It's a profit profrma IF the project was fully built out ,not a current value for property AS IS that's why it's not booked in financial statements or filed with regulators 

"At this stage you have not requested that we provide you with an independent appraisal report estimating the current market value of the subject property "as is" nor have you requested we provide you with an independent appraisal indicating the market value of the subject property in the developed scenario.   It is stressed that this following letter is not an appraisal report"