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<\/p>\n\n\n\n

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\"\"<\/figure>\n\n\n\n

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\"\"
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\u65b0\u7bc9\u6642\u306b4,000\u4e07\u5186(\uff1d\u6708\u984d\u8cc3\u659915\u4e07\u5186\u00d712\u304b\u6708\u00f7\u5229\u56de\u308a4.5\uff05)\u3067\u8cfc\u5165\u3057\u305f\u7269\u4ef6\u306e10\u5e74\u5f8c\u306e\u58f2\u5374\u4fa1\u683c\u3092\u3001<\/p>\n\n\n\n

\u3010\u8cc3\u659910\uff05\u4f4e\u4e0b\u30fb\u5e02\u5834\u5229\u56de\u308a0.39\uff05\u4e0a\u6607\u3011\u3068\u60f3\u5b9a\u3057\u3066\u8a08\u7b97\u3059\u308b\u3068\u300115\u4e07\u5186\u00d70.9\u00d712\u304b\u6708\u00f7(4.5\uff05\uff0b0.39\uff05)\uff1d\u7d043,300\u4e07\u5186\u3068\u306a\u308a\u3001700\u4e07\u5186\u8fd1\u3044\u30ad\u30e3\u30d4\u30bf\u30eb\u30ed\u30b9\u304c\u767a\u751f\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n


\u3053\u3053\u307e\u3067\u3067\u3001\u65b0\u7bc9\uff11R\u30de\u30f3\u30b7\u30e7\u30f3\u6295\u8cc7\u306b\u95a2\u3059\u308b\u554f\u984c\u70b9\u3092\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u305f\u304b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u3082\u3057\u304b\u3057\u305f\u3089\u300c\u4fa1\u683c\u306e\u4e0b\u843d\u4ee5\u4e0a\u306b\u6b8b\u50b5\u304c\u6e1b\u3063\u3066\u3044\u308c\u3070\u640d\u306f\u3057\u306a\u3044\u300d\u300c\u6b8b\u50b5\u304c\uff10\u306b\u306a\u308b\u307e\u3067\u4fdd\u6709\u3059\u308c\u3070\u5132\u304b\u308b\u300d<\/strong>\u3068\u3044\u3046\u3054\u610f\u898b\u3092\u6301\u305f\u308c\u305f\u65b9\u3082\u3044\u3089\u3063\u3057\u3083\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3053\u3053\u304b\u3089\u306f\u3055\u3089\u306b\u6295\u8cc7\u5206\u6790\u3092\u8e0f\u307f\u8fbc\u3093\u3067\u8003\u3048\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u5206\u6790\u3092\u884c\u3046\u3053\u3068\u3067\u6295\u8cc7\u306e\u52b9\u7387\u6027\u304c\u308f\u304b\u308b<\/strong><\/h2>\n\n\n\n

