In the NAVPS, during the calculation of the NOI, why do we substract the non cash rent to come up with the estimated value of the operating real estate , but dont actually substract it from cash when we calculate the total value of the asset? Wouldnt non cash rent considered like a contra asset? The way I see it is that it reduces our cash balance, hence it should be calculated after when we calculate the estimated value of the operating real estate
Also what does a full year adjustment acquisiton of 1$ actually mean?
Thanks