Underwriting Capital Reserves above or below the line

[Kyle Mitchell]

Hi everyone,

Wanted to get everyone's opinion whether they underwrite the Capital reserves above or below the NOI line? I've heard both and obviously putting them above the line is more conservative but with as competitive as the market is right now I wanted to get everyone's thoughts.

Thanks,

Kyle

[Ed Matson]

When selling, below the line.  When buying, above the line :)