Basic underwriting question - why are estimated TI's amortized over the average lease term?
I'm also trying to understand what exactly this means. If a new tenant needs $50 psf, lets say its $1M in total, to build out their space, isn't that provided to the tenant in a lump sum? Doesn't amortizing this number mean that the underwritten NCF will be above what it will be when a large lump sum TI package is provided in a given year? 
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