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王昕彤 · 2022年06月08日

stabilized NOI

  1. CFA II
  2. Alternative

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NO.PZ201601050300000210

问题如下：

10. Based upon Exhibit 1 and Assumptions 1 and 2, the value of Property B using the discounted cash flow method, assuming a five-year holding

period, is closest to:

选项：

A.

£4,708,700.

B.

£5,035,600.

C.

£5,050,900.

解释：

B is correct.

The value of Property B using the discounted cash flow method is £5,035,600.

The value using the discounted cash flow method is based on the present value of the net operating income (NOI) and the estimated property resale price.

Calculate NOI (constant during five-year holding period from Assumption 2)

NOI = rental income (at full occupancy) + other income – vacancy and collection loss – property management fee – other operating expenses

NOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000

Estimate property value at end of five years:

NOI starting in year 6 is 20% higher due to lease rollovers (from Assumption 2)

NOI starting in year 6 = £463,000 × 1.20 = £555,600

Terminal cap rate (given) = 11%

Applying the terminal cap rate yields a property value of £5,050,909 (= £555,600/0.11)

Find the present value of the expected annual NOI and the estimated property resale value using the given discount rate of 9.25%:

N = 5

FV = £5,050,909

PMT = £463,000

I = 9.25

Solving for PV, the current value of the property is estimated to be £5,034,643, or £5,034,600 rounded.

考点：现金流折现法估计房地产价值

解析：可以按照以下思路进行计算，注意计算terminal value需要使用terminal cap rate, 而不是going-in cap rate.

Step 1: 计算NOI

net operating income (NOI) = rental income + other income –  vacancy and collection loss –  property management costs

NOI = £610,000 + £183,000 –  £61,000 –  £35,000 –  £234,000 = £463,000

Step 2: 计算终值

第五年末的终值 terminal value = £463,000*(1+20%)/11%= £5,050,909

注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用terminal cap rate 2 .从第六年开始，NOI增长20%。

Step 3：直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, => CPT PV = £5,034,643，约算成£5,034,600.

老师，这道题我用stabilized NOI解，为何得出A选项，能给写一下用stabilized NOI求解的演算过程吗

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1 个答案

Lucky_品职助教 · 2022年06月10日

嗨，从没放弃的小努力你好：


不同计算方法算下来的value肯定是不同的，stablized NOI只是一种计算方法，如果题目让用stablized NOI计算就用这种方法，否则一般用DCF，也就是每年估计NOI然后折现，看题目的要求，本题说了using the discounted cash flow method。

在stabilized NOI中，我们不是直接用每年的NOI用折现率折现到现在的时点的，而是先假设所有年份都是stablized NOI, 再扣除达不到stablized的部分，而且是要用discount rate来折现，不是cap rate，因为算现值，都是用折现率的，cap rate是我们在永续现金流中使用的一种化简形式，如果不用这个简易公式的话，正常用每一年的discount rate折现后的现金流相加也可以得到同样的现值。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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NO.PZ201601050300000210 问题如下 10. Baseupon Exhibit 1 anAssumptions 1 an2, the value of Property B using the scountecash flow metho assuming a five-yeholngperio is closest to: A.£4,708,700. B.£5,035,600. C.£5,050,900. B is correct.The value of Property B using the scountecash flow methois £5,035,600.The value using the scountecash flow methois baseon the present value of the net operating income (NOI) anthe estimateproperty resale price.Calculate NOI (constant ring five-yeholng periofrom Assumption 2)NOI = rentincome (full occupancy) + other income – vacanancollection loss – property management fee – other operating expensesNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Estimate property value enof five years:NOI starting in ye6 is 20% higher e to lease rollovers (from Assumption 2)NOI starting in ye6 = £463,000 × 1.20 = £555,600Termincrate (given) = 11%Applying the termincrate yiel a property value of £5,050,909 (= £555,600/0.11)Finthe present value of the expecteannuNOI anthe estimateproperty resale value using the given scount rate of 9.25%:N = 5FV = £5,050,909PMT = £463,000I = 9.25Solving for PV, the current value of the property is estimateto £5,034,643, or £5,034,600 roun 考点现金流折现法估计房地产价值解析可以按照以下思路进行计算，注意计算terminvalue需要使用termincrate, 而不是going-in crate.Step 1: 计算NOInet operating income (NOI) = rentincome + other income – vacanancollection loss – property management costsNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Step 2: 计算终值第五年末的终值 terminvalue = £463,000*(1+20%)/11%= £5,050,909注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用termincrate 2 .从第六年开始，NOI增长20%。Step 3直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, = CPT PV = £5,034,643，约算成£5,034,600. 这句话结合前面那句一次性20%增长的意思我理解的是第六年的NOI是第五年的1.2倍，往后每年的NOI不会有增长，所以跟第六年一样。这样的话terminvalue其实就是个永续的第六年NOI，应该用NOI6 / r 即可。为什么要用termincrate，这个crate隐含了一个g，但是不是没有g吗？

2023-08-11 10:08 2 · 回答

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2022-11-11 17:48 1 · 回答

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2022-07-15 12:21 2 · 回答

NO.PZ201601050300000210 问题如下 10. Baseupon Exhibit 1 anAssumptions 1 an2, the value of Property B using the scountecash flow metho assuming a five-yeholngperio is closest to: A.£4,708,700. B.£5,035,600. C.£5,050,900. B is correct.The value of Property B using the scountecash flow methois £5,035,600.The value using the scountecash flow methois baseon the present value of the net operating income (NOI) anthe estimateproperty resale price.Calculate NOI (constant ring five-yeholng periofrom Assumption 2)NOI = rentincome (full occupancy) + other income – vacanancollection loss – property management fee – other operating expensesNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Estimate property value enof five years:NOI starting in ye6 is 20% higher e to lease rollovers (from Assumption 2)NOI starting in ye6 = £463,000 × 1.20 = £555,600Termincrate (given) = 11%Applying the termincrate yiel a property value of £5,050,909 (= £555,600/0.11)Finthe present value of the expecteannuNOI anthe estimateproperty resale value using the given scount rate of 9.25%:N = 5FV = £5,050,909PMT = £463,000I = 9.25Solving for PV, the current value of the property is estimateto £5,034,643, or £5,034,600 roun考点现金流折现法估计房地产价值解析可以按照以下思路进行计算，注意计算terminvalue需要使用termincrate, 而不是going-in crate.Step 1: 计算NOInet operating income (NOI) = rentincome + other income – vacanancollection loss – property management costsNOI = £610,000 + £183,000 – £61,000 – £35,000 – £234,000 = £463,000Step 2: 计算终值第五年末的终值 terminvalue = £463,000*(1+20%)/11%= £5,050,909注意这里 1.相当于投资期结束卖给下一个投资者的价值的折现，所以这里用termincrate 2 .从第六年开始，NOI增长20%。Step 3直接用计算器CF计算value，I/Y=9.25%, N = 5, FV = £5,050,909, PMT = £463,000, = CPT PV = £5,034,643，约算成£5,034,600. 本题怎么不加lan价值了？

2022-05-09 16:44 3 · 回答