NO.PZ2018091901000061
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。
Cap Rate
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？
As the cap rate is expected to decrease, property values are expected to increase, hence the cap rate change contributes to the expected return.
