Alter Flashcards
1
Q
Value income approach
A
Value = NOI/ cap rate
2
Q
All risks yield
A
ARY = rent/ recent sales
ARY = cap rate
3
Q
Value cost approach
A
Value = land + rebuild costs - depr - obsolescence
4
Q
Debt service coverage ratio
A
DSCR = NOI1/ debt service
5
Q
Cap rate
A
= Discount- growth = NOI/ value
6
Q
Funds from operations
A
FFO = (NI+dep- amor)-(net gains on sale)
7
Q
AFFO
A
= FFO- non cash rent- recurring capex
8
Q
Value NAV
A
(NoI/cap)+(cash+ receivables)- (debt+liabilities)
9
Q
Value 2 step dividend
A
D0/1+r + D1/(1+r)^2 + Dx+V/(1+r)^x
V= D_x+1/(r-g)
10
Q
Post money value
A
Exit value/ROI = exit value/(1+RR)^n
11
Q
Pre money value
A
POST - Inv
12
Q
Fractional ownership
A
f = Inv/Post = Fv(Inv)/exit
13
Q
Shares vc
A
No shares founders *(f/1-f)
14
Q
Paid in Capital
A
PIC = return to LP/ committed capital
15
Q
Distributed to PIC
A
DPI = return LP/invested capital
