Consider the following 3 leases for the next 3 years with a 9% discount rate. 

Lease #1; Flat gross rent is $50/sq. ft. Owner pays operating expenses which are $30 in first year and increase $3/year thereafter 

Lease #2; Indexed gross rent is $45/sq. fat in first year, goes up 10% per year to match inflation. Owner pays operating expenses which are $30 in first year and increase $2/year thereafter.

 Lease #3, Flat gross lease of $47.50/sq. ft. with $29/sq. ft. expense stop. Operating expenses are $29/sq. ft. in first year and an increase $2/year. 

Calculate Present value for lease 1 lease 2 lease3