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CFA特許金融分析師-CFA二級(jí)-Alternativelnvestments
共享題干題
TimWangisafinancialadviserspecializingincommercial（江南博
哥）realestateinvesting.HeismeetingwithMarkCaudill,anew
clientwhoislookingtodiversifyhisinvestmentportfoliobyadding
realestateinvestments.Caudillhasheardaboutvariousinvestment
vehiclesrelatedtorealestatefromhisfriendsandisseekinga
morein-depthunderstandingoftheseinvestmentsfromWang.
WangbeginsthemeetingbyadvisingCaudillofthemanyoptionsthat
areavailablewheninvestinginrealestate,includingthefollowing:
Option1DirectownershipinrealestateOption2Publiclytradedreal
estateinvestmenttrustsOption3Publiclytradedrealestate
operatingcompaniesOption4Publicly-tradedresidentialmortgage-
backedsecuritiesWangnextasksCaudillabouthisinvestment
preferences.CaudillrespondsbytellingWangthatheprefersto
investinequitysecuritiesthatarehighlyliquid,providehigh
income,andarenotsubjecttodoubletaxation.
CaudillasksWanghowtheeconomicperformanceofREITsandREOCsis
evaluatedandhowtheirsharesarevalued.WangadvisesCaudillthere
aremultiplemeasuresofeconomicperformanceforREITsandREOCs,
includingthefollowing:
Measure1NetoperatingincomeMeasure2FundsfromoperationsMeasure
3Adjustedfundsfromoperationslnresponse,CaudillasksWang:
“WhichofthethreemeasuresisthebestmeasureofaREIT,s
currenteconomicreturntoshareholders?”
TohelpCaudillJsunderstandingofvaluation,WangpresentsCaudill
withdataonBaldwin,ahealthcareREITthatprimarilyinvestsin
independentandassistedseniorhousingcommunitiesinlargecities
acrosstheUnitedStates.SelectedfinancialdataonBaldwinforthe
pasttwoyearsareprovidedinExhibit
Exhibit1.BaldwinREITSummarizedIncomeStatement(USDthousands,exceptper-
sharedata)
YearEnding31December
20192018
Rentalincome339,009296,777
Otherpropert}-income6,112<033
Totalincome345,121300,810
Rentalexpenses
Propertyoperatingexpenses19,19514,273
Propertytaxes3：6103,327
Totalpropertyexpenses22,80517,600
Netoperatingincome322,316283,210
Otherincome(gainsonsaleofproperties)2A621,003
Generalandadministrativeexpenses21,86519,899
Dq^reciationandamortization90,40978,583
Netinterestexpenses70,01756,404
Netincome142,187129,327
Weightedaxeragesharesoutstanding121,944121,863
Eammgspershare1.171.06
Dividendpershare0.930.85
]PriceTFO,baseduponyear-endstockprice11.5xlZ7xBefore
themeeting,Wanghadputtogethersomevaluationassumptionsfor
BaldwininanticipationofdiscussingvaluationwithCaudill.Wang
explainstheprocessofvaluingaREITshareusingdiscountedcash
flowanalysis,andheproceedstoestimatethevalueofBaldwinona
per-sharebasisusingatwo-stepdividenddiscountmodelusingthe
Exhibit2.BaldwinValuationProjectionsandAssumptions
Currentrisk-freerate4.0%
Baldwinbeta0.90
Marketriskpremium5.0%
Appropriatediscountrate(CAPNf)8.5%
Expecteddividendpershare,1yearfromtoday$1.00
Expecteddividendpershare,2yearsfromtoday$1.06
dataprovidedinExhibit2.Long-termgrowthindividends：startinginyear35.0%
［單選題］1.BasedonCaudill,sinvestmentpreferences,thetypeof
realestateinvestmentWangismostlikelytorecommendtoCaudillis:
A.Option2
B.Option3
C.Option4
正確答案：A
參考解析：Option2,publiclytradedREITs,bestsatisfyCaudillys
investmentpreferences.REITsareequityinvestmentsthat,ingeneral,
areincometaxexemptatthecorporate/trustlevel,sothereisno
doubleincometaxation.Toqualifyfortheincometaxexemption,
REITsarelegallyobligatedtopayoutahighpercentageofincometo
theirshareholders,andthistypicallyresultsinrelativelyhigh
incomeforinvestors.Lastly,publicREITsaregenerallyliquidas
theyaretradedinstockexchanges.
