Two identical office buildings located next to one another a…
Two identical office buildings located next to one another are fully occupied by the same tech company with identical constant-rent, triple-net, 10-year leases, so both properties have the same NOI. The only difference between the leases is that the company signed the 10-year lease on property A in 2015 and the one for property B in 2023. Both buildings are listed for sale at the end of 2024. If both properties have the same projected 2025 NOI, should they sell for the same cap rate? Explain.