I have been talking to a seller about his park and his pro forma adds a figure for loan principal reduction to the NOI. This effectively increases the cash on cash return by nearly double. Is this a true reflection of the property’s performance or an accounting gimmick? Based on his asking price, the cash on cash return is about 5.5% without pricncipal reduction added in and over 12% including the principal reduction amount. Since the principla reduction is not spendable cash for me, I don’t think it is apprpriate to include in the pro forma to a prospective buyer. Please comment.