同学你好,这个是private debt real estate中的知识点。leveraged IRR and unleveraged IRR是分别从股东出资角度和整体property角度来看投资的IRR。具体可以看一下这个例题。
Leveraged IRR: 只看股东出资部分
Initial cash flows= total investment - debt.
The annual cash flow = NOI - the mortgage payment.
The terminal cash flow = the sale price - the mortgage balance.
Unleveraged IRR:从整体property角度来看,