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)”.
Global Definitions Database
Before-Tax Cash Flow (BTCF)
Source: NCREIF | Date: 02 September 2025 | ID: D0939 | Version: 1