CAPEX (Capital Expenditure) is money invested one time only to create or improve the asset: furnishing the apartments, buying furniture and appliances, setting up operations from scratch. It is not a month-to-month expense — it is the investment that leaves something installed and then gets used for years.

That is why CAPEX is kept separate from operating costs in the report. Mixing them would make it look like the project spends every month what it actually paid only once.

Example: at Circular Houses the setup CAPEX with operator Wynwood was USD 18,730, agreed in 8 installments. The final installment was paid in July 2026 and CAPEX was fully settled. From August onward it no longer appears as a charge in the project's results.