Real estate forecasting, operating and capital expenditures. A more detailed look at the operating expenses reveals that many are within the control of the building owners or, in the case of triple net leases, the renters. Some, such as taxes and insurance, are not. We can shop insurance prices to an extent, but are always subject to policy underwriting concerns such as location, geography, natural disasters, et cetera. Utilities are often billed directly to tenants and metered as such. Common area utilities in older buildings that do not have individual meters are broken down using pro rata sharing or other billing systems. Lastly, property management is critical to keeping the building operating at a full capacity, and is therefore a separate fee. Other non-operating building expenditures are often considered part of the total capital expenditures. While these are building related, they're not seen as part of the day-to-day operations due to their long-term and discretionary nature, and are therefore not part of the operating expenses or net operating income. These can include tenant improvements, or TIs, which are expenditures made by owners to ready a space for a new tenant. Lease commissions, which incentivize brokers to find new tenants. Construction expenses, which can be to repair, renovate, or add onto a building. And capital reserves, which are deductions taken each year to set aside cash for future expenditures. Some cash flow presentations will present reserves as part of NOI and some will not. Some will include in the actual Capex calculation. Some of these expenses are also reimbursable under a triple net lease, such as Capex, TIs, and Capex reserves. Lease commissions generally are not reimbursable.