You are to analyze the case study of Tulaberry Plaza, a distressed property owned by Benedict Clarke. Tulaberry Plaza is a property situated outside Orlando, Florida, United States of America. You are to write a professional report to Benedict Clarke, for the owner to make an investment decision. The report should include introduction, the body answering the brief below and conclusion (concluding remarks). The body of your work should answer the concerns as seen below from number 1-5.

1. 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.