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笑儿123 · 2021年05月14日

Cap rate

NO.PZ2018091901000061

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:

A.

10.7%

B.

11.7%

C.

5.7%

解释:

B is correct.

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.

解析:

上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。

使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.

注意到,由于上限税率预期会下降,物业价值预期会上升,因此上限税率的改变对预期回报有贡献。

Cap Rate

是不是最低回报率?

或者类似IRR 一样的


IRR 下降, 导致房地产价格上升?


As the cap rate is expected to decrease, property values are expected to increase, hence the cap rate change contributes to the expected return.

1 个答案

源_品职助教 · 2021年05月14日

嗨,从没放弃的小努力你好:



CAP RATE,可以理解为一种要求回报率(IRR是内在回报率,而非要求回报率),也就是最少要达到的收益率

同学你列示的最后一句话,也是咱们原版书的原话,所以没啥问题。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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