Global Definitions Database

Access, learn and discover all terms related to the non-listed real estate sector.

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Before-Tax Cash Flow (BTCF)

For a property, the result of calculating the effective rental income, plus other income not affected by vacancy, less total operating expenses, less annual debt service, funded reserves, leasing commissions, and capital addition; also known as “cash flow before tax (CFBT)”.

Source: NCREIF | Date: 02 September 2025 | ID: D0939 | Version: 1