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：
A.10.7%
11.7%
5.7%
解释：
B is correct.
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。
为什么这里公式里面还加了inflation，原公式并没有这项
