sted in New Real Estate’ $0.0 $55.5 $28.9 $29.4 $32.3 $35.6 $47.2 Assumes reinvestment of all excess cash above $5.0 million at an 8.25% cap rate. ? Junior Mezzanine debt is recorded at face value. Book value is approximately $147.3 million. Rental Revenue Management projects rental revenue to increase at a 4.2%