shirley2022-04-17 17:04:57
shirleyC is incorrect because the discount rate over finite horizons (not long-run horizons) needs to include the anticipated rate of change in the cap rate. For long-run expected return calculations, theanticipated rate of change in the cap rate is not included。请问为什么有这样的区别？应该怎么理解这个区别
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Nicholas2022-04-18 16:39:16
Nicholas同学，下午好。
房地产的要求回报率=Cap rate +NOI growth rate -%Cap rate
长期来看由于房产估值所带来的资本利得的收益不可持续，为0。且NOI growth rate趋近于GDP growth。
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