$2).$

a$.$ You$$ve been tasked with estimating the implied property capitalization rate $($cap rate$)$ for Simon Property Group, Inc. Simon$$s mean consensus real estate Net Operating Income $($NOI$)$ estimate for the current year is $$4,200,000($in $$000).$ Simon$$s other balance sheet information for the current year is provided below: Land held for investment and$/$or sale $($$$000)$ $$0$ Properties under development $($$$000)$ $$0$ Cash and cash equivalents $($$$000)$ $$1,169,000$ Investment in unconsolidated properties $($$$000)$ $$0$ Other assets $($$$000)$ $$0$ Total Liabilities $($including Minority Interest$)$ and Prfd Stock $($$$000)$ $$30,600,000$ The total common shares and units outstanding are $352,920,522.$ The current stock price is $$142\mathrm{.}64$ per share.

b$.$ Assuming Simon$$s historical average annual return over a long period is $11\%,$ calculate the implied rate of growth in Simon$$s stock price.

c$.$ When constructing and managing publicly listed securities on behalf of institutional and individual investors, briefly explain how you can use the above information to add value for your investors. Describe the augmented information you would use to determine whether you are likely to earn an excess return on Simon Property Group, Inc.