Adjustments to NOI: Recurring Capital Expenditures Science City Industrial Park has 2,000,000 square feet of flex space.

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Adjustments to NOI: Recurring Capital Expenditures Science City Industrial Park has 2,000,000 square feet of flex space.

NOI for the asset has averaged $20,000,000 per annum. In each of the next five years, management expects to spend $0.50 per square foot on non-revenue-generating capital expenditures. What is our forecast for adjusted NOI?

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