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matthew6448 · 2020年02月26日

问一道题：NO.PZ2020012102000008

  1. CFA III
  2. Capital Market Expectations

问题如下：

An analyst at a real estate investment management firm seeks to establish expectations for rate of return for properties in the industrial sector over the next year. She has obtained the following information:

Estimate the expected return from the industrial sector properties based on the data provided.

选项：

解释：

The expected change in the cap rate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% decrease.
Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.
Note: As the cap rate is expected to decrease, property values are expected to increase, hence the cap rate change contributes to the expected return.

解析：

上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。

使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.

注意到，由于上限税率预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。

这题考的是哪个知识点

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三俗骚年俊 · 2020年11月17日

题目要求计算expected return，为什么第一项cap rate带入的是current的5.7而不是expected的5.5呢？

1 个答案

源_品职助教 · 2020年02月26日

嗨，爱思考的PZer你好：


Capitalization Rates

-------------------------------
加油吧，让我们一起遇见更好的自己！


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