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Deconstructing Overall Capitalization Rates

机译:解构总资本化率

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摘要

This article examines the relation of the substitution principle and overall capitalization rates. Although investors may substitute between low- and high-quality investment-grade property of the same type and within the same market, differences in property quality can cause large variations in overall capitalization rates. This study finds overall capitalization rates for apartments, office, industrial, and retail property to be cointegrated, suggesting that the principle of substitution applies across property types. Variation in rates by property type is attributed to the equity capitalization rate and the loan-to-value ratio rather than to the mortgage capitalization rate. The overall capitalization rate for real estate Is not cointegrated with capital market yields, Indicating that real estate is not a good substitute for stocks and bonds.
机译:本文研究了替代原则与总资本化率的关系。尽管投资者可以在相同类型和相同市场内替代低质量和高质量的投资级房地产,但房地产质量的差异可能导致整体资本化率出现较大差异。这项研究发现公寓,办公,工业和零售物业的整体资本化率是协整的,这表明替代原则适用于所有房地产类型。利率随物业类型的变化归因于股权资本化率和贷款对价值比率,而不是抵押资本化率。房地产的总资本化率未与资本市场收益率进行协整,表明房地产不是股票和债券的良好替代品。

著录项

  • 来源
    《The Appraisal Journal》 |2005年第1期|p.68-77|共10页
  • 作者

    Michael Devaney;

  • 作者单位

    University of Arkansas;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 f;
  • 关键词

  • 入库时间 2022-08-17 23:27:36

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