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ivyxiang · 2024年01月17日

为什么这里用的不是expected return 的cap rate 5.5%

NO.PZ2022122601000031

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:

解释:

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.

中文解析:

上限率从5.7%到5.5%的预期变化代表(5.5% - 5.7%)/5.7% = 3.5%的下降。

使用表达式E(Rre) = CapRate + NOI增长率- %ΔCapRate = 5.7% +(1% + 1.5%) -(- 3.5%) = 11.7%。

注:由于封顶率预计会下降,物业价值预计会增加,因此封顶率的变化有助于预期回报。

解析

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.

中文解析:

上限率从5.7%到5.5%的预期变化代表(5.5% - 5.7%)/5.7% = 3.5%的下降。


使用表达式E(Rre) = CapRate + NOI增长率- %ΔCapRate = 5.7% +(1% + 1.5%) -(- 3.5%) = 11.7%。


注:由于封顶率预计会下降,物业价值预计会增加,因此封顶率的变化有助于预期回报。


1 个答案

源_品职助教 · 2024年01月17日

嗨,从没放弃的小努力你好:


因为房产公式第一项就是 CapRate,这是当前值而非预期值。

因为第一项本质是NOI/P0,因为房产租约合同签订后,NOI每期基本固定,所以不存在NOI1,只有NOI0,

所以这里是当期的CapRate,而非预期值。

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