n: A component of the T-bar that represents the number of periods over which the investment is held.
Negative leverage: Borrowed funds are invested at a rate of return lower than the cost of funds to the borrower.
Net operating income (NOI): The potential rental income plus other income, less vacancy, credit losses, and operating expenses.
Net present value (NPV): The sum of the present values of all future cash flows netted against the initial investment, discounted at a given rate.
Neutral leverage: An investment situation where the cost of borrowed funds is exactly equal to the yield provided by the investment.
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