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Turning first to our current development activity. As you can see on Slide 11, we completed $740 million in new developments for the year which

Turning first to our current development activity. As you can see on Slide 11, we completed $740 million in new developments for the year which meets our initial underwriting and delivers very healthy value creation with yields of 6.4% compared to estimated cap rates for those same assets of roughly 4.5%." 


Calculate the dollar amount of value creation implied by the above statement.

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