You and a tenant are negotiating a 3 year net lease, with rental payments made annually at the BEGINNING of each year. The owner suggests the following rental payment arrangement: Year 1 Year 2 Year 3 $32/sqft, plus a 3 month rent-free allowance $34/sqft $35/sqft Using a 10% discount rate, the tenant agrees with the total effective rental cost, but wants to make the same rental payment each year, with no rent-free period or rent increases over the term. What is the annual equal payment rent equivalent to this rental structure? (Hint: It is the same as the Annuitized Lease Value)