A\u30de\u30f3\u30b7\u30e7\u30f3\u3000\u60f3\u5b9a\u6761\u4ef6\uff1a10\u5e74\u5f8c\u58f2\u5374\u30fb\u30d5\u30eb\u30ed\u30fc\u30f3<\/h3>\n\n\n\n
\u8cfc\u5165\u4fa1\u683c<\/td>4,000\u4e07\u5186\uff08\u5229\u56de\u308a4.5\uff05\uff09<\/td><\/tr>
\uff0b\u8cfc\u5165\u8af8\u7d4c\u8cbb<\/td>180\u4e07\u5186(\u4e0d\u52d5\u7523\u4fa1\u683c\u306e4.5\uff05\u203b\u58f2\u4e3b\u76f4\u306e\u5834\u5408)<\/td><\/tr>
\uff1d\u7dcf\u6295\u8cc7\u984d<\/td>4,180\u4e07\u5186<\/td><\/tr>
\uff0d\u30ed\u30fc\u30f3\u501f\u5165LB<\/td>4,000\u4e07\u5186(1.5%30\u5e74\u8fd4\u6e08)<\/td><\/tr>
\uff1d\u6295\u8cc7\u8cc7\u91d1Eq<\/td>180\u4e07\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\u58f2\u5374\u4fa1\u683c<\/td>3,300\u4e07\u5186\uff08\u5229\u56de\u308a4.89%\uff09<\/td><\/tr>
\uff0d\u58f2\u5374\u7d4c\u8cbb<\/td>132\u4e07\u5186(\u58f2\u5374\u4fa1\u683c\u306e4%)\u3000\u3000\u3000\u3000<\/td><\/tr>
\uff0d\u30ed\u30fc\u30f3\u6b8b\u50b5<\/td>2,860\u4e07\u5186<\/td><\/tr>
\uff0d\u8b72\u6e21\u6240\u5f97\u7a0e<\/td>0\u4e07\u5186<\/td><\/tr>
\uff1d\u58f2\u5374\u624b\u53d6\u308a<\/td>307\u4e07\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
GPI(\u7dcf\u6f5c\u5728\u53ce\u5165)<\/td>180\u4e07\u5186(\u8cc3\u6599\u6708\u984d15\u4e07\u5186\u00d712\u304b\u6708)<\/td><\/tr>
\uff0d\u7a7a\u5ba4\u7387\u3000<\/td>3.0\uff05<\/td><\/tr>
\uff0dOPEX(\u904b\u55b6\u8cbb)<\/td>45\u4e07\u5186(GPI\u306e25\uff05)<\/td><\/tr>
\uff1dNOI(\u55b6\u696d\u7d14\u5229\u76ca)\u3000\u3000<\/td>130\u4e07\u5186<\/td><\/tr>
\uff0dADS(\u5e74\u9593\u8fd4\u6e08\u984d)<\/td>165\u4e07\u5186<\/td><\/tr>
\uff1dBTCF(\u7a0e\u5f15\u524d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc)<\/td>\u25b235\u4e07\u5186<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

FCR(\u7dcf\u53ce\u76ca\u7387\uff1dNOI\u00f7\u7dcf\u6295\u8cc7\u984d)3.11%<\/strong>\uff1cK\uff05(\u501f\u5165\u30b3\u30b9\u30c8\uff1dADS\u00f7\u30ed\u30fc\u30f3\u6b8b\u9ad8)4.14\uff05\u3000<\/strong><\/p>\n\n\n\n

\u203b\u300cFCR\uff1cK\uff05\u300d\u306f\u9006\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u72b6\u614b\u306a\u306e\u3067\u6295\u8cc7\u3057\u305f\u81ea\u5df1\u8cc7\u91d1\u306e\u5229\u56de\u308aCCR(\uff1dCF\u00f7Eq)\u304c\u7269\u4ef6\u81ea\u4f53\u306e\u5229\u56de\u308a(FCR)\u3092\u4e0b\u56de\u3063\u3066\u3057\u307e\u3046\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u5206\u6790\u306b\u5fc5\u8981\u306a\u9805\u76ee\u3068\u6ce8\u610f\u4e8b\u9805<\/h2>\n\n\n\n

1\uff0e \u8cc3\u6599\u67fb\u5b9a<\/h3>\n\n\n\n

\u5b9f\u969b\u306b\u52df\u96c6\u3057\u305f\u3089\u3044\u304f\u3089\u3067\u6c7a\u307e\u308b\u306e\u304b\u3092\u8abf\u3079\u307e\u3059\u3002<\/p>\n\n\n\n

