You have been asked to develop a pro forma statement of cash flow for the coming year for a retail mall in Columbus, Ohio.

Important information: The mall is 10-years old and has a gross area of 585,000 sq. ft. of which 160,000 sq. ft. is common area. Two anchors comprise 80,000 sq. ft. and they have average base rents of $16 per sq. ft. and they pay CAM expenses of $3 per sq. ft. The remaining tenants have average base rents of $20 per sq. ft. and are responsible for CAM expenses of $6 per sq. ft. Five of the in-line tenants (totaling 50,000 sq. ft.) have overage rents that are estimated at $9.00 per sq. ft. Vacancy and bad debt expense is estimated at 5% of base rent revenue. Maintenance and repairs are budgeted at $900,000 Utilities are forecast at $500,000. Management expenses are estimated at $230,000. Property taxes are estimated at $1.315 million and insurance is $105,000 Recurring CAPEX/improvement allowances are forecast at $160,000

What is the NOI for the property?