这里的 assumed cap rate 是 going-in cap rate ？

NO.PZ201601050300000304 问题如下 Hui Lin, CFA is investment manager looking to versify his portfolio aing equity reestate investments. Lin anhis investment analyst, Maria Nowak, are scussing whether they shoulinvest in publicly trareestate investment trusts (REITs) or public reestate operating companies (REOCs). Nowexpresses a strong preferenfor investing in public REITs in taxable accounts.Lin scheles a meeting to scuss this matter, anfor the meeting, Lin asks Nowto gather ta on three specific REITs ancome prepareto explain her preferenfor public REITs over public REOCs. the meeting, Lin asks Nowak: \"Why you prefer to invest in public REITs over public REOfor taxable accounts?\"Nowprovis Lin with explanation for her preferenof public REITs anprovis Lin with ta on the three REITs shown in Exhibits 1 an2.The meeting conclus with Lin recting Nowto intify the key investment characteristialong with the principrisks of eaREIT anto investigate the valuation of the three REITs. Specifically, Lin asks Nowto value eaREIT using four fferent methologies:Metho1 Net asset valueMetho2 scountecash flow valuation using a two-step vinmolMetho3 Relative valuation using property subsector average P/FFO multipleMetho4 Relative valuation using property subsector average P/AFFO multiple4. Baseon Exhibit 2, the value per share of REIT C using valuation Metho2 is closest to: A.$55.83. B.$97.57. C.$100.91. C is correct.The value per share for REIT C is $100.91. 关于本题，我的疑问是为什么using two-step vinmol时，分子现金流是vin不是NOI？我看了韩韩助教的回复 https://class.pzacamy.com/qa/23738 ，但还想再详细确认一下这道题的题干显示出ABC三个REIT都是public REIT，而public REIT的四种估值方法分别是NAVPS、P/FFO、P/AFFO和F；题目要求我用两阶段M（即是F方法），所以我就得用Equity中F方法那样使用vin为现金流，这里的F并不是用NOI作为现金流，用NOI作为现金流的是private equity房地产投资中的F方法。我这样的思路是正确的吗？可以用这思路来解题吗？要是中有个答案是用NOI算出的value per share，我真的会选错😭=============我还有一个与本题无关的疑问讲义的表格里显示Private equity房地产投资中，有private REITS和private REOC；Public equity房地产投资中，也有REITS和REOC。教材和考题几乎是在讨论public REIT和REOC，对吧？正式考试中，题目会明确在题干中提到这是public REIT还是private REIT吗？还是说当题目没有给明确信息点时，我们也要默认它是在问public REIT？我们貌似也没学到private REIT估值？

NO.PZ201601050300000304 问题如下 4. Baseon Exhibit 2, the value per share of REIT C using valuation Metho2 is closest to: A.$55.83. B.$97.57. C.$100.91. C is correct.The value per share for REIT C is $100.91. 但是看了解析，为什么 r-g 时，r 是8%， g成为了4%呢？risk-free 等于 growth rate了？

什么时候用re-g，什么时候用cape rate 还是不理解

为什么现金流用的是vin而不是NOI？