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Economic versus nominal caps, below-market rent, yield on cost, implicit caps from DCF, comp distortion, sensitivity, and reconciling cap rate with total return metrics. Advanced commercial underwriting; not legal, tax, or investment advice.
Going-in and terminal caps, trailing versus forward NOI, reversion, cap compression, lease structures, and building a defensible market cap from comps. Commercial analysis; not legal, tax, or investment advice.
Foundations of capitalization rates: NOI, value relationship, direct capitalization, market caps, and how investors read risk through cap rates. Commercial real estate concepts; not legal, tax, or investment advice.
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