NO.PZ2018111302000023
问题如下:
An analyst is going to value a property with a three-year holding period, and the Property is expected to have the same net operating income for the holding period due to existing leases, and a one-time 20% increase in year 4 due to lease rollovers. No further growth is assumed thereafter. Which method is least likely to provide a realistic valuation for Property?
选项:
A.Layer method
B.Direct capitalization method
C.Discounted cash flow method
解释:
B is correct.
考点:房地产估值方法
解析:题目中的房地产在三年之内都是保持一致的NOI,直到第四年会有一个大幅的增长。如果用direct capitalization的方法,只会用到第一年的NOI,则不能完全反映出来后期的增长。而layer method 和discounted cash flow method都可以反映出未来租金的上涨。
只持有3年,且三年内NOI不变,所以direct capitalization就够了?如果持有4年或以上,再讨论另外两种方法对吗?
谢谢老师!