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 “before-tax cash flow (BTCF)”.
Global Definitions Database
Cash Flow Before Tax (CFBT)
Source: NCREIF | Date: 02 September 2025 | ID: D0978 | Version: 1