WangbeginsthemeetingbyadvisingCaudillofthemanyoptionsthat
areavailablewheninvestinginrealestate,includingthefollowing:
Option1DirectownershipinrealestateOption2Publiclytradedreal
estateinvestmenttrustsOption3Publiclytradedrealestate
operatingcompaniesOption4Publicly-tradedresidentialmortgage-
backedsecuritiesWangnextasksCaudillabouthisinvestment
preferences.CaudillrespondsbytellingWangthatheprefersto
investinequitysecuritiesthatarehighlyliquid,providehigh
income,andarenotsubjecttodoubletaxation.
CaudillasksWanghowtheeconomicperformanceofREITsandREOCsis
evaluatedandhowtheirsharesarevalued.WangadvisesCaudillthere
aremultiplemeasuresofeconomicperformanceforREITsandREOCs,
includingthefollowing:
Measure1NetoperatingincomeMeasure2FundsfromoperationsMeasure
per-sharebasisusingatwo-stepdividenddiscountmodelusingthe
Exhibit2.BaldwinValuationProjectionsandAssumptions
Currentrisk-freerate4.0%
Baldwinbeta0.90
Marketriskpremium5.0%
Appropriatediscountrate(CAPXI)8.5%
Expecteddividendpershare,1yearfromtoday$1.00
Expecteddividendpershare,2yearsfromtoday$1.06
dataprovidedinExhibit2Long-termgrowthrateindividends：startinginyear35.0%
［單選題］2.RelativetoOption2andOption3,anadvantageof
investinginOption1is:
A.greaterliquidity.
B.lowerinvestmentrequirements.
C.greatercontroloverpropertylevelinvestmentdecisions.
正確答案：C
參考解析：Directpropertyownershipoffersgreatercontrolover
propertylevelinvestmentdecisionsincomparisontothelevelof
controlexhibitedbyshareholdersinREITsandREOCs.
WangbeginsthemeetingbyadvisingCaudillofthemanyoptionsthat
areavailablewheninvestinginrealestate,includingthefollowing:
Oplion1DirectownershipinrealeslaleOplion2Publiclytradedreal
estateinvestmenttrustsOption3Publiclytradedrealestate
operatingcompaniesOption4Publicly-tradedresidentialmortgage-
backedsecuritiesWangnextasksCaudillabouthisinvestment
preferences.CaudillrespondsbytellingWangthatheprefersto
investinequitysecuritiesthatarehighlyliquid,providehigh
income,andarenotsubjecttodoubletaxation.
CaudillasksWanghowtheeconomicperformanceofREITsandREOCsis
evaluatedandhowtheirsharesarevalued.WangadvisesCaudillthere
aremultiplemeasuresofeconomicperformanceforREITsandREOCs,
includingthefollowing:
Measure1NetoperatingincomeMeasure2FundsfromoperationsMeasure
3Adjustedfundsfromoperationslnresponse,CaudillasksWang:
“WhichofthethreemeasuresisthebestmeasureofaREIT,s
currenteconomicreturntoshareholders?v
TohelpCaudill'sunderstandingofvaluation,WangpresentsCaudill
withdataonBaldwin,ahealthcareREITthatprimarilyinvestsin
independentandassistedseniorhousingcommunitiesinlargecities
acrosstheUnitedStates.SelectedfinancialdataonBaldwinforthe
pasttwoyearsareprovidedinExhibit
Exhibit1.BaldwinREITSummarizedIncomeStatement(USDthousands,exceptper-
sharedata)
YearEnding31December
20192018
Rentalincome339,009296,777
Otherpropert}-income6,1124Q33
Totalincome345,121300,810
Rentalexpenses
Propertyoperatingexpenses19,19514,273
Propertytaxes3：6103,327
Totalpropertyexpenses22,80517,600
Netoperatingincome322,316283,210
Otherincome(gainsonsaleofproperties)2A621,003
Generalandadministrativeexpenses21,86519,899
Depreciationandamortization90,40978,583
Netinterestexpenses70,01756,404
Netincome142,187129,327
Weightedaveragesharesoutstanding121,944121,863
Earningspershare1.171.06
Dividendpershare0.930.85
]PriceTFO,baseduponyear-endstockprice11.5xlZ7xBefore
themeeting,Wanghadputtogethersomevaluationassumptionsfor
BaldwininanticipationofdiscussingvaluationwithCaudill.Wang
explainstheprocessofvaluingaREITshareusingdiscountedcash
flowanalysis,andheproceedstoestimatethevalueofBaldwinona
per-sharebasisusingatwo-stepdividenddiscountmodelusingthe
Exhibit2.BaldwinValuationProjectionsandAssumptions
Currentrisk-freerate4.0%
Baldwinbeta0.90
Marketriskpremium5.0%
Appropriatediscountrate(CAPNf)8.5%
Expecteddividendpershare,1yearfromtoday$1.00
Expecteddividendpershare,2yearsfromtoday$1.06
dataprovidedinExhibit2Long-termgrowthrateindividends：startinginyear35.0%
［單選題］3.TheBaldwinREITis1eastlikelytoexperience1ong-run
negativeeffectsfrom:
A.Aneconomicrecession.
