Question $1(2\mathrm{.}5$ points$)$

What cash flows are used to estimate the value on reaching stabilized occupancy?

All cash flows from time of construction until the property is fully leased.

All cash flows from time of construction until the property reaches stabilized occupancy. Only the cash flow received during the year that the property reaches stabilized occupancy.

All cash flows from time the property reaches stabilized occupancy until reversion.