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xCFA 2 2017 > Alternative Investiments > Flashcards

Flashcards in Alternative Investiments Deck (9)
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1

♦ALT INV♦

REIT vs REOC

REIT: Real Estate Investment Trust - tax-advantage, obligated to payout as dividend, more liquid REOC: Real Estate Operating Company - able to reinvest, more flexible

2

♦ALT INV♦

NOI and cap rate

+ Rental income (fully occupied)

+ other income

(=) Potential gross income

- vancacy

(=) effective gross income

- operating expense

= NOI (net operating income)

- SG&A

= EBITDA

 

Value = NOI / cap rate

Para NAV, somar caixa e tirar dívida

3

♦ALT INV♦

FFO

+ NI

+ NCC

+ Deffered tax

- Gains w/ property sale and debt restr

+ Losses w/ property sale and debt restr

= FFO

 

NOI - G&A = EBITDA - interest = FFO

4

♦ALT INV♦

AFFO

+ FFO - non-cash rend adjust - recurring capex = AFFO

5

♦ALT INV♦

Post-money valuation (POST)

POST = PRE + INV PRE = how much a company was valued INV = Investment of VC fund in the company VC / POST = VC %

 

"Se o empreendedor hoje tem 100 ações e você detem 40% da empresa, precisa emitir 100 / (1 - 40%) * 40% para você"

6

♦ALT INV♦

Multiples (PIC, DPI, RVPI, TVPI)

PIC = Paid in K / Commited K DPI = Accum. dist K / Invested K RVPI = Value of remaining postion / Invested K TVPI = DPI + RVPI (MOIC)

7

♦ALT INV♦

Performance Measures

. Year - 1 , 2 , 3

. Called Down - x , y , z

1. Paid in - x, x + y, x + y + z

2. Mgmt Fees (2%) - x*2%, x+y...

3. Operating Result - Real and Unreali

a. NAV - (1) + (2) + (3) *** tomar cuidado que aqui precisa sempre considerar o NAV after dist como starting point ***

b. Perf Fee (20%) - if total return, must exceed the commited capital, otherwise, 20% of NAV - Accum Paid in K

c. Distribution

. NAV After dist = (a) - (b) - (c)

8

♦ALT INV♦

Theories of commodity future return

Insurance Theory: Keynes - Seguro para o vendedor, que ao vender no mercado futuro faz com que backwardation seja o natural

Hedging Pressure Hypothesis: Quando a necessidade de hedge é maior no comprador a curva fica em contango, se for no produtor ficam e backwardation

Theory of Storage: Formato da curva é definido pela relação entre storage cost e benefit of holding the commodity. Quando custo é maior, backwardation.

 

9

♦ALT INV♦

Roll return

Melhor no backwardation por que você vai rolando mais e mais barato