CFA Practice Question
In the formula used by the NCREIF Property Index, Return = (NOI - Capital expenditures + Ending market value - Beginning market value)/ Beginning market value, which values/measures are based on the appraisals of the properties?
II. Capital expenditures.
III. Ending market value.
IV. Beginning market value.
I. NOI.
II. Capital expenditures.
III. Ending market value.
IV. Beginning market value.
Correct Answer: III and IV
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