{"id":10852,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm3\/"},"modified":"2026-09-22T07:07:08","modified_gmt":"2026-09-21T22:07:08","slug":"cfa-l2-alt-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Alternatives LM3\u3011Investments in Real Estate through Publicly Traded Securities \u3092\u8981\u70b9\u89e3\u8aac\uff5cREIT\u30fbNAVPS\u30fbFFO\uff0fAFFO\u30fbREIT\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 3\u300cInvestments in Real Estate through Publicly Traded Securities\uff08\u4e0a\u5834\u8a3c\u5238\u3092\u901a\u3058\u305f\u4e0d\u52d5\u7523\u6295\u8cc7\uff09\u300d\u306f\u3001\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306e\u7a2e\u985e\u3001NAVPS\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u4fa1\u5024\uff09\u306b\u3088\u308b\u8a55\u4fa1\u3001FFO\u3068AFFO\u306e\u4f7f\u3044\u65b9\u3001NAV\u30fb\u76f8\u5bfe\u4fa1\u5024\uff08P\/FFO\u3001P\/AFFO\uff09\u30fbDCF\u306b\u3088\u308bREIT\u682a\u5f0f\u306e\u8a55\u4fa1\u3001\u79c1\u52df\u5f62\u614b\u3068\u6bd4\u3079\u305f\u4e0a\u5834\u8a3c\u5238\u306b\u3088\u308b\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u9577\u6240\u30fb\u77ed\u6240\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM3\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM3\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306e\u7a2e\u985e\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss types of publicly traded real estate securities<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306e\u8a55\u4fa1\u306b\u304a\u3051\u308bNAVPS\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u4fa1\u5024\uff09\u306e\u5229\u7528\u3092\u6b63\u5f53\u5316\u3057\u3001\u4e88\u60f3\u73fe\u91d1NOI\u306b\u57fa\u3065\u3044\u3066NAVPS\u3092\u63a8\u5b9a\u3059\u308b<\/span><span class=\"en\">justify the use of net asset value per share (NAVPS) in valuation of publicly traded real estate securities and estimate NAVPS based on forecasted cash net operating income<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1aREIT\u306e\u8a55\u4fa1\u306b\u304a\u3051\u308bFFO\uff08funds from operations\uff09\u3068AFFO\uff08adjusted funds from operations\uff09\u306e\u4f7f\u3044\u65b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the use of funds from operations (FFO) and adjusted funds from operations (AFFO) in REIT valuation<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u7d14\u8cc7\u7523\u4fa1\u5024\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u76f8\u5bfe\u4fa1\u5024\u30a2\u30d7\u30ed\u30fc\u30c1\uff08P\/FFO\u3001P\/AFFO\uff09\u3001DCF\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7528\u3044\u3066REIT\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the value of a REIT share using the net asset value, relative value (price-to-FFO and price-to-AFFO), and discounted cash flow approaches<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u79c1\u52df\u5f62\u614b\u3068\u6bd4\u8f03\u3057\u305f\u3001\u4e0a\u5834\u8a3c\u5238\u3092\u901a\u3058\u305f\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u9577\u6240\u3068\u77ed\u6240\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain