1. Using XLS create a rollover analysis for the following tenant Joes Pizza. Identify the four rollover costs for an assumed rollover next year of this lease.
   1. Occupies 10,000 SF. Rent $20.00 SF for new and relet, Tenant pays NNN and opex is estimated at $2.00/SF, Lease term ends 13 months from now.
   2. New Tenant Improvements are $10.00 SF, 6% Leasing Commission for each year of new lease.
   3. Renewal Tenants Improvements are $1.00 SF, 3% Leasing Commission for each year of a renewal lease.
   4. Lease term 5 years.
   5. Downtime is 12 months
   6. Renewal probability 60%