What does "build to a 9" mean?( SELECT all that apply)

a. You will build 9 buildings

b. Your stabilized NOI divided by your project costs will equal 9

c. Your going in cap rate will equal the reciprocal of the build to number, or 11%

d. Your going out cap rate will be 7

e. Your "sell to" will be a 7, if there is a 200 basis point spread

f. None of the above