啥意思 麻烦都解释一下

问题如下：

While real estate indexes allow for comparisons with returns on other asset categories, such as stocks and bonds, which of the following statements best reflects a potential problem in such comparisons?

选项：

A.Real estate indexes based on appraised values likely overstate returns in rising markets and understate returns in falling markets. B.Appraisal-based real estate indexes that have been smoothed provide less comparability to stock and bond indexes over longer time frames. C.The income component of real estate returns does not necessarily represent cash flow distributions to investors in real estate funds or REITs.

解释：

C is correct. Equation illustrates the standard approach to calculating real estate returns:

The portion of the holding period return equation that estimates the income portion of returns (NOI – Capital expenditures) does not reflect cash flow distributions to investors, as is the case for stocks and bonds. Response A is an incorrect statement: Appraisal-based indexes understate returns in rising markets and overstate returns in falling markets. Response B is an incorrect statement because appraisal-based real estate indexes that have been smoothed become more comparable with more data observations.