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

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 @ $8.00 per square feet
CAM Expenses Recoverable from Tenants 50,000 square feet @ $5.00 per square feet
Average Lease Term 3.5 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.
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