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Cap Rate Qualifiers
Capitalization rates are approximations reported at the time of closing or disclosed in subsequent public filings. Cap rates may also be derived from quoted yields of the offering adjusted for the actual sales price.
Cap Rate Qualifiers:
- Quoted: The assumed cap rate a property has traded at. Usually derived from published reports referencing a local professional not directly involved in the property's trade, but knowledgeable of factors affecting the price of a particular property.
- Underwritten: Cap rate is derived using owner-provided NOI divided by a current financial institution appraisal as reported via CMBS tapes.
- Prior year: Cap rate is derived from prior year or actual income at time of sale.
- Pro forma: Cap rate is derived from anticipated net operating income from first year of ownership.
Related Terms: >> Cap Rate
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This site and the reports herein represent the most comprehensive data set of investment activity compiled for the commercial real estate industry. While no information in this highly fragmented market is perfect or all encompassing, Real Capital Analytics (RCA) has established rigid data collection and classification methodology including sourcing requirements and procedures to ensure information is accurate and timely.
RCA has attempted to conform wherever possible to the proposed standards and definitions of the Data Consortium (sponsored by NCREIF, PREA, NAREIM) and the Appraisal Institute. Any known deviations from these standards are noted.