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Martin.c · 2023年05月12日

C选项不太好理解,可以直白解释一下吗

NO.PZ2023041004000052

问题如下:

Annear comments, “Some valuation approaches require a measure of current economic income. I believe it is better to use adjusted funds from operations for this than the more widely used funds from operations measure because it takes into account maintenance and leasing expenses needed to maintain the income stream and is less subject to error or variation in estimation.”

Is Annear most likely correct in his reasons for preferring adjusted funds from operations as a measure of economic income?

选项:

A.Yes.

B.No, because he is incorrect about treatment of capital expenditures.

C.No, because he is incorrect about the potential for variation and error in estimation.

解释:

C is correct. Annear is incorrect in his assessment of the potential for variation or error in estimation. Adjusted funds from operations (AFFO) is a refinement of funds from operations (FFO), which takes into consideration the leasing and maintenance-type capital expenditures necessary to maintain the economic income of a property. It is, however, subject to more variation and error in estimation than FFO. The precise annual provision required to maintain and lease space in a property is difficult to predict and the actual expense in any single year may be more or less because of the timing of capital expenditures and the uneven expiration schedules of leases.

C选项不太好理解,可以直白解释一下吗。

1 个答案

Lucky_品职助教 · 2023年05月15日

嗨,爱思考的PZer你好:


当涉及到计算经济收益时,Annear表示某些估值方法需要使用当前经济收益的度量指标。他认为,相对于更广泛使用的FFO指标,使用AFFO指标更好,因为它考虑了需要维护和租赁的支出,以保持经济收益流,并且比FFO指标更不容易受到估计变动的影响。

然而,选项C指出,Annear在评估估计变动的潜在性和误差时是不正确的。 AFFO是FFO的一种改进,考虑到要维持房地产的经济收益所需的租赁和维护性资本支出。然而,AFFO仍然比FFO更容易受到估计变动和误差的影响。因为每年需要维修和租赁房产的具体费用很难预测,而任何一个单独的年份可能因为资本支出的时间安排和租约到期日程的不平衡而导致更多或更少的支出。

因此,选项C是正确的,Annear在其评估中有误。

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