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 Rentable Area (RA) 10 years 426,000 feet square Common Area (CA) Number of Tenants 170,400 square feet 40 Financial Information: Average Base Rents Overage Rents Tenants) CAM Expenses Recoverable from Tenants Average Lease Term Vacancy $20 per square fe 52,600 square feet @ $8.00 per square fe 52,600 square feet @ $5.00 per square fe 3.50 years Equal to 10% of total rental revenue Operating Expenses: Maintenance/Repair Management/Administration/Leasing Expenses Property Taxes Insurance Other Other Information: Recurring CAPEX/Improve Allowance $ 1,265,000 $232,600 $ 1,721,500 $107,600 $ 166,500 Required: a. From the above data, develop a pro forma statement for a base year showing net operating income (NOI) for Summer Place. SUMMER PLACE MALL Revenue: Base rents Add: Less: Less: Operating expenses 3,326,700 Total operating expenses Recurring capital expenses 3,493,200