I work in Corp Fin for one of the largest healthclubs (think Chap 11) and am working on a new club IRR analysis. The problem that I am having is whether or not to include non-cash rent in my analysis, and whether to have t=0 the first month non-cash appears. The problem I know is that IRR is a cash-based approach and non-cash rent is merely an accounting principle, not an exchange of cash. So do I include non-cash rent and if so, do I set the first non cash expense at t=0? Thanks in advance.
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