\u4e0d\u52d5\u7523\u4f1a\u793e\u306e\u67fb\u5b9a\u3092\u9d5c\u5451\u307f\u306b\u305b\u305a\u81ea\u8eab\u3067\u67fb\u5b9a\u3092\u884c\u3044\u3001\u6642\u306b\u306f\u5730\u5143\u306e\u4e0d\u52d5\u7523\u4f1a\u793e\u306b\u30d2\u30a2\u30ea\u30f3\u30b0\u3059\u308b\u3053\u3068\u3082\u5927\u5207\u3067\u3059\u3002\u6642\u9593\u304c\u306a\u3044\u6642\u306f\u30dd\u30fc\u30bf\u30eb\u30b5\u30a4\u30c8\u3067\u898b\u308b\u3060\u3051\u3067\u3082\u53c2\u8003\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u7279\u306b\u5206\u8b72\u30de\u30f3\u30b7\u30e7\u30f3\u306f\u904e\u53bb\u306e\u52df\u96c6\u4e8b\u4f8b\u304c\u8f09\u3063\u3066\u3044\u308b\u305f\u3081\u6bd4\u8f03\u3057\u3084\u3059\u3044\u3067\u3059\u3002\u540c\u3058\u5efa\u7269\u5185\u306b\u52df\u96c6\u4e8b\u4f8b\u304c\u306a\u3044\u5834\u5408\u306f\u3001\u5834\u6240\u3084\u6761\u4ef6\u304c\u8fd1\u3044\u3082\u306e\u3092\u53c2\u8003\u306b\u3057\u307e\u3059\u3002\u8cc3\u6599\u67fb\u5b9a\u306f\u6295\u8cc7\u306e\u6839\u5e79\u3092\u306a\u3059\u3082\u306e\u3067\u3042\u308a\u3001\u6295\u8cc7\u7d50\u679c\u3092\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u8981\u7d20\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n\n\n\n

2\uff0e \u7a7a\u5ba4\u7387<\/h3>\n\n\n\n

\u7a7a\u5ba4\u7387\uff1d\uff11\uff0d\u5c45\u4f4f\u5e74\u6570\u00f7(\u5e73\u5747\u5c45\u4f4f\u5e74\u6570\uff0b\u7a7a\u5ba4\u65e5\u6570)
\u30ef\u30f3\u30eb\u30fc\u30e0\u306e\u5834\u5408\u3001\u5c45\u4f4f\u5e74\u6570\u306f\u5e73\u5747\u7684\u306b4\u5e74(48\u304b\u6708)\u3067\u3059\u3002\u7a7a\u5ba4\u65e5\u6570\u306f\u7269\u4ef6\u3084\u52df\u96c6\u6761\u4ef6\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u5e73\u5747\u7684\u306b1.5\uff5e2.0\u304b\u6708\u3067\u3059\u3002<\/p>\n\n\n\n

\u52df\u96c6\u6642\u671f\u306b\u3082\u3088\u308a\u307e\u3059\u304c\u3001\u90fd\u5185\u30ef\u30f3\u30eb\u30fc\u30e0\u306e\u5834\u5408\u5e73\u5747\u7a7a\u5ba4\u7387\u306f3\uff5e4\uff05\u524d\u5f8c\u3067\u3059\u3002
<\/strong>
\u7a7a\u5ba4\u7387\uff1d1\u201048\u304b\u6708\u00f7(48\u304b\u6708\uff0b1.5\u304b\u6708)\uff1d3.03\uff05
\u7a7a\u5ba4\u7387\u304c\u9ad8\u3059\u304e\u308b\u3068\u76f8\u5834\u3088\u308a\u3082\u8cc3\u6599\u304c\u9ad8\u304f\u3001\u4f4e\u3059\u304e\u308b\u3068\u8cc3\u6599\u304c\u5b89\u3059\u304e\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

3\uff0e OPEX(\u904b\u55b6\u8cbb)<\/h3>\n\n\n\n

\u90fd\u5185\u306e\u5206\u8b72\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u5834\u5408\u3001\u4e00\u822c\u7684\u306bGPI\u306e20\uff5e25\uff05\u7a0b\u5ea6\u3067\u3059\u304c\u8cc3\u6599\u5358\u4fa1\u306e\u4f4e\u3044\u5730\u65b9\u7269\u4ef6\u3067\u306f\u3055\u3089\u306b\u8ca0\u62c5\u5272\u5408\u304c\u5897\u3048\u307e\u3059\u3002\u307e\u305f\u3001\u7bc9\u5e74\u6570\u304c\u7d4c\u3064\u306b\u3064\u308c\u3066OPEX\u3082\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

OPEX\u306e\u5185\u8a33\u3068\u3057\u3066\u3001<\/p>\n\n\n\n

\u30fb\u8cc3\u8cb8\u7ba1\u7406\u8cbb(PM\u30d5\u30a3\u30fc)<\/strong><\/h4>\n\n\n\n