advantages and disadvantages of investing in real estate through publicly traded securities compared to private vehicles<\/span><\/li>\n<\/ol>\n<h2>LM3\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306e\u4e3b\u306a\u7a2e\u985e\u306fREIT\u3001REOC\uff08\u4e0d\u52d5\u7523\u4e8b\u696d\u4f1a\u793e\uff09\u3001RMBS\u3001CMBS<\/li>\n<li>REIT\u306f\u4ed6\u306e\u4e0a\u5834\u682a\u5f0f\u306b\u6bd4\u3079\u3066\u914d\u5f53\u5229\u56de\u308a\u304c\u9ad8\u304f\u3001\u53ce\u76ca\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u5b89\u5b9a\u3057\u3084\u3059\u3044\u3002\u4fdd\u6709\u4e0d\u52d5\u7523\u306b\u6d3b\u767a\u306a\u79c1\u52df\u5e02\u5834\u304c\u3042\u308b\u305f\u3081\u7d14\u8cc7\u7523\u4fa1\u5024\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u308b\u8a55\u4fa1\u306b\u306a\u3058\u3080<\/li>\n<li>REIT\u306fREOC\u306b\u6bd4\u3079\u914d\u5f53\u5229\u56de\u308a\u304c\u9ad8\u304f\u6cd5\u4eba\u7a0e\u306e\u514d\u9664\u3092\u53d7\u3051\u3089\u308c\u308b\u4e00\u65b9\u3001\u4e8b\u696d\u306e\u67d4\u8edf\u6027\u304c\u4f4e\u304f\u3001\u9ad8\u3044\u914d\u5f53\u6027\u5411\u306e\u305f\u3081\u5185\u90e8\u7559\u4fdd\u306b\u3088\u308b\u6210\u9577\u4f59\u5730\u304c\u5c0f\u3055\u3044<\/li>\n<li>REIT\u306e\u5206\u6790\u3067\u306f\u666f\u6c17\u3001\u5c0f\u58f2\u58f2\u4e0a\u3001\u96c7\u7528\u3001\u4eba\u53e3\u3001\u9700\u7d66\u306e\u52d5\u5411\u306b\u52a0\u3048\u3001\u7a3c\u50cd\u7387\u3001\u8cc3\u6599\u6c34\u6e96\u3001\u6b8b\u5b58\u30ea\u30fc\u30b9\u671f\u9593\u3001\u30c6\u30ca\u30f3\u30c8\u306e\u8ca1\u52d9\u5065\u5168\u6027\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u7d4c\u55b6\u306e\u8cea\u306a\u3069\u3092\u91cd\u8996\u3059\u308b<\/li>\n<li>\u53d6\u5f97\u539f\u4fa1\u30d9\u30fc\u30b9\u306e\u8ca1\u52d9\u8af8\u8868\u3092\u8abf\u6574\u3057\u3001FFO\u30fbAFFO\u3068\u3044\u3063\u305f\u53ce\u76ca\u6307\u6a19\u3084\u8cc7\u7523\u306e\u6642\u4fa1\u306b\u57fa\u3065\u304f\u7d14\u8cc7\u7523\u4fa1\u5024\u3092\u6c42\u3081\u308b<\/li>\n<li>REIT\u682a\u5f0f\u306e\u8a55\u4fa1\u624b\u6cd5\u306fNAVPS\u3001P\/FFO\u3084P\/AFFO\u306b\u3088\u308b\u76f8\u5bfe\u8a55\u4fa1\u3001\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u306a\u3069\u306eDCF<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306e\u7a2e\u985e<\/h3>\n<p>\u4e0a\u5834\u4e0d\u52d5\u7523\u8a3c\u5238\u306b\u306f\u3001\u4e0d\u52d5\u7523\u3092\u4fdd\u6709\u30fb\u904b\u55b6\u3057\u6cd5\u4eba\u7a0e\u306e\u514d\u9664\u3068\u5f15\u304d\u63db\u3048\u306b\u9ad8\u3044\u914d\u5f53\u3092\u884c\u3046<strong>REIT<\/strong>\u3001\u901a\u5e38\u306e\u8ab2\u7a0e\u4f1a\u793e\u3067\u3042\u308b<strong>REOC<\/strong>\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u30fb\u5546\u696d\u7528\u30ed\u30fc\u30f3\u3092\u88cf\u4ed8\u3051\u3068\u3059\u308b<strong>RMBS\u30fbCMBS<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002REIT\u306f\u4fdd\u6709\u8cc7\u7523\u306e\u7a2e\u985e\u306b\u3088\u308a\u30a8\u30af\u30a4\u30c6\u30a3REIT\u3068\u30e2\u30fc\u30b2\u30fc\u30b8REIT\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