Question

The direct ownership of commercial real estate produces cash flows from rental operations and, perhaps, cash flow from an eventual sale of the property. Since financial leverage and tax considerations play an important part in determining an investor's returns, the measure of investment value most relevant to investors is the present value of:
A. before-tax cash flows (BTCF)
B. after-tax cash flows (ATCF)
C. net operating income (NOI)
D. net sale proceeds (NSP)

Answer

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