\u8cc3\u8cb8\u7d4c\u55b6\u30fb\u904b\u55b6\u306b\u95a2\u3059\u308b\u7ba1\u7406\u5168\u822c\u306b\u304b\u304b\u308b\u8cbb\u7528\u306e\u3053\u3068\u3092\u6307\u3057\u3001\u4e00\u822c\u7684\u306b\u8cc3\u6599\u306e3\uff5e5\uff05(\u5225\u9014\u6d88\u8cbb\u7a0e)\u304b\u304b\u308a\u307e\u3059\u3002\u696d\u52d9\u5185\u5bb9\u3068\u3057\u3066\u306f\u8cc3\u6599\u96c6\u91d1\u4ee3\u884c\u696d\u52d9\u3001\u30af\u30ec\u30fc\u30e0\u5bfe\u5fdc\u3001\u30ea\u30d5\u30a9\u30fc\u30e0\u306e\u63d0\u6848\u3001\u8cc3\u8cb8\u52df\u96c6\u696d\u52d9\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u30fb\u7ba1\u7406\u8cbb\u304a\u3088\u3073\u4fee\u7e55\u7a4d\u7acb\u91d1<\/strong><\/h4>\n\n\n\n


\u3053\u3053\u3067\u306e\u7ba1\u7406\u8cbb\u3068\u306f\u3001\u5171\u7528\u90e8\u306e\u7ba1\u7406\u696d\u52d9\u306b\u304b\u304b\u308b\u8cbb\u7528\u3092\u6307\u3057\u307e\u3059\u3002\u7ba1\u7406\u4eba\u306e\u624b\u914d\u3001\u5eca\u4e0b\u3084\u968e\u6bb5\u306e\u6e05\u6383\u3001\u30a8\u30ec\u30d9\u30fc\u30bf\u30fc\u3084\u30aa\u30fc\u30c8\u30ed\u30c3\u30af\u306a\u3069\u306e\u8a2d\u5099\u70b9\u691c\u3001\u30b4\u30df\u51fa\u3057\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002
\u4fee\u7e55\u7a4d\u7acb\u91d1\u3068\u306f\u3001\u5c06\u6765\u304b\u304b\u308b\u5927\u898f\u6a21\u4fee\u7e55(\u5c4b\u4e0a\u9632\u6c34\u3001\u9244\u90e8\u5857\u88c5)\u3001\u914d\u7ba1\u4ea4\u63db\u306a\u3069\u306e\u4fee\u7e55\u8cbb\u7528\u306b\u5099\u3048\u308b\u7a4d\u7acb\u91d1\u5236\u5ea6\u3067\u3059\u3002\u7bc915\uff5e20\u5e74\u3067\u5927\u898f\u6a21\u4fee\u7e55\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u304f\u308b\u305f\u3081\u3001\u7a4d\u7acb\u91d1\u984d\u304c\u5c11\u306a\u3044\u3068\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u501f\u308a\u5165\u308c\u3092\u304a\u3053\u3057\u305f\u308a\u3001\u7ba1\u7406\u7d44\u5408\u304b\u3089\u8ffd\u52a0\u306e\u7a4d\u7acb\u91d1\u652f\u6255\u3044\u8981\u6c42\u304c\u304f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u7279\u306b\u3001\u65b0\u7bc9\u5206\u8b72\u30de\u30f3\u30b7\u30e7\u30f3\u3067\u306f\u5206\u8b72\u6642\u306b\u58f2\u308a\u3084\u3059\u3044\u3088\u3046\u306b\u4fee\u7e55\u7a4d\u7acb\u91d1\u3092\u4f4e\u3081\u306b\u8a2d\u5b9a\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u3001\u3042\u3068\u304b\u3089\u5927\u5e45\u306a\u5024\u4e0a\u3052\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b\u3068\u3044\u3046\u30b1\u30fc\u30b9\u304c\u591a\u304f\u307f\u3089\u308c\u307e\u3059\u3002<\/strong>\u307e\u305f\u3001\u30a4\u30f3\u30d5\u30ec\u30fb\u4eba\u624b\u4e0d\u8db3\u306b\u3088\u308a\u3053\u3053\u6570\u5e74\u3067\u7ba1\u7406\u8cbb\u30fb\u4fee\u7e55\u7a4d\u7acb\u91d1\u306f\u5927\u5e45\u306b\u5897\u984d\u3059\u308b\u50be\u5411\u306b\u3042\u308a\u73fe\u6642\u70b9\u3067\u7a4d\u7acb\u91d1\u306e\u5024\u4e0a\u304c\u308a\u306e\u306a\u3044\u7269\u4ef6\u3067\u3082\u5c06\u6765\u7684\u306b\u5024\u4e0a\u304c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

