Simon properties mean consensus real estate noi estimate for the current year is $4,381,025 (in $000). Simon Properties other balance sheet information for the year is as follows:

Land Held for investment and/or sale ($000) $0

Properties Under Development ($000) $0

Cash and cash Equivalents ($000) $1,515,012.00

Investment in Partnerships ($000) $4,221,814.00

Other Assets ($000) $652,107.00

Total Liabilities (Including Minority Interest) and Prfd Stock ($000) $29,227,230.00

Total common shares and units outstanding are 374,256,749.

Current stock price (as of May 8, 2023) is $106.75

a. Estimate the implied Property Cap rate for Simon Properties

b. The historical average annual return on investment for Simon Properties over a long period is 8%. Solve for the rate of growth implied in Simon Properties stock price.