请问一下，讲义中一阶段模型，value = rent1/all risk yield，公式的中的rent1还包含operating exp吗？如果不包含的话，那么应该比gross lease大吧，可是李老师为什么说会波动小，同时ary也会小呢
韩韩_品职助教 · 2019年05月18日
For example, a similar approach is common in the United Kingdom, where the term fully let property is used to refer to a property that is leased at market rent because either it has a new tenant or the rent has just been reviewed. In such cases, the appraisal is undertaken by applying a capitalization rate to this rent rather than to NOI because leases usually require the tenant to pay all costs.
同学你好，这是原版书对ARY的介绍，它只是英国会使用的一种方法，非常简单得了解一下就可以，它主要都是适用于net lease的，在net lease下，房租一般都比较底，房客承担所有的operating cost,。其实类似于NOI了，这个rent更加贴进市场的rent。