NO.PZ2023041004000011
问题如下：
The following list provides three common benefits to investors in our funds, and Exhibit 1 describes the characteristics of the four funds currently raising capital.”
Benefit 1: Stable income from investments not correlated to equity markets
Benefit 2: Reduction of reportable taxable income due to depreciation tax credits
Benefit 3: Geographical diversification of real estate property investments
选项：
A.Timbrian Equity Partners B.Multifam Equity Partners C.Golden Age Equity Partners解释：
An investor in Golden Age Equity Partners would most likely enjoy all three benefits. All three (Timbrian Equity, Multifam Equity, and Golden Age Equity) are diversified geographically, and their returns should not be highly correlated with the equity markets. Both Golden Age and Timbrian would generate income—Golden Age from resident fees and Timbrian from the periodic sale of timber. Because trees grow over time and become increasingly valuable (owing to the longer growing cycle before the product is sellable), depreciation would not be a reason to invest. Multifam Equity investors would hope primarily to realize period capital gains from periodic sales expected to occur within 14–24 months of each project initiation. Depreciation is not a primary goal for Multifam Equity but is not impossible if properties do not sell. Only investors in Golden Age, which intentionally owns properties subject to depreciation, could typically pass those tax benefits on to investors and would explicitly seek all three benefits.REITs的disadvantage不就有reduce portfolio diversification benefits，这不就是容易受到股市的影响？
