为什么要减去cap rate 的变动律
问题如下图：
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解释：
NO.PZ2018091901000061 问题如下 analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi A.10.7% B.11.7% C.5.7% B is correct.The expectechange in the crate from 5.7% to 5.5% represents a (5.5% –5.7%)/5.7% = 3.5% crease. Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn.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。 the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn.记得老师在经典题中提了一下关于crate与NOI的关系，没太理解，请老师再一下，谢谢。
NO.PZ2018091901000061问题如下analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi A.10.7% B.11.7% C.5.7% B is correct.The expectechange in the crate from 5.7% to 5.5% represents a (5.5% –5.7%)/5.7% = 3.5% crease. Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn.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。这里的crate为何不用预期的而用现在的? 题目不是问预期回报率吗?
NO.PZ2018091901000061 equity的短期利率公式，没有考虑P/E（投资者预期） 但是房地产都考虑，P/NOI(（长期才无此项），为什么呢？
NO.PZ2018091901000061 CRate 是不是最低回报率？ 或者类似IRR 一样的 IRR 下降， 导致房地产价格上升？ the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn.
NO.PZ2018091901000061 Baseon the GK mol, the income return is expecteincome return anthen plus the potentiprichange. Sinthe calculation of the expectereturn for reestate follows the same logiThen why the crate here is current insteof the expectecreturn? Anthen plus the growth of the NOI minus the change in crate?
