I think you need to quantify the corresponding reduction in...

I think you need to quantify the corresponding reduction in expenses before you estimate earnings. My back of an envelope estimate is $43.2MM in expenses. Assuming no adjustments due to property revaluation or hedges, earnings would be ca. $16MM.

In any case, I am not sure what you are trying to accomplish here. BPA had $50MM in cash at the end of FY2016, which should be ample to cover cash required in 2017 for capital improvements, distributions etc.

If Brookfield can maintain a high level of occupancy and release office space coming vacant in the short-medium term, then property valuations and NTA/unit should increase.