Develop a five year pro forma and estimate the cash flows the property will received under the extreme assumption that the anchor space will remain vacant forever. (This can be viewed as a lower bound for the value of the property). For this exercise, ignore the information show in Exhibits 9 and 10. Rather, assume when a lease expires, the broker is able to resign the same tenant to a new seven year lease 75% of the time at current market rent, which is currently $27 and is rising at 2% per year. Assume all inline leases contain a 2% annual escalation of rent. Expense reimbursements (per SF) also grow at 2%, but are not received from vacant space. You may assume operating expenses in 2010 will be $268,715 and grow at 2% regardless of occupancy. Current and future vacant inline space is filled and commissions are paid as described in the case. You may assume that you incur a $10/SF tenant improvement expense (TI) for renewing inline tenants and a $25/SF TI for new inline tenants. Estimate this lower bound for the current value of the property. Highlight and justify any additional assumptions you make.