How are you underwriting exit cap rates right now?

Underwrite the exit cap flat to entry as your base case, and wider in your downside. If a deal only clears the hurdle with compression baked in, you're not winning a deal — you're buying optionality on rates, and that's a different (worse) business.

The way to stay competitive without lying is to find the return in operations and basis, not in cap-rate magic. The teams winning bids honestly are the ones who can create NOI the seller couldn't.