a8\u30af\u30a4\u30c6\u30a3REIT\uff1a\u30aa\u30d5\u30a3\u30b9\u3001\u30ea\u30c6\u30fc\u30eb\u3001\u4f4f\u5b85\u3001\u7269\u6d41\u3001\u30d8\u30eb\u30b9\u30b1\u30a2\u306a\u3069\u306e\u7269\u4ef6\u3092\u4fdd\u6709\u30fb\u904b\u55b6<\/li>\n<li>\u30e2\u30fc\u30b2\u30fc\u30b8REIT\uff1a\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3084MBS\u306b\u6295\u8cc7<\/li>\n<li>REIT\u306e\u8981\u4ef6\uff1a\u53ce\u76ca\u306e\u5927\u90e8\u5206\u3092\u914d\u5f53\u3068\u3057\u3066\u5206\u914d\u3001\u8cc7\u7523\u30fb\u53ce\u76ca\u306e\u5927\u534a\u304c\u4e0d\u52d5\u7523\u95a2\u9023<\/li>\n<li>REOC\uff1a\u914d\u5f53\u7fa9\u52d9\u304c\u306a\u304f\u3001\u958b\u767a\u3084\u518d\u6295\u8cc7\u306e\u81ea\u7531\u5ea6\u304c\u9ad8\u3044\u304c\u6cd5\u4eba\u7a0e\u304c\u8ab2\u3055\u308c\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1aNAVPS\u306b\u3088\u308b\u8a55\u4fa1<\/h3>\n<p>REIT\u306e\u4fdd\u6709\u4e0d\u52d5\u7523\u306b\u306f\u6d3b\u767a\u306a\u79c1\u52df\u5e02\u5834\u304c\u3042\u308b\u305f\u3081\u3001\u8cc7\u7523\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3057\u3066\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u304f<strong>NAVPS<\/strong>\u304c\u8a55\u4fa1\u306e\u57fa\u6e96\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002\u4e88\u60f3<strong>\u73fe\u91d1NOI<\/strong>\u3092\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3067\u9084\u5143\u3057\u3066\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u6c42\u3081\u3001\u305d\u306e\u4ed6\u8cc7\u7523\u3092\u52a0\u3048\u8ca0\u50b5\u3092\u63a7\u9664\u3057\u3066\u682a\u6570\u3067\u5272\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7c3f\u4fa1\uff08\u53d6\u5f97\u539f\u4fa1 \u2212 \u6e1b\u4fa1\u511f\u5374\uff09\u306f\u4e0d\u52d5\u7523\u306e\u7d4c\u6e08\u4fa1\u5024\u3092\u53cd\u6620\u3057\u306b\u304f\u3044<\/li>\n<li>\u73fe\u91d1NOI\uff1a\u8cc3\u6599\u306e\u5b9a\u984d\u5316\uff08\u30b9\u30c8\u30ec\u30fc\u30c8\u30e9\u30a4\u30f3\uff09\u306a\u3069\u306e\u975e\u73fe\u91d1\u9805\u76ee\u3092\u8abf\u6574<\/li>\n<li>\u7fcc\u671f\u306e\u4e88\u60f3NOI\u3092\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3067\u5272\u3063\u3066\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092\u63a8\u5b9a<\/li>\n<li>NAVPS\u306b\u5bfe\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\uff0f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3067\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad<\/li>\n<li>\u7121\u5f62\u8cc7\u7523\u3084\u7e70\u5ef6\u9805\u76ee\u306a\u3069\u306f\u901a\u5e38\u63a7\u9664\u3059\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">NAVPS \uff1d\uff08\u4e88\u60f3\u73fe\u91d1NOI \u00f7 \u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8 \uff0b \u73fe\u91d1\u7b49\u305d\u306e\u4ed6\u8cc7\u7523 \u2212 \u8ca0\u50b5\uff09\u00f7 \u767a\u884c\u6e08\u682a\u5f0f\u6570<\/div>\n<h3>LOS 