金程教育WWW.GFEDU.NET专业·创新·增值1-52019年6月CFAlevelII考前猜题100（题目+答案完整版）ThefollowinginformationrelatestoQuestions1-2KarenWestin,KeiShinoya,andCarlosPerez,partnersatPacRimInvestmentConsultantsareadvisingaclient,theWestLundiaGovernmentEmployeesPensionPlan(WLGE),alargepublicpensionfund.InapreviousmeetingwiththepensionboardofWLGE,thePacRimteammadearecommendationtoincreasethefund’sexposuretodomesticrealestate.BecauseoftheWLGEplan’slargesizeandin-houseexpertise,thepensionfundhasthecapacitytoinvestinandmanageawidevarietyofrealestateinvestments.ThecurrencyinWestLundiaistheWestLundianDollar(WL$).WestLundianCommercialRealEstateMarketExpectationsCommercialrealestatepriceshaveexperiencedamoderateincreaseoverthepastyearafteradecadeofunusuallyslowgrowth.Demandisexpectedtoexceedsupplyoverthenext10years.Thecurrentaveragecommercialmortgagerateof3.75%islowbyhistoricalstandardsandisexpectedtostayrelativelylowforatleastsevenmoreyears.TheWestLundianeconomyisexpectedtoenjoyanaboveaveragegrowthrate.Exhibit1:WestLundia’sEconomicOutlookExpectedAnnualGrowthRateRelativetoOtherDevelopedCountriesJobCreation3.0%HighPopulation1.8%HighRetailSales1.5%LowInflation0.5%LowBecauseofthefavorablerealestateconditions,theconsensuswastoconsiderequityinvestmentsinrealestate.Threeoptionsunderconsiderationare:Option1:Directinvestment,inanexistingofficebuilding.Option2:InvestmentinapublicequityREIT.OakstarTimberBalanceSheet(YearEnded31December2008)Option1:DirectInvestmentExpectedNOIYears1-7WL$7.0MMExpectedNOIYear8WL$8.5MMRequiredreturnonequityinvestment10%NOIgrowthrateafter8years3.25%Option2:REITRecentNOIWL$140.0MMNon-cashrentsWL$5.0MMFullyearadjustmentforacquisitionWL$5.0MMOtherassetsWL$50.0MM金程教育WWW.GFEDU.NET专业·创新·增值2-5TotalliabilitiesWL$300.0MMCurrentmarketpricepershareWL$125.00Sharesoutstanding15MMGoing-incaprate7.00%NOIgrowthrate2.50%Option3:REOCExpectedAFFOinYear8WL$13.5MMHoldingPeriod7yearsPresentvalueofalldividendsfor7yearsWL$39.7MMSharesoutstanding1.0MMCaprate7.0%Grow...
