You have been asked to develop a pro forma statement of cash flow for Betts Distribution Center, an Internet-based order fulfillment/distribution/office/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 Age of Improvenent 3 years old Rentable Space 228,000 square feet Single Tenant 10-year lease tere, net, net Financial Information: Rent $7.00 per square feet (7-year term), flat Recoverable Expenses from Tenant $2.90 per square feet, fixed Operating Expenses 5770,000 Property Taxes $52,600 Insurance $17.500 Other Cash Outinys: Allowances for Recurring CAPEX/Improve Allowance $67.000 Required: a. Develop a pro forma statement for the Betts property for a base year showing net operating income (NOI) a. Develop a pro forma statement for the Betts property for a base year showing net operating income (NOI). BETTS DISTRIBUTION CENTER Rent Add: Less Total operating expenses Cap expenses/Improvement allowance