Glossary · Returns
Yield-on-cost
Stabilised NOI divided by total development cost. The development-return measure.
Why it matters
The spread to market cap rates is the developer's profit.
Related
- Cap rate
Net Operating Income divided by asset value. A real-estate yield and valuation measure.
- NOI (Net Operating Income)
Property income after operating expenses, before debt service and taxes.
- LTC (Loan-to-Cost)
Loan amount divided by total project cost. Used in development finance where there is no stabilised value yet.
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