A commercial investment property was purchased for $20,000,000. The property's net lettable area is 2,600 m². The property is operating at a stabilised occupancy of 95.0%. The leases are gross and the annual base rent in the first year is $615 per m². The rent is reviewed annually and increased at a fixed rate of 4.00%. The building doesn't generate any miscellaneous income. The fixed OPEX are $75 per m² and variable OPEX are $85 per m² in the first year. The annual OPEX inflation is 5.00%. The property is purchased with 60.00% in debt financing with a fully amortising loan for a term of 20 years, monthly payments and an annual interest rate of 6.65%. 

Calculate Year 3 Equity Dividend Rate.