Financial Statement Analysis (slides)
- 최초 등록일
- 2013.07.28
- 최종 저작일
- 2010.05
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목차
1. FINANCIAL STATEMENT ANALYSIS
2. Investment vs. Development Firms
3. Financial Ratios
4. The Nature of Underlying Cash Flows
5. Determining Expected Growth Rates
6. Profitability Ratios
7. Funds from Operations
8. Problems with FFO
9. Measure of Gearing
10. Times Interest Earned (Interest Cover)
11. Market Ratios
12. Discount/Premium to Net Asset Value (NAV)
13. Share Prices Relative to NAV
14. Added Value from Management
15. Financial Gearing
16. Other Issues
17. Discount to NAV
18. International Financial Analysis
19. Does IFRS Apply
20. Historic Cost vs. Fair Value
21. Impact of Fair Value
22. Impact of Cost Approach on NAV
23. Impact of Cost Approach on Gearing
24. RATING METHODOLOGIES FOR REITS
25. Liquidity & Funding
26. Key Considerations by Rating Category
27. Key Considerations by Rating Category
28. Leverage & Capital Structure
29. Key Considerations by Rating Category
30. Market Position & Asset Quality
31. Sustainability of Cash Flow & Earnings
32. Key Considerations by Rating Category
33. Internal Operating Environment
34. External Operating Environment
본문내용
The Nature of Underlying Cash Flows
•Revenue
–Base rents
–Expense Recoveries
•The portion of a property’s operating costs covered by the tenant
–Percentage Rent
•Main example is with turnover rents in the retail sector but also with hotel/lodging
–Management & Leasing Income
–Other Income
•e.g. interest on cash balances, parking income, etc.
•Operating Expenses
–E.g. Property taxes, utilities, maintenance, on-site management & administration, insurance and marketing costs
참고 자료
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