这题答案看了半天

问题如下：

Regarding Esposito’s Statement 4 and Statement 5 to the investment committee, which statement is most likely incorrect?

选项：

A.Statement 4 B.Statement 5 C.Neither Statement 4 nor Statement 5

解释：

Both statements are correct.

Private real estate assets are typically valued on a quarterly basis versus daily for public market assets. This results in a “smoothed” return series. An understanding of the impact of this dynamic is important, as it will impact how diversifying private real estate appears to be versus public real estate within a multi-asset portfolio.

Another item to consider, beyond “smoothed” return series, is whether the return series for private and public real estate assets are a fair comparison. REITs own direct real estate and typically apply leverage within the REIT structure, which may not equal the leverage used in private real estate deals. Additionally, it is important to understand if the different return series have similar sub-sector (e.g., office vs. multi-family housing) and geographic exposures.

Investors expect to be compensated for illiquidity. When all else is held equal (e.g., property type and quality), if a real estate asset is not liquid for multiple years, the market will typically demand a liquidity premium of at least 2% versus a similar asset with high liquidity. If the illiquidity stretches to around 10 years or more, the liquidity premium may exceed 4%.