\u30fb\u56fa\u5b9a\u8cc7\u7523\u7a0e\u30fb\u90fd\u5e02\u8a08\u753b\u7a0e<\/strong><\/h4>\n\n\n\n


\u56fa\u5b9a\u8cc7\u7523\u7a0e\u30fb\u90fd\u5e02\u8a08\u753b\u7a0e\u306f\u3001\u6bce\u5e741\u67081\u65e5\u6642\u70b9\u306e\u6240\u6709\u8005\u304c\u7d0d\u7a0e\u7fa9\u52d9\u8005\u3068\u306a\u308a\u307e\u3059\u3002\u5e02\u533a\u753a\u6751\u304c\u7a0e\u984d\u3092\u8a08\u7b97\u3057\u3001\u7d0d\u7a0e\u7fa9\u52d9\u8005\u306b\u7d0d\u7a0e\u984d\u3092\u901a\u77e5\u3057\u3001\u7d0d\u7a0e\u8005\u306f\u305d\u308c\u306b\u57fa\u3065\u304d\u7a0e\u984d\u3092\u7d0d\u4ed8\u3057\u307e\u3059\u3002\u90fd\u5185\u3067\u306f\u6bce\u5e746\u6708\u9803\u306b\u8ab2\u7a0e\u660e\u7d30\u66f8\u304c\u7a0e\u52d9\u7f72\u304b\u3089\u9001\u3089\u308c\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u30fbAD(Advertisement\u3000\u5e83\u544a\u6599)<\/strong><\/h4>\n\n\n\n


\u5165\u5c45\u8005\u3092\u7d39\u4ecb\u3057\u3066\u304f\u308c\u305f\u5ba2\u4ed8\u3051\u696d\u8005\u306b\u652f\u6255\u3046\u624b\u6570\u6599\u3067\u3059\u3002\u30a8\u30ea\u30a2\u306b\u3088\u3063\u3066\u3082\u5909\u308f\u308a\u307e\u3059\u304c\u3001\u4e00\u822c\u7684\u306b\u306f\u8cc3\u6599\u306e0.5\uff5e1\u304b\u6708\u3067\u3001\u76f8\u5834\u3088\u308a\u8a2d\u5b9a\u8cc3\u6599\u304c\u9ad8\u3044\u5834\u5408\u306fAD\u304c2\u304b\u6708\u4ee5\u4e0a\u3068\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u7ba1\u7406\u4f1a\u793e\u306b\u3088\u3063\u3066\u306f\u5225\u9014\u5ba2\u4ed8\u3051\u624b\u6570\u6599(\u3042\u308b\u3044\u306f\u696d\u52d9\u59d4\u8a17\u6599)\u3068\u3044\u3063\u305f\u540d\u76ee\u3067\u624b\u6570\u6599\u3092\u8acb\u6c42\u3055\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u30fb\u539f\u72b6\u56de\u5fa9\u8cbb<\/strong><\/h4>\n\n\n\n


\u4e00\u822c\u7684\u306b\u30cf\u30a6\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8cbb\u7528\u306f\u8cc3\u501f\u4eba\u306e\u8ca0\u62c5\u3068\u306a\u308b\u305f\u3081\u3001\u7bc95\u5e74\u672a\u6e80\u306e\u7269\u4ef6\u3067\u306f\u307b\u3068\u3093\u3069\u8cbb\u7528\u304c\u767a\u751f\u3057\u307e\u305b\u3093\u3002\u305f\u3060\u3057\u7bc95\uff5e10\u5e74\u3092\u8d85\u3048\u308b\u3068\u30af\u30ed\u30b9\u306e\u5f35\u66ff\u8cbb\u7528\u3084\u30d5\u30ed\u30fc\u30ea\u30f3\u30b0\u306e\u5f35\u66ff\u3048\u3001\u30a8\u30a2\u30b3\u30f3\u6d17\u6d44\u306a\u3069\u306e\u30aa\u30fc\u30ca\u30fc\u8ca0\u62c5\u304c\u767a\u751f\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002

