A commercial real estate investment fund must report its quarterly investment performance to investors. A summary of its (i) beginning and end-of-quarter assets and equity and (2) cash inflows and outflows during the quarter are as follows: Other investments will earn 4% interest (1\% per quarter) and property debt will be at a 6% rate 1.5% per quarter) The properties were appraised at the end of the quarter for $674 million. Assume any interest on short-term investments is offset by interest paid on short-term debt. Required: a. What would be the beginning equity volue? b. What would be the ending equity value (MVEE)? c. Assuming that all cash flows from operations, equity contributions, acquisitions, and distributions occurred at the end of the quartec, what would be the quarterly return (IRR)? d. Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. (Investor contributions still occur at the end of the quarter.) What would be an approximation to the IRR using the Modified Dietz approsch? c. Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. What would the refum be before fees? (Investor contributions still occur at the end of the quarter) f. Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quartec. What would be return at the property level? (investor contributions still occur at the end of the quartec) What would be the beginning equity value? (Do not feund intermediate calciations. Enter your answer in ruilions.) Answer is not complete. Complete this question by entering your answers in the tabs below. What would be the ending equity value (MVEE)? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Assuming that all cash fiows from operations, equity contributions, acquisitions, and distributions eccurred at the end of the quarter, what would be the quarterly return (IRR)? (Do not round intermediake caiculations, Round your final anawer ta 2 . decimal places: Assume that all cash distributions to investors occurred equally in 30-day intervals during the quarter. (Investor contributions still occur at the end of the quarter.) What would be an approximation to the IRR using the Modified Dietz approach? (Do not) round intermediate calculations. Round your final answer to 2 decimal places.) Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. What would the return be before fees? (Investor contributions still occur at the end of the quarteri) (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Assume that all cash distributions to investors occurred equally in 30 -day intervals during the quarter. What would be return at the property level? (Investor contributions still occur at the end of the quarter) (Do not round intermediate calculations. Round your final answer to 2 decimal placer.)
