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huangme7 · 2024年04月17日

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  1. CFA II
  2. Alternative

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NO.PZ202301100100000204

问题如下：

Based on Exhibit 1, Bay’s P/FFO is closest to:

选项：

A.

14.3x

B.

13.0x.

C.

20.7x.

解释：

B is correct. FFO = AFFO + Non-cash (straight-line) rent + Recurring maintenance–type capital expenditures and leasing commissions = $4,000,000 + $215,000 + $700,000 = $4,915,000.

The number of shares outstanding = 4,000,000/5.00 = 800,000. FFO per share = 4,915,000/800,000 = $6.14.

Current stock price = $80.00 per share P/FFO = $80.00/$6.14 = 13.0x

A is incorrect because 14.3x is incorrectly calculated as follows: $4,000,000 – $215,000 + $700,000 = $4,485,000. The number of shares outstanding = 4,000,000/5.00 = 800,000. FFO per share = 4,485,000/800,000 = $5.61. Current stock price = $80.00 per share P/FFO = $80.00/$5.61 = 14.3x

C is incorrect because 20.7x is incorrectly calculated as follows: $4,000,000 – $215,000 – $700,000 = $3,085,000. The number of shares outstanding = 4,000,000/5.00 = 800,000. FFO per share = 3,085,000/800,000 = $3.86. Current stock price = $80.00 per share P/FFO = $80.00/$3.86 = 20.7x

type capital expenditures and leasing commissions 这个相当是摊销部分？

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pzqa35 · 2024年04月17日

嗨，爱思考的PZer你好：


同学的理解是对的哈，对于maintenance以及为了维持资产状态的一些费用，我们都是按照资本化来进行会计处理，因此在计算NI中，这部分的费用是作为折旧费用来抵减的。在计算FFO时，从NI中需要加回折旧、摊销这种非现金的支出，所以这部分费用又被加回来了。但是在计算AFFO时，我们想求得是股东真真实实能够拿到手的现金流，因此又把这部分得费用减掉了。

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NO.PZ202301100100000204 问题如下 Baseon Exhibit 1, Bay’s P/FFO is closest to: A.14.3x B.13.0x. C.20.7x. B is correct. FFO = AFFO + Non-cash (straight-line) rent + Recurring maintenance–type capitexpentures anleasing commissions = $4,000,000 + $215,000 + $700,000 = $4,915,000. The number of shares outstanng = 4,000,000/5.00 = 800,000. FFO per share = 4,915,000/800,000 = $6.14. Current stopri= $80.00 per shareP/FFO = $80.00/$6.14 = 13.0x A is incorrebecause 14.3x is incorrectly calculatefollows:$4,000,000 – $215,000 + $700,000 = $4,485,000. The number of shares outstanng = 4,000,000/5.00 = 800,000. FFO per share = 4,485,000/800,000 = $5.61. Current stopri= $80.00 per shareP/FFO = $80.00/$5.61 = 14.3x C is incorrebecause 20.7x is incorrectly calculatefollows:$4,000,000 – $215,000 – $700,000 = $3,085,000. The number of shares outstanng = 4,000,000/5.00 = 800,000. FFO per share = 3,085,000/800,000 = $3.86. Current stopri= $80.00 per shareP/FFO = $80.00/$3.86 = 20.7x 如题

2023-03-22 09:13 1 · 回答