分子现金流为什么是用dividend而非NOI？

问题如下：

Hui Lin, CFA is an investment manager looking to diversify his portfolio by adding equity real estate investments. Lin and his investment analyst, Maria Nowak, are discussing whether they should invest in publicly traded real estate investment trusts (REITs) or public real estate operating companies (REOCs). Nowak expresses a strong preference for investing in public REITs in taxable accounts.

Lin schedules a meeting to discuss this matter, and for the meeting, Lin asks Nowak to gather data on three specific REITs and come prepared to explain her preference for public REITs over public REOCs. At the meeting, Lin asks Nowak:

"Why do you prefer to invest in public REITs over public REOCs for taxable accounts?"

Nowak provides Lin with an explanation for her preference of public REITs and provides Lin with data on the three REITs shown in Exhibits 1 and 2.

The meeting concludes with Lin directing Nowak to identify the key investment characteristics along with the principal risks of each REIT and to investigate the valuation of the three REITs. Specifically, Lin asks Nowak to value each REIT using four different methodologies:

Method 1 Net asset value

Method 2 Discounted cash flow valuation using a two-step dividend model

Method 3 Relative valuation using property subsector average P/FFO multiple

Method 4 Relative valuation using property subsector average P/AFFO multiple

4. Based on Exhibit 2, the value per share of REIT C using valuation Method 2 is closest to:

选项：

A.

$55.83.

B.

$97.57.

C.

$100.91.

解释：

C is correct.

The value per share for REIT C is $100.91.