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$)400,000$ square feet

Common Area $($CA$)160,000$ square feet

Number of Tenants $40$

Financial Information:

Average Base Rents $$20$ per square feet

Overage Rents $(5$ Tenants$)50,000$ square feet @ $$8\mathrm{.}00$ per square feet

CAM Expenses Recoverable from Tenants $50,000$ square feet @ $$5\mathrm{.}00$ per square feet

Average Lease Term $3\mathrm{.}5$ years

Vacancy Equal to $10\%$ of total rental revenue

Operating Expenses:

Maintenance$/$Repair $ $1,200,000$

Management$/$administration$/$Leasing Expenses $$230,000$

Property Taxes $ $1,715,000$

Insurance $$105,000$

Other $0$

Other Information:

Recurring CAPEX$/$Improve Allowance $ $160,000$

Required:

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