为什么直接用题中的净资产？

问题如下：

Using the data in Exhibit 1, NECP’s net worth per share is closest to:

选项：

A.US$45.66. B.US$48.02. C.US$52.29.

解释：

Solution

C is correct. The net asset value per share (NAVPS) is 52.29 $\mathrm{(N}etassetvalue÷numberofshares=(\mathrm{331,265,000}÷\mathrm{6,335,000}=52.29)$. The NAVPS often is used as a fundamental benchmark for the value of a REIT. Discounts in the REIT share price from NAVPS are interpreted as indications of potential undervaluation. NAVPS is considered to be a superior measure of the net worth of a real estate company compared with book value per share.

A is incorrect. This is the book value per share ($Propertybookvalue÷numberofshares)$. Book values are based on depreciated historical costs rather than current appraised values.

C is incorrect. This is the current share price ($Market\mathrm{}capitalization÷number\mathrm{}of\mathrm{}shares)$.