为何不用expected cap rate

问题如下：

Martin asks the real estate portfolio manager to discuss the performance characteristics of real estate. The real estate portfolio manager makes the following statements:

Statement 1: Adding traded REIT securities to an equity portfolio should substantially improve the portfolio’s diversification over the next year.

Statement 2: Traded REIT securities are more highly correlated with direct real estate and less highly correlated with equities over multi-year horizons.

Which of the real estate portfolio manager’s statements is correct?

选项：

A.Only Statement 1 B.

Only Statement 2

C.

Both Statement 1 and Statement 2

解释：

Correct Answer: B

Statement 2 is correct because traded REIT securities are more highly correlated with direct real estate and less highly correlated with equities over multi-year horizons. Thus, although REITs tend to act like stocks in the short run, they act like real estate in the longer run.

A and C are incorrect because Statement 1 is not correct. Traded REIT securities have relatively high correlations with equity securities over short time horizons, such as one year. The higher correlations suggest that traded REIT securities will not act as a good diversifier for an equity portfolio over a one-year period.

中文解析：

表述2是正确的，因为从多年的角度来看，交易的REIT证券与直接房地产的相关性更高，与股票的相关性更低。因此，虽然房地产投资信托基金在短期内往往表现得像股票，但从长期来看，它们表现得像房地产。

A和C是不正确的，因为表述一不正确。在较短的时间内，例如一年，已交易的房地产投资信托基金证券与股权证券的相关性相对较高。较高的相关性表明，在一年的时间内，交易的房地产投资信托基金证券将不会作为股票投资组合的良好分散器。