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BFX3355 - Property investment - S2 2025

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A property was purchased 7 years ago by an REIT for $2,578,700 and effective stamp duty payable was 5.5% of the purchase price. During the period of ownership, the accumulated depreciation equals 5% of the purchase price. The property was recently sold for $4,374,000 and selling costs were 3% of the selling price. What is the assessable capital gain? (Assume that there is NO capital gain discount.)

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Which of the following types of property provide the greatest diversification benefit to shares whilst remaining accessible to most retail investors?

Property syndicates

Direct commercial property investment

Unlisted property trusts

100%

Listed property trusts – stapled

Listed property trusts – unstapled

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Which one of the following statements about REITs is incorrect?

REIT investment is available to both small and institutional investors.

REITs cannot provide diversification across property types because of its correlation with the stock market performance.

REITs are investment vehicles similar to managed funds.

REITs provide the protection of limited liability.

All of the statements in other choices are correct.

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In Australia, stamp duty normally cannot be financed and must be paid by owners’ own equity. What impact does the waiver of stamp duty have on the capital gains tax and income tax of a property investment, compared to a normal case that stamp duty is paid and capitalised?

Capital gains tax decreases, no effect on income tax

Capital gains tax decreases, income tax increases

Income tax increases, no effect on capital gains tax

Capital gains tax increases, no effect on income tax

100%

Capital gains tax increases, income tax decreases

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An investor consults a professional accountant, who figures out that the actual annual depreciation in the investor’s property investment should be higher. What impact will this have on the capital gains tax and annual income tax?

Capital gains tax decreases, no effect on income tax

Capital gains tax decreases, income tax increases

Income tax increases, no effect on capital gains tax

Capital gains tax increases, no effect on income tax

Capital gains tax increases, income tax decreases

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The following set of NOIs is generated by a property that was held for exactly 4 years:

Year	1	2	3	4
NOI	$50,000	$55,000	$56,500	$57,500

The property was purchased for $600,000 in Year 0 and sold at the end of Year 4 for $760,197.50. Identify the part of IRR that is attributable to the growth in NOI (ΔNOI_IRR) and net capital appreciation (Net G_IRR).

ΔNOI_IRR = 0.28%, Net G_IRR = 2.58%

ΔNOI_IRR = 0.30%, Net G_IRR = 2.25%

ΔNOI_IRR = 0.15%, Net G_IRR = 3.47%

ΔNOI_IRR = 0.24%, Net G_IRR = 3.02%

ΔNOI_IRR = 0.45%, Net G_IRR = 2.14%

100%

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A real estate investment company (REIC) requires a debt coverage ratio (DCR) of 1.5 for all property assets and has access to an interest-only line of credit that costs 7% p.a. If a potential property investment has an NOI of $150,000 and costs $2 mil, what is the maximum permissible leverage ratio of the REIC for this property?

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An investor buys a property for $2.5 million using 100% equity. In the first year, the expected NOI is $250,000 and capital improvements & reserves are 4% of the property value. What will be the effect on ROE if the investor takes an interest only loan at 6% to free up some of the equity capital?

ROE goes down first and then goes up with a higher leverage

ROE goes down with a higher leverage

ROE goes up with a higher leverage

100%

ROE goes up first and then goes down with a higher leverage

There is no effect on ROE

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A property generates an NOI of $580,000. There is also an additional cost of tenant improvement expenditures paid for by the landlord equal to $235,000, which is not included in the NOI. The property is used to secure an interest-only loan of $2,780,000 and the annual interest rate is 7.4%. The annual depreciation of the property is $99,700. The investor’s marginal tax rate is 46.5%. What is the After-Tax Cash Flow (ATCF)?

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Which of the following Debt Coverage Ratios (DCR) would provide the greatest negative gearing in a property investment?

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