McKenna decides to walk Donaghy through a pricing example of the commercial properties in the portfolio to understand the pricing dynamics of this market. She explains that the fundamental present value formula can be applied to commercial real estate: “The numerator of the present value formula is comprised of the sum of future expected rent payments. The denominator reflects a discount rate that can vary depending on type of tenant and lease structure. For example, the discount rate for a property leased to a developed market government tenant paying rent indexed to inflation would reflect the real default-free rate, a risk premium for the uncertainty of the property value at the end of the lease, and a risk premium for the illiquidity of the property. If this property were instead leased to a commercial tenant paying fixed-rate nominal rent, the discount rate would also reflect expected future inflation, a risk-premium for future inflation uncertainty, and a risk premium for credit risk.”
Question
In her discussion about the present value formula for commercial real estate, McKenna is least likely correct regarding her description of the:
- numerator.
- the discount rate for a commercial lease.
- the discount rate for a government lease.
- Correct. Her description of the numerator is incorrect. The numerator in this formula consists of the sum of future rent payments, but instead it should be net rental income, which also incorporates expenses incurred.
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请问，分子为何是net rental income？这个有相应的讲义吗？谢谢！
