Inflation and Real Estate Investment Value
作者:
Kenneth M. Lusht,
期刊:
Real Estate Economics
(WILEY Available online 1978)
卷期:
Volume 6,
issue 1
页码: 37-49
ISSN:1080-8620
年代: 1978
DOI:10.1111/1540-6229.00167
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
It is demonstrated that the inflation rate must be reflected in the anticipated benefit flows used in investment value models. When flows are left unadjusted, a biased value estimate results. It is also shown that the actual effects of the inflation rate on investment value will depend on the relationships of original cost, the debt/equity ratio, and the level of depreciation expense. Inflation has a fundamentally negative impact on value traceable to capital gains and depreciation effects. This can be offset by the use of debt financing.
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