Author： Adams Andrew Booth Philip
Publisher： Emerald Group Publishing Ltd
ISSN： 0958-868X
Source： Journal of Property Finance, Vol.7, Iss.3, 1996-03, pp. : 7-22
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Abstract
Develops and compares a number of alternative discounted cash flow (DCF) approaches to the appraisal of over-rented property. The transparent nature of DCF techniques makes them more suitable than traditional techniques for the appraisal of over-rented property, but the different DCF approaches reveal the essential risk characteristics of over-rented property, including option characteristics similar to those of convertible bonds. This suggests that even more complex appraisal techniques used in other investment markets may be more appropriate.
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