贴现率是什么？

问题如下：

Based only on Exhibit 1, the long-run expected return for commercial real estate:

选项：

A.is approximately double the cap rate. B.incorporates a cap rate greater than the discount rate. C.needs to include the cap rate’s anticipated rate of change.

解释：

A is correct.

An estimate of the long-run expected or required return for commercial real estate equals the sum of the capitalization rate (cap rate) plus the growth rate (constant) of net operating income (NOI). An approximation of the steady-state NOI growth rate for commercial real estate is equal to the growth rate in GDP. Thus, from Equation and the information provided in Exhibit 1, E(Rre) = Cap rate + NOI growth rate = 4.70% + 4.60% = 9.30%, which is approximately double the cap rate.

B is incorrect because the discount rate (expected or required return) equals the sum of the cap rate and the NOI growth rate. Based on the information in Exhibit 1, the 4.70% cap rate is less than (not greater than) the 9.30% discount rate.

C is incorrect because the discount rate over finite horizons (not long-run horizons) needs to include the anticipated rate of change in the cap rate. For long-run expected return calculations, the anticipated rate of change in the cap rate is not included

对商业房地产的长期预期或要求回报的估计等于cap rate加上净营业收入(NOI)的增长率(常数)之和。商业地产的稳态NOI增长率近似等于GDP增长率。由公式和表1提供的信息可知，E(Rre) = Cap rate + NOI growth rate = 4.70% + 4.60% = 9.30%，约为Cap rate的两倍。

B是错误的，因为贴现率(预期或要求回报)等于cap rate和NOI增长率的总和。根据表1的信息，4.70%的cap rate小于(不大于)9.30%的贴现率。

C是不正确的，因为有限期限(不是长期期限)的贴现率需要包括cap rate中预期的变化率。在计算长期预期收益时，不包括cap rate的预期变化率