Real Estate Investments under U1U;ertainty
of certainty,the objective of real estate investment portfolio managers must be to maximize the portfolio's net present value.The introduction of uncertainty into the analysis will serve to impose constraints upon this maximization objective,and will force the analysis to include a measure of the risk of each property,its interrelationships with other properties,and a measure of the risk of a portfolio of properties.
One of the cardinal errors of capital budgeting is to include both the financing and project decisions in the analysis of a specific investment.Obvix1fously,this error is being committed by those who analyze real estate investx1fments if they include in their analysis the mortgage financing available on the property.
The Inwood Method of analysis cited above includes the mortgage obligations in the calculation of both the annual net cash flows generated by a property and the net proceeds to be realized from the sale of the property at the end of the holding period.Does this invalidate the method of analysis?I think not.The financing of real estate investments is characterized by mortgage financing in which the terms available for a specific loan depend,to a significant extent,on the specific property being mortgaged.It is also true that individual mortx1fgage loans are negotiated for specific properties and that very few unsecured loans or blanket mortgages covering all properties owned are available in the market.Therefore,it may be argued that because of the specific,direct and continuing ties between projects and their financing,one may be able to include in the analysis of a project the financing associated with it.The cost of capital to be considered in determining the net present value of the investment would then be the cost of equity capital as determined by the equity investors in the portfolio.房地产的投资U1U ; ertainty
确定的目标,房地产投资组合管理人必须最大限度地组合的净现值.引入不确定性的分析将有助于强加限制这一最大化的目标,将迫使分析包括衡量的风险,每个属性,其相互关系与其他性能,以及某种程度的的风险投资组合的物业.
一个基本错误的资本预算是包括融资和项目决策分析中的一个具体的投资.明显ously ,这个错误是谁犯下的这些分析房地产投资注释如果他们在各自的分析提供了抵押贷款的财产.
对因伍德的分析方法包括上述抵押贷款的义务,在计算这两个年度的净现金流量所产生的财产和收益要实现从变卖财产的结束时的持有期.这是否失效的分析方法?我想不是.资助的房地产投资的特点是抵押贷款的条款,其中可用于特定的贷款依赖,在很大程度上,对具体的财产抵押.诚然,个别死亡计贷款谈判的具体性能和数量极少的无担保抵押贷款或毯子覆盖所有物业都可以在市场上.因此,可以认为,由于具体的,直接和持续的关系项目及其资金筹措,一个可以在分析一个项目的融资与它相关.资本成本时要考虑的确定净现值的投资,然后是股权资本成本所确定的股票投资者在投资组合中.