An Argus model for an industrial property shows 'Base Rent' growing at 3% annually under market rent assumptions. If a tenant's lease contains a fixed rent escalation of 2%, what rental income does Argus project for that tenant?
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A
3% growth following the market rent curve
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B
2% growth following the contractual lease schedule
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C
The higher of 2% or 3% each year
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D
The average of 2% and 3% applied annually