B.Anunfavorablechangeinpopulationdemographics.
C?Amajorreductioningovernmentfundingofhealthcare.
正確答案：A
參考解析：Baldwin,ahealthcareREIT,islargelyresistantto
economicrecessionsbutisexposedtochangesinpopulation
demographicsandchangesingovernmentfundingforhealthcare.
WangbeginsthemeetingbyadvisingCaudillofthemanyoptionsthat
areavailablewheninvestinginrealestate,includingthefollowing:
Option1DirectownershipinrealestateOption2Publiclytradedreal
estateinveslnienlLruslsOplion3Publiclytradedrealestate
operatingcompaniesOption4Publicly-tradedresidentialmortgage-
backedsecuritiesWangnextasksCaudillabouthisinvestment
preferences.CaudillrespondsbytellingWangthatheprefersto
investinequitysecuritiesthatarehighlyliquid,providehigh
income,andarenotsubjecttodoubletaxation.
CaudillasksWanghowtheeconomicperformanceofREITsandREOCsis
evaluatedandhowtheirsharesarevalued.WangadvisesCaudillthere
aremultiplemeasuresofeconomicperformanceforREITsandREOCs,
includingthefollowing:
Measure1NetoperatingincomeMeasure2FundsfromoperationsMeasure
3Adjustedfundsfromoperationslnresponse,CaudillasksWang:
“WhichofthethreemeasuresisthebestmeasureofaREIT,s
currenteconomicreturntoshareholders?”
TohelpCaudill'sunderstandingofvaluation,WangpresentsCaudill
withdataonBaldwin,ahealthcareREITthatprimarilyinvestsin
independentandassistedseniorhousingcommunitiesinlargecities
acrosstheUnitedStates.SelectedfinancialdataonBaldwinforthe
pasttwoyearsareprovidedinExhibit
Exhibit1.BaldwinREITSummarizedIncomeStatement(USDthousands,exceptper-
sharedata)
YearEnding31December
20102018
Rentalincome339,009296,777
Otherpropertyincome6J124s033
Totalincome345,121300,810
Rentalexpenses
Propertyoperatingexpenses19,19514,273
Propertytaxes3,6103,327
Totalpropertyexpenses22,80517,600
Netoperatingincome322,316283,210
Otherincome(gainsonsaleofproperties)2,1621,003
Generalandadministrativeexpenses2L86519,899
Depreciationandamortization90,40978,583
Netinterestexpenses70,01756,404
Netincome142,187129,327
Weightedaveragesharesoutstanding121,944121,863
Earningspershare1.171.06
Dividendpershare0.930.85
[PriceTFO,baseduponyear-endstockprice11.5xlZ7xBefore
themeeting,Wanghadputtogethersomevaluationassumptionsfor
BaldwininanticipationofdiscussingvaluationwithCaudill.Wang
explainstheprocessofvaluingaREITshareusingdiscountedcash
flowanalysis,andheproceedstoestimatethevalueofBaldwinona
per-sharebasisusingatwo-stepdividenddiscountmodelusingthe
Exhibit2.BaldwinValuationProjectionsandAssumptions
Currentrisk-freerate4.0%
Baldwinbeta0.90
Marketriskpremium5.0%
Appropriatediscountrate(CAPNf)8.5%
Expecteddividendpershare,1yearfromtoday$1.00
Expecteddividendpershare,2yearsfromtoday$1.06
dataprovidedinExhibit2Long-termgrowthrateindixidends,startinginyear35.0%
［單選題］5.BasedonExhibit1,the2019year-endsharepriceof
Baldwinwasclosestto:
A.$13.23.
B.$21.73.
C.$30.36.
正確答案：B
參考解析：Baldwin'sFFOpersharein2019was$1.89,andthe
resultingsharepricewas$21.73.First,calculateFFOpersharein
2019,andthenapplytheyear-endP/FFOmultipleof11.5x.
FFO二accountingnetearnings,excluding:(a)depreciationchargeson
realestate,(b)deferredtaxcharges,and(c)gainsorlossesfrom
salesofpropertyanddebtrestructuring.
