为什么B正确

问题如下：

8. Based upon Exhibit 1, which of the following statements regarding Property A is most accurate?

选项：

A.

The going-in capitalization rate is 13.5%.

B.

It appears the riskiest of the three properties.

C.

The net operating income in the first year is £298,000.

解释：

B is correct.

Property A has been assigned the highest discount rate (11.5%) and thus is considered to be the riskiest investment of the three alternatives. This may be because of the reliance on a single tenant. The going-in capitalization rate is 9.5% (cap rate = discount rate – growth rate). The net operating income (NOI) is £580,500 (= rental income + other income – property management fee = £575,000 + £27,000 – £21,500).

考点：考察几种估值方法的概念

解析：Discount rate代表了房地产投资要求的收益率，收益率越高，风险越大，所以Property A的discount rate最大，风险也是最大的。Going-in cap rate= discount rate – growth rate = 9.5%，注意going-in cap rate是现在时刻估计的，代表了现在市场的情况。NOI = rental income + other income – property management fee = £575,000 + £27,000 – £21,500 = £580,500。所以只有B是正确的。