You have been asked to develop a pro forma statement of cash flow for the coming (base) year for Summer Place Mall. The information given to you is listed below.

Property Information:

SUMMER PLACE MALL
Age of Improvement	10	years
Rentable Area (RA)	412,000	square feet
Common Area (CA)	164,800	square feet
Number of Tenants	40

Financial Information:

Average Base Rents	$20	per square feet
Overage Rents (5 Tenants)	51,200 square feet @ $8.00	per square feet
CAM Expenses Recoverable from Tenants	51,200 square feet @ $5.00	per square feet
Average Lease Term	3.50	years
Vacancy	Equal to 10% of total rental revenue

Operating Expenses:
Maintenance/Repair	$ 1,230,000
Management/Administration/Leasing Expenses	$231,200
Property Taxes	$ 1,718,000
Insurance	$106,200
Other	0
Other Information:
Recurring CAPEX/Improve Allowance	$ 163,000

Required:

a. From the above data, develop a pro forma statement for a base year showing net operating income (NOI) for Summer Place.