\u3055\u3089\u306b\u7bc910\u5e74\u3092\u8d85\u3048\u3066\u304f\u308b\u3068\u4f4f\u5b85\u8a2d\u5099(\u30a8\u30a2\u30b3\u30f3\u30fb\u7d66\u6e6f\u6a5f\u30fb\u6d74\u5ba4\u4e7e\u71e5\u6a5f\u7b49)\u306e\u6545\u969c\u304c\u8d77\u3053\u308b\u305f\u3081\u3001\u539f\u72b6\u56de\u5fa9\u8cbb\u7528\u304c\u5d69\u307f\u59cb\u3081\u307e\u3059\u3002\u3053\u3053\u3067\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u4fdd\u6709\u671f\u959310\u5e74\u3067\u58f2\u5374\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u305f\u3081\u539f\u72b6\u56de\u5fa9\u8cbb\u7528\u306f\u8003\u616e\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

4\uff0e\u8cfc\u5165\u8af8\u7d4c\u8cbb<\/strong><\/h3>\n\n\n\n

\u4e00\u822c\u7684\u306b\u4ee5\u4e0b\u306e\u9805\u76ee\u304c\u4e0a\u3052\u3089\u308c\u307e\u3059\u3002\u4e00\u822c\u7684\u306b\u7269\u4ef6\u4fa1\u683c\u306e8\uff05\u524d\u5f8c\u3067\u53ce\u307e\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n

\u58f2\u4e3b\u304b\u3089\u76f4\u63a5\u8cfc\u5165\u3059\u308b\u65b0\u7bc9\uff11R\u30de\u30f3\u30b7\u30e7\u30f3\u306f\u624b\u6570\u6599\u304c\u539f\u5247\u304b\u304b\u3089\u306a\u3044\u306e\u3067\u3001\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u7269\u4ef6\u4fa1\u683c\u306e4.5%\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u30fb\u4ef2\u4ecb\u624b\u6570\u6599<\/strong>\u3000\u3000\u7269\u4ef6\u4fa1\u683c\u00d73\uff05+6\u4e07\u5186\uff08\u5225\u9014\u6d88\u8cbb\u7a0e\uff09<\/p>\n\n\n\n

\u30fb\u878d\u8cc7\u624b\u6570\u6599\u3000<\/strong>\u3000\u878d\u8cc7\u3092\u53d7\u3051\u308b\u5834\u5408\u306b\u304b\u304b\u308b\u3002\u91d1\u878d\u6a5f\u95a2\u306b\u3088\u3063\u3066\u501f\u5165\u91d1\u984d\u306e1\uff5e2\uff05\u524d\u5f8c\u3002<\/p>\n\n\n\n

\u30fb\u767b\u8a18\u8cbb\u7528\u3000<\/strong>\u3000\u3000\u6240\u6709\u6a29\u79fb\u8ee2\u3001\u62b5\u5f53\u6a29\u8a2d\u5b9a\u3092\u53f8\u6cd5\u66f8\u58eb\u306b\u4f9d\u983c\u3059\u308b\u3002<\/p>\n\n\n\n

\u30fb\u706b\u707d\u4fdd\u967a\u6599\u3000<\/strong>\u3000\u6700\u95775\u5e74\u9593\u306e\u639b\u3051\u6368\u3066\u4fdd\u967a\u3002<\/p>\n\n\n\n

\u30fb\u53ce\u5165\u5370\u7d19\u4ee3\u3000<\/strong>\u3000\u58f2\u8cb7\u5951\u7d04\u66f8\u3084\u91d1\u92ad\u6d88\u8cbb\u8cb8\u501f\u5951\u7d04\u66f8\u306b\u8cbc\u4ed8\u3059\u308b\u3002<\/p>\n\n\n\n

