 3% per year. Your exit cap rate is 6% (assume a 10 year hold period). Assuming there are no capital improvements and selling expenses, create a 10 -year proforma for unleveraged, leveraged and equity after-tax cash flows. The appropriate tax rates are 29.6% on annual operations, 15% for capital gains, and 25% for depreciation recapture. Also assume depreciation of 40 years. Assume mortgage financing of 75% of the property price with a 4% interest-only loan and land that is worth 20% of the property value. Use the associated Excel Template to facilitate your answers to the questions below. (9pts) a. Use the proforma to determine the unlevered IRR for the investment. b. Compute the leveraged IRR for the investment. c. Compute the equity after-tax IRR for the investment