layer method 是什么方法？

问题如下：

11. Which method under the income approach is least likely to provide a realistic valuation for Property B?

选项：

A.

Layer method

B.

Direct capitalization method

C.

Discounted cash flow method

解释：

B is correct.

The net operating income for Property B is expected to be level for the next 5 years, due to existing leases, and grow 20% in year 6. A direct capitalization method would not be appropriate due to the multiple growth rates. A discounted cash flow method that assigns a terminal value, or a layer method, should be used.

考点：房地产估值方法

解析：题目中的房地产在五年之内都是保持一致的NOI，直到第六年会有一个大幅的增长。如果用direct capitalization的方法，只会用到第一年的NOI，则不能完全反映出来后期的增长。而layer method 和discounted cash flow method都可以反映出未来租金的上涨。