\u30fb\u4e0d\u52d5\u7523\u6240\u5f97\u7a0e<\/strong>\u3000\u4e0d\u52d5\u7523\u306e\u5f15\u6e21\u3057\u3092\u53d7\u3051\u3066\u304b\u30896\u304b\u6708\u307b\u3069\u3067\u7a0e\u52d9\u7f72\u304b\u3089\u8acb\u6c42\u304c\u304f\u308b\u3002<\/p>\n\n\n\n

\u3059\u3079\u3066\u306e\u6295\u8cc7\u306f\uff29\uff32\uff32(\u5185\u90e8\u53ce\u76ca\u7387)\u3067\u6c7a\u307e\u308b<\/h2>\n\n\n\n

\u5168\u3066\u306e\u6295\u8cc7\u306f\uff29\uff32\uff32\u3067\u6c7a\u307e\u308b\u3068\u3044\u3063\u3066\u3082\u904e\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002
\uff29\uff32\uff32(\u5185\u90e8\u53ce\u76ca\u7387)\u3068\u306f\u3001\u300c\u6295\u8cc7\u306b\u3088\u3063\u3066\u5f97\u3089\u308c\u308b\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3001\u6295\u8cc7\u984d\u306e\u73fe\u5728\u4fa1\u5024\u304c\u7b49\u3057\u304f\u306a\u308b\u5272\u5f15\u7387\u300d<\/strong>\u306e\u3053\u3068\u3067\u3059\u3002\u3053\u306e\uff29\uff32\uff32\u306f\u7406\u89e3\u304c\u96e3\u3057\u3044\u306e\u3067\u3001\u5358\u7d14\u306b\u8aac\u660e\u3059\u308b\u3068\u3001\u671f\u4e2d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u58f2\u5374\u640d\u76ca\u306e\u5408\u8a08\u304c\u6295\u8cc7\u8cc7\u91d1\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u5132\u304b\u3063\u305f\u306e\u304b\u3092\u793a\u3059\u6307\u6a19<\/strong>\u3068\u8003\u3048\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u30a4\u30e1\u30fc\u30b8\u304c\u308f\u304d\u3084\u3059\u3044\u3068\u601d\u3044\u307e\u3059\u3002
<\/p>\n\n\n\n

\uff29\uff32\uff32\u306f\u6642\u9593\u3068\u8907\u5229\u306e\u6982\u5ff5\u304c\u7d44\u307f\u5408\u308f\u3055\u308b\u3053\u3068\u3067\u8907\u96d1\u5316\u3057\u307e\u3059\u304c\u3001\u6700\u521d\u306f\u30a4\u30e1\u30fc\u30b8\u306e\u7406\u89e3\u3060\u3051\u3067\u69cb\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u305f\u3060\u3057\uff29\uff32\uff32\u306f\u9ad8\u3051\u308c\u3070\u9ad8\u3044\u307b\u3069\u6295\u8cc7\u52b9\u7387\u304c\u9ad8\u3044\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u304c\u3001\u6295\u8cc7\u898f\u6a21\u3084\u30ea\u30b9\u30af\u306e\u5224\u65ad\u306f\uff29\uff32\uff32\u306e\u6570\u5024\u3068\u306f\u5225\u306b\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

10\u5e74\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h4>\n\n\n\n

\u524d\u8ff0\u306e\u60f3\u5b9a\u6761\u4ef6\u3067\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u884c\u3046\u3068\u3001\u904b\u55b6\u30fb\u58f2\u5374\u3092\u901a\u3058\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\uff08\uff1d\u8d64\u5b57\uff09\u3067\u3001\u5229\u76ca\u3092\u5f97\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u304c\uff11\u3064\u3082\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u4e00\u76ee\u77ad\u7136\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u5f53\u7136\u3001IRR(\u5185\u90e8\u53ce\u76ca\u7387)\u306f\u30de\u30a4\u30ca\u30b9\u3067\u6295\u8cc7\u3068\u3057\u3066\u6210\u308a\u7acb\u3061\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u6b8b\u50b5\u304c\uff10\u306b\u306a\u308b\u307e\u3067\u4fdd\u6709\u3057\u305f\u5834\u5408\u3067\u3082\u7d50\u8ad6\u306b\u5909\u308f\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

