You have been asked to develop a pro forma statement of cash flow for Bets distribution center, and Internet based order fulfillment and warehouse property. In addition to recoverable operating expenses, the new tenant will be billed for pass-throughs including insurance and property taxes, which will then be paid by the owner. The information given to you is listed below. Property Information: BETTS DISTRIBUTION CENTER Rentable Space 150,000 sf Single Tenant 10-year term, NNN (tenant will repay owner for recoverable expenses, which include property taxes and insurance) Financial Information: Rent $8.00 psf (7-year term), flat Recoverable expenses from Tenant $2.00 psf, fixed (in addition to prop. taxes & insurance) Operating Expense $750,000 Property Taxes $75,000 Insurance $20,000 Other Cash Outlays: Allowance for CAPEX $75,000 Develop a proforma for the Betts property for a base year showing net operating income (NOI)