2019accountingnetincome:$142,187
2019depreciationcharges:$90,409
2019deferredtaxcharges:N/A
2019gainsonsaleofproperties(otherincome):$2,162
2019sharesoutstanding=121,944
2019year-endprice/FFO=11.5x
2019Baldwin,sFFOpershare=($142,187+$90,409-
$2,162)/121,944shares=$1.89.Atthegiven2019year-endprice/FFO
multipleof11.5x,thisresultsinasharepriceforBaldwinof$1.89
X11.5=$21.73.
WangbeginsthemeetingbyadvisingCaudillofthemanyoptionsthat
areavailablewheninvestinginrealestate,includingthefollowing:
Option1DirectownershipinrealestateOption2Publiclytradedreal
estateinvestmenttrustsOption3Publiclytradedrealestate
operatingcompaniesOption4Publicly-tradedresidentialmortgage-
backedsecuritiesWangnextasksCaudillabouthisinvestment
preferences.CaudillrespondsbytellingWangthatheprefersto
investinequitysecuritiesthatarehighlyliquid,providehigh
income,andarenotsubjecttodoubletaxation.
CaudillasksWanghowtheeconomicperformanceofREITsandREOCsis
evaluatedandhowtheirsharesarevalued.WangadvisesCaudi11there
aremultiplemeasuresofeconomicperformanceforREITsandREOCs,
includingthefollowing:
Measure1NelopeiaLingincoiiieMeasuie2FundsfioinopeiaLionsMucisure
3Adjustedfundsfromoperationslnresponse,CaudillasksWang:
“WhichofthethreemeasuresisthebestmeasureofaREIT,s
currenteconomicreturntoshareholders?”
TohelpCaudill?sunderstandingofvaluation,WangpresentsCaudill
withdataonBaldwin,ahealthcareREITthatprimeirilyinvestsin
independentandassistedseniorhousingcommunitiesinlargecities
acrosstheUnitedStates.SelectedfinancialdataonBaldwinforthe
pasttwoyearsareprovidedinExhibit
Exhibit1.BaldwinREITSummarizedIncomeStatement(USDthousands,exceptper-
sharedata)
YearEnding31December
20192018
Rentalincome339,009296,777
Otherpropert}-income6,112<033
Totalincome345,121300,810
Rentalexpenses
Propertyoperatingexpenses19,19514,273
Propertytaxes3：6103,327
Totalpropertyexpenses22,80517,600
Netoperatingincome322,316283,210
Otherincome(gainsonsaleofproperties)2A621,003
Generalandadministrativeexpenses21,86519,899
Dq^reciationandamortization90,40978,583
Netinterestexpenses70,01756,404
Netincome142,187129,327
Weightedaxeragesharesoutstanding121,944121,863
Eammgspershare1.171.06
Dividendpershare0.930.85
]PriceTFO,baseduponyear-endstockprice11.5xlZ7xBefore
themeeting,Wanghadputtogethersomevaluationassumptionsfor
BaldwininanticipationofdiscussingvaluationwithCaudill.Wang
explainstheprocessofvaluingaREITshareusingdiscountedcash
flowanalysis,andheproceedstoestimatethevalueofBaldwinona
per-sharebasisusingatwo-stepdividenddiscountmodelusingthe
Exhibit2.BaldwinValuationProjectionsandAssumptions
Currentrisk-freerate4.0%
Baldwinbeta0.90
Marketriskpremium5.0%
Appropriatediscountrate(CAPM)8.5%
Expecteddividendpershare,1yearfromtoday$1.00
Expecteddividendpershare,2yearsfromtoday$1.06
dataprovidedinExhibit2Long-termgrowthrateindividends：startinginyear35.0%
［單選題］6.BasedonExhibit2,theintrinsicvalueoftheBaldwinRETT
onapersharebasisusingthetwo-stepdividenddiscountmodelis
closestto:
A.$26.72.
B.$27.59.
C.$28.83.
正確答案：C
參考解析：TheestimatedvaluepersharefortheBaldwinREITusinga
two-stepdividenddiscountmodelis$28.83,calculated
StepOneStepTwo
Year1Year2Year3
Dh-idendspershare:$1.00SI.06Sl.l1
ValueofstockatendofYear21:S31.80
S32.86
Discountrate:8.50%
Netpresentvalueofalldividends-:S28.83
1CalculatedasSl.l1/(0.085-0.05)=S31.80
:Calculatedas:$1.00/(1.085)+$32.86.(1.085):=$28.83
as:-----------------------------
MaryMcNeilisthecorporatetreasureratFarmhouse,whichownsand
operatesseveralfarmsandethanolproductionplantsintheUnited
States.McNeiTsprimaryresponsibilityisriskmanagement.Katrina
Falk,arecentlyhiredjunioranalystatFarmhouse,worksforMcNeil
inmanagingtheriskofthefirm'scommoditypriceexposures.
