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. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ SUMMER PLACE MALL } \\ \hline \multicolumn{3}{|l|}{ Revenue: Base rents } \\ \hline \multicolumn{3}{|l|}{ Add: } \\ \hline \multicolumn{3}{|c|}{} \\ \hline \multicolumn{3}{|l|}{7} \\ \hline \multicolumn{3}{|l|}{ Less: } \\ \hline \multicolumn{3}{|l|}{ ? } \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Less: Operating expenses } \\ \hline \multicolumn{3}{|l|}{F} \\ \hline \\ \hline & & \\ \hline \\ \hline \\ \hline Total operating expenses & 3,309,000 & \\ \hline Recurring capital expenses & & 3,474,000 \\ \hline- & & \\ \hline \end{tabular} Required: a. From the above data, develop a pro forma statement for a base year showing net operating income (NOI) for Summer Place. Hint You will need to calculate the base rent, overage rents due to percent rent clauses, CAM recovery, and vacancy loss. Include CAPX in the NOI calculation