减税
Hi all,
I'm currently working on a case study as part of the recruiting process for an investment sales analyst role. They sent me an Excel with a rent roll and asked me to model it - no issues there. But the curveball is that there is heavy tax abatement in the early years, to the point whereNoi是30% lower in the reversion year, and the exit value is lower than the purchase price (given) atany reasonable cap rate. TheIRR徘徊0% but the cash-on-cash seems more reasonable. Is there anything I am missing or is that basically what these types of deals look like?
注释 （6）
不要引用我在这我相当新dustry and have worked on one such project briefly. I believe the issue lies with the way you are calculating your exit value. First and foremost, you need to calculate unabated NOI and abated NOI. To determine your exit value, you take your unabated NOI (a year after exit) and divide that by your exit cap. This gives you the value of your unabated NOI (essentially, exit value based on unabated NOI). Then you need to have a line where you are determining how much tax is being abated on a yearly / monthly basis. You then calculate the value of this abatement through NPV and applying the appropriate discount rate for the tax abatement. Add together the value of your unabated NOI and the value of the abatement to determine your exit value. I hope this was helpful and if I am off any particular points, I hope others can correct as appropriate.
A few point I want to clarify -
- On the buy you would calculate you non-abated NOI and cap it and then take theNPV减税，这给您带来了PP
- 您的退出价值是您在终端年度 + 1（带剩下的）封顶的NOI
To the OP, 0%IRRseems off除非该资产是超级核心和EMEA。否则，也许曲线球是他们想让你说不，因为低IRRdue to high PP?
是的，这就是我猜的 - 这是一个没有解决的情况。给出了购买价格，并且退出价值（使用非屈服的YR 11 NOI，给定的上限利率）低于购买价格。
Question for the group -
What kind of折现率你apply to your tax abatement? I am thinking it should be near the 10Y UST?
为什么简单地将AB的NOI除以出口帽是错误的？
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