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

Overage Rents $(5$ Tenants$)$ $$20$ per square foot

CAM Expenses Recoverable from Tenants $,50,000$ square feet @ $$8\mathrm{.}00$ per square foot

Average Lease Term $,50,000$ square feet @ $$5\mathrm{.}00$ per square foot

Vacancy Equal to $10\%$ of total $3\mathrm{.}5$ years

Equal to $10\%$ of total rental revenue

Operating Expenses:

Maintenance and Repair

Management, Administration, and Leasing Expenses.

Property Taxes

Insurance

$$1,200,000$

$$230,000$

$$1,715,000$

$$105,000$

$$160,000$

Other Information:

Recurring CAPEX and Improvement Allowance

Required:

From the above data, alavelop a pro forma statement for a base year showing net operating income $($NOI$)$ for Summer Place.