30\u5e74\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h4>\n\n\n\n

30\u5e74\u306e\u9577\u671f\u4fdd\u6709\u3068\u306a\u308b\u3068\u3001\u5c06\u6765\u767a\u751f\u3059\u308b\u5927\u898f\u6a21\u4fee\u7e55\u8cbb\u7528\u306a\u3069\u306eCAPEX(\u4fee\u7e55\u8cbb)\u3084\u5ba4\u5185\u306e\u6539\u4fee\u8cbb\u7528\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u53cd\u6620\u3055\u305b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u3053\u3067\u306f\u91d1\u984d\u304c\u672a\u77e5\u6570\u306a\u3053\u3068\u3082\u3042\u308a\u3001\u307e\u305f\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u53cd\u6620\u3055\u305b\u308b\u307e\u3067\u3082\u306a\u304f\u6295\u8cc7\u9069\u683c\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3067\u304d\u308b\u305f\u3081\u4eca\u56de\u306f\u7121\u8996\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

IRR(\u5185\u90e8\u53ce\u76ca\u7387)\u3067\u6295\u8cc7\u5206\u6790\u3092\u884c\u3046\u5927\u304d\u306a\u5f37\u307f\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u6295\u8cc7\u3067\u3082\u6570\u5b57\u3067\u6bd4\u8f03\u3067\u304d\u308b\u3053\u3068\u3067\u3059\u3002
<\/p>\n\n\n\n

\u4f8b\u3048\u3070\u5b9a\u671f\u9810\u91d1\u306f\u9ad8\u3044\u3082\u306e\u30670.8\uff5e1.0\uff05\u7a0b\u5ea6\u306e\u5229\u606f\u304c\u3064\u304d\u307e\u3059\u304c\u3001\u5143\u672c\u4fdd\u8a3c\u3067\u3059\u306e\u3067\u5b9a\u671f\u9810\u91d1\u306e\uff29\uff32\uff32\u306f0.8\uff5e1.0\uff05\u3067\u3059\u3002\u65b0\u7bc9\uff11\uff32\u30de\u30f3\u30b7\u30e7\u30f3\u306eIRR\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308c\u3070\u5b9a\u671f\u9810\u91d1\u306e\u307b\u3046\u304c\u6295\u8cc7\u3068\u3057\u3066\u306f\u512a\u308c\u3066\u3044\u308b\uff08\uff1d\u52b9\u7387\u304c\u826f\u3044\uff09\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u307e\u3068\u3081<\/h2>\n\n\n\n

\u300c\u55b6\u696d\u306e\u3072\u3068\u306b\u89aa\u5207\u306b\u3057\u3066\u3082\u3089\u3063\u305f\u304b\u3089\u300d\u300c\u3088\u304f\u77e5\u3063\u3066\u3044\u308b\u5834\u6240\u3060\u304b\u3089\u300d\u300c\u30e2\u30c7\u30eb\u30eb\u30fc\u30e0\u3092\u898b\u305b\u3066\u3082\u3089\u3063\u305f\u3089\u6c17\u306b\u5165\u3063\u3061\u3083\u3063\u3066\u300d\u3068\u3044\u3063\u305f\u3053\u3068\u3067\u76db\u308a\u4e0a\u304c\u308b\u6c17\u6301\u3061\u3082\u7406\u89e3\u3067\u304d\u307e\u3059\u304c\u3001\u6295\u8cc7\u306f\u3042\u304f\u307e\u3067\u3082\u6295\u8cc7<\/strong>\u3002
<\/p>\n\n\n\n

\u76db\u308a\u4e0a\u304c\u3063\u3066\u3044\u308b\u3068\u304d\u306b\u3053\u305d\u611f\u60c5\u306b\u6d41\u3055\u308c\u975e\u52b9\u7387\u306a\u5224\u65ad\u3092\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u306a\u3044\u304b\u51b7\u9759\u306b\u5224\u65ad\u3059\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n

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