Farmhouse，sriskmanagementpolicyrequirestheuseoffuturesto
protectrevenuefrompricevolatility,regardlessofforecastsof
futureprices,andprohibitsriskmanagersfromtakingspeculative
positions.McNeilmeetswithFalktodiscussrecentdevelopmentsin
twoofFarmhouse,scommoditymarkets,grainsandlivestock.McNeil
asksFalkaboutkeycharacteristicsofthetwomarketsthataffect
revenuesandcosts.FalktellsMcNeilthefollowing:Statement1The
lifecycleforlivestockdependsontheproductandvarieswidelyby-
product.Slatemenl2Grainshaveuniform,well-definedseasonsand
growthcyclesspecifictogeographicregions.Amaterialportionof
Farmhouse，srevenuecomesfromlivestockexports,andamajorinput
costisthecostofgrainsimportedfromoutsidetheUnitedStates.
FalkandMcNeilnextdiscussthreeconclusionsthatFalkreachedin
ananalysisofthegrainsandlivestockmarkets:Conelusion1Assuming
demandforgrainsremainsconstant,extremeheatintheregionsfrom
whichweimportourgrainswillresultinabenefittousintheform
oflowergrainprices.Conclusion2Newtariffsoncattleintroduced
inourprimaryexportmarketswilllikelyresultinhigherpricesfor
ourlivestockproductsinourlocalmarket.Conclusion3Major
improvementsinfreezingtechnologyallowingforlongerstoragewill
letusbettermanagethevolatilityinthepricesofourlivestock
products.McNeilasksFalktogatherspotandfuturespricedataon
livecattle,wheat,andsoybeans,whicharepresentedinExhibit1.
Additionally,sheobservesthat(1)theconvenienceyieldofsoybeans
exceedsthecostsofitsdirectstorageand(2)commod-ityproducers
asagrouparelessinterestedinhedgingintheforwardmarketthan
commodityconsumers
Exhibit1SelectedCommodityPriceData*
MarketLiveCattlePriceWheatPriceSoybeansPrice
Spot109607846
Futures108607850
?Livecattle：UScentsperpound；wheatandsoybeans：UScentsperbushel.
are.A
keyinputcostforFarmhouseinproducingethanolisnaturalgas.
McNeilusespositionsinnaturalgas(NG)futurescontractstomanage
theriskofnaturalgaspricevolatility.Threemonthsago,she
enteredintoalongpositioninnaturalgasfuturesatafutures
priceof$2.93permillionBrilishthermaluniIs(MMBlu).Thecurrent
priceofthesamecontractis$2.99.Exhibit2presentsadditional
dataaboutthethree-monthfutures
position.
Exhibit2SelectedInformation—NaturalGasFuturesThree-month
Position*
Prices
Near-Term
Futures
TotalCurrent(CurrentFarther-Term
Commodity$ExposurePositionPrice)Futures
NaturalGas(NG)5,860,000Long2.993.03
?NG：$perMMBtu；1contract=10,000MMBtu.
-------------------------------------------------------The
futurespositionisfullycollateralizedwitha3%rate.McNeil
decidestorollforwardhercurrentexposureinthenaturalgas
position.Eachmonth,McNeilreportstheperformanceoftheenergy
futurespositions,includingdetailsonpricereturns,rollreturns,
andcollateralreturns,tothefirm,sexecutivecommittee.Anew
committeememberisconcernedaboutthenegativerollreturnsonsome
ofthepositions.InamemotoMcNeil,thecommitteememberasksher
toexplainwhysheisnotavoidingpositionswithnegativeroll
returns.
［單選題］7.Withrespecttoitsriskmanagementpolicy,Farmhousecan
bebestdescribedas:
A.atrader.
B.ahedger.
C.anarbitrageur.
正確答案：B
參考解析：Hedgerstradeinthefuturesmarketstohedgetheir
exposuresrelatedtothecommodity,asstatedinFarmhouse'srisk
managementpolicy.
［單選題］8.WhichofFalk，sstatementsregardingthecharacteristicsof
thegrainsandlive-stockmarketsiscorrect?
A.OnlyStatement1
B.OnlyStatement2
C.BothStatement1andStatement2
正確答案：C
參考解析：
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