The Metric That Settles the Cat A+ Debate

Why NER, NPV, and NOI can all give you three different answers to the same question

Treat each leasing strategy as a bond

Net Effective Rent (NER) is usually the first number anyone reaches for.

It’s the reflex move when comparing leasing strategies:
Run the NER, see which option looks better, move on.

And it works well enough when you’re comparing two incentive packages on the same lease length.

But as an owner, when deciding between tra…