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标题: cfa 2019教材网盘:CFA二级自编题150道之另类 [打印本页]

作者: Hank    时间: 2019-4-12 18:37
标题: cfa 2019教材网盘:CFA二级自编题150道之另类
  cfa 2019教材网盘:CFA二级自编题150道之另类

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  CFA二级自编题150道之另类.pdf


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  Reading 44 Publicly Traded Real Estate Securities

  J21802011

  Which of the following items is identified as the most accurate measure of current economic income?

  A.Accounting net earnings.

  B.Funds from operations.

  C.Adjusted funds from operations.

  答案:C

  考点:理解Net earnings、FFO和AFFO

  解析:

  由于Adjusted funds from operations衡量的是可以直接用于分红的现金流,因此是对current economic income的最佳度量。所以,正确答案为C。

  对于选项A,Accounting net earnings中没有考虑depreciation expense,deferred tax expenses和gains or losses from sales of property and debt restructuring所带来的影响,并没有很好地衡量current economic income。

  因此,该选项错误。

  对于选项B,Funds from operations中包含了non-cash rent,maintenance-type capital expenditures和leasing costs这些无法给投资者带来实质收益的部分,无法很好地衡量current economic income。因此,该选项错误。





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