In determining a property's before-tax cash flow from operations (BTCF) and net operating income (NOI), it is important to understand how each accounts for the use of financial leverage in its calculation. Which of the following statements is not true in regards to how these two measures account for the use of financial leverage? a. BTCF is a levered cash flow, while NOI is an unlevered cash flow. b. BTCF and NOI can both be unlevered cash flows if the project is financed without debt. c. BTCF is an unlevered cash flow, while NOI is a levered cash flow. d. BTCF and NOI can both be unlevered cash flows if the project is financed with only equity