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 Common Area (CA) 166,400 feet Number of Tenants 40 Financial Information: Average Base Rents Overage Rents (5 Tenants) 51,600 square feet @ $8.00 per square feet CAM Expenses Recoverable from Tenants 51,600 square feet @ $5.00 per square feet Average Lease Term 3.50 years Vacancy Equal to 10% of total rental revenue Operating Expenses: Maintenance/Repair $1,240,000 Management/Administration/Leasing Expenses $231,600 Property Taxes $1,719,000 Insurance $106,600 Other Other Information: Recurring CAPEX/Improve Allowance $164,000 Required: a. From the above data, develop a pro forma statement for a base year showing net operating income (NOI) for Summer Place. CAM recoveries Overage rents Vacancy Insurance Maintenance/Repair Management/Administration/Leasing Property taxes Net operating income Net operating loss