A	B	C	D	E	F	G	H	I	J	K	L	M	N
2
3		EquivYield
4
5		Category:
6		Family:
7		Arguments:
8		Meaning:
9		Description:
10
11		Valuation Date	1 Jan 15		GrowthDates		1 Jan 00
12		Valuation	#NAME?		GrowthRates		3.00%
13		Discount Rate	7%		DayCount		6
14		MktAnnRent	£40.00 /sf		CashBasis		13
15		FeePercOpt	3%
16
17		Annual		Next		Pmt		PmtsOpt
18		Rent(s)		Review(s)		DatesOpt
19
20
21		£50.00 /sf		25 Mar 16								#NAME?
22
23		What The Function Is Doing
24
25				1 Jan 15	25 Mar 15	24 Jun 15	29 Sep 15	25 Dec 15
26				1.23 years	1.00 years	0.75 years	0.49 years	0.25 years		Valuation in
27		Rent			(12.50)	(12.50)	(12.50)	(12.50)		2016
28		Valuation		#NAME?					Rent:	64.63
29		FV		#NAME?	(13.38)	(13.15)	(12.92)	(12.71)	Value:	#NAME?		#NAME?
30
31		The function works out the yield that would have to be applied at the next market review date in order to give the valuation observable at the valuation date.
32		The value at the next review date is the observable value at the valuation date compounded, less the rent 'consumed' along the way.
33
34		Further Examples
35
36		Annual		Next		Pmt		PmtsOpt
37		Rent(s)		Review(s)		DatesOpt
38
39		£50.00 /sf		25 Mar 16		25 Mar 16		(£10.00 /sf)				#NAME?
40
41		£50.00 /sf	£65.00 /sf	25 Mar 16	25 Dec 16	25 Mar 16		(£10.00 /sf)				#NAME?
42
43		What The Function Is Doing
44
45			1 Jan 15	25 Mar 15	24 Jun 15	29 Sep 15	25 Dec 15	25 Mar 16	24 Jun 16	29 Sep 16
46			1.98 years	1.75 years	1.50 years	1.24 years	1.00 years	0.75 years	0.50 years	0.24 years
47		Rent		(12.50)	(12.50)	(12.50)	(12.50)	(16.25)	(16.25)	(16.25)		Valuation in
48		Valuation	#NAME?									2016
49		Fees	#NAME?
50		Pmts						10.00				66.08
51		FV	#NAME?	(14.07)	(13.84)	(13.59)	(13.38)	(6.58)	(16.81)	(16.51)		#NAME?
52
53		For Comparison: ExitCap										#NAME?
54
55		EquivYield is the sister function of ExitCap.
56		Instead of determining a value from the rents and a yield, it determines the yield from the rents and a value.								ExitCap:		#NAME?
57		In this case ExitCap has derived the origional valuation we started with from the calculated equivalent yield.								as compared to		#NAME?
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