Nice. I'm also in B.C. now (Vancouver) but spent most of my career so far in Calgary. I realize the source of confusion here — I said NOI is based on NERs in m

Nice. I'm also in B.C. now (Vancouver) but spent most of my career so far in Calgary. I realize the source of confusion here — I said NOI is based on NERs in my first comment when I should have said market value. NOI would indeed typically be stabilized at market face rents, and then we would apply below the line adjustments for off-market rents, abatements, leasing/capital costs, etc.