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magic456 · 2025年03月20日

什么是capitalization rate

  1. CFA II
  2. Corporate Issuers

NO.PZ2023040402000031

问题如下：

The sale-leaseback transactions value the 100 assets at an average capitalization rate of 5.50%. Based on Chang’s colleague’s research, the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties and similar lease terms in the last three years were 5.00%, 5.50%, and 6.00%, respectively.

Which of the following statements best describes Jupiter’s average capitalization rate for the sale-leaseback transactions? Jupiter’s average capitalization rate:

选项：

A.

is supported by the comparable transactions.

B.

compares favorably to the comparable transactions.

C.

compares unfavorably to the comparable transactions.

解释：

A is correct. Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

B and C are incorrect because Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

不是很理解capitalization rate是什么

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1 个答案

Kiko_品职助教 · 2025年03月24日

嗨，爱思考的PZer你好：


capitalization rate指的是资本化率。指将房地产未来预期收益转换为现值的比率。

在房地产评估和投资分析中，它用于衡量房地产投资的收益水平。具体来说，它是通过净运营收入（NOI，Net Operating Income）除以房地产价值来计算的。公式为：Cap rate= NOI ÷ value。例如，如果一处房产的年净运营收入为 10 万元，该房产估值为 200 万元，那么它的资本化率就是 10÷200 = 5%。


capitalization rate在估值模型中，就是各种估值模型中求终值的时候，折现现金流时候用的那个分母。

在估值模型中，例如：

preferred stock求value。V = D/r 这里的r就是capitalization rate；

PVGO考点求no growth value per share时：E1/r,这里的r也是capitalization rate；

private company 里 capitalized cash flow method里：FCFF/(WACC -g), 这里的(WACC -g)也是capitalization rate。

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