3\uff1aFFO\u3068AFFO<\/h3>\n<p>REIT\u306e\u53ce\u76ca\u529b\u306e\u6307\u6a19\u3068\u3057\u3066\u3001\u7d14\u5229\u76ca\u304b\u3089\u975e\u73fe\u91d1\u306e\u6e1b\u4fa1\u511f\u5374\u3092\u8db3\u3057\u623b\u3057\u3001\u4e0d\u52d5\u7523\u58f2\u5374\u640d\u76ca\u3092\u9664\u3044\u305f<strong>FFO<\/strong>\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002\u3055\u3089\u306b\u7dad\u6301\u7684\u306a\u8cc7\u672c\u652f\u51fa\u3068\u8cc3\u6599\u306e\u5b9a\u984d\u5316\u8abf\u6574\u3092\u5dee\u3057\u5f15\u3044\u305f<strong>AFFO<\/strong>\u306f\u3001\u914d\u5f53\u306b\u56de\u305b\u308b\u73fe\u91d1\u53ce\u76ca\u306b\u3088\u308a\u8fd1\u3044\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>FFO \uff1d \u7d14\u5229\u76ca \uff0b \u6e1b\u4fa1\u511f\u5374\u8cbb \u2212 \u4e0d\u52d5\u7523\u58f2\u5374\u76ca\uff08\uff0b\u58f2\u5374\u640d\uff09<\/li>\n<li>AFFO \uff1d FFO \u2212 \u8cc3\u6599\u306e\u5b9a\u984d\u5316\u306b\u3088\u308b\u975e\u73fe\u91d1\u8cc3\u6599 \u2212 \u7dad\u6301\u7684\u8cc7\u672c\u652f\u51fa<\/li>\n<li>AFFO\u306f\u6301\u7d9a\u7684\u306a\u914d\u5f53\u80fd\u529b\u306e\u76ee\u5b89\u306b\u306a\u308b\u304c\u3001\u7b97\u51fa\u306b\u306f\u63a8\u5b9a\u304c\u4f34\u3046<\/li>\n<li>FFO\u306f\u6a19\u6e96\u5316\u3055\u308c\u3066\u304a\u308a\u6bd4\u8f03\u3057\u3084\u3059\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">AFFO \uff1d FFO \u2212 \u975e\u73fe\u91d1\u8cc3\u6599 \u2212 \u7dad\u6301\u7684\u8cc7\u672c\u652f\u51fa<\/div>\n<h3>LOS 4\uff1aREIT\u682a\u5f0f\u306e\u8a55\u4fa1\u624b\u6cd5<\/h3>\n<p>REIT\u682a\u5f0f\u306f<strong>NAV\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3001<strong>\u76f8\u5bfe\u4fa1\u5024\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\uff08P\/FFO\u3001P\/AFFO\uff09\u3001<strong>DCF\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002\u76f8\u5bfe\u4fa1\u5024\u3067\u306f\u540c\u7a2e\u306eREIT\u306e\u500d\u7387\u3092\u5f53\u3066\u306f\u3081\u3001DCF\u3067\u306f\u914d\u5f53\u306a\u3069\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>P\/FFO\u30fbP\/AFFO\uff1a\u540c\u696dREIT\u306e\u500d\u7387 \u00d7 \u5bfe\u8c61REIT\u306e1\u682a\u5f53\u305f\u308aFFO\uff08AFFO\uff09<\/li>\n<li>\u500d\u7387\u306f\u6210\u9577\u898b\u901a\u3057\u3084\u30ea\u30b9\u30af\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u7269\u4ef6\u30bf\u30a4\u30d7\u3067\u8abf\u6574\u3057\u3066\u89e3\u91c8<\/li>\n<li>DCF\uff1a\u6570\u5e74\u9593\u306e\u914d\u5f53\u3092\u4e88\u6e2c\u3057\u3001\u6700\u7d42\u5e74\u306e\u4fa1\u5024\uff08\u500d\u7387\u3084\u6210\u9577\u30e2\u30c7\u30eb\uff09\u3092\u52a0\u3048\u3066\u5272\u308a\u5f15\u304f<\/li>\n<li>NAV\u306f\u79c1\u52df\u4e0d\u52d5\u7523\u5e02\u5834\u306e\u4fa1\u683c\u3001\u500d\u7387\u306fREIT\u5e02\u5834\u306e\u76f8\u5bfe\u8a55\u4fa1\u3092\u53cd\u6620<\/li>\n<\/ul>\n<div class=\"cfalm-f\">1\u682a\u5f53\u305f\u308a\u4fa1\u5024 \uff1d \u6bd4\u8f03\u5bfe\u8c61\u306eP\/FFO \u00d7 \u5bfe\u8c61REIT\u306e1\u682a\u5f53\u305f\u308aFFO<\/div>\n<h3>LOS 5\uff1a\u4e0a\u5834\u8a3c\u5238\u306b\u3088\u308b\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u9577\u6240\u30fb\u77ed\u6240<\/h3>\n<p>\u4e0a\u5834\u8a3c\u5238\u306b\u3088\u308b\u4e0d\u52d5\u7523\u6295\u8cc7\u306f<strong>\u6d41\u52d5\u6027<\/strong>\u3001\u5c11\u984d\u3067\u306e\u5206\u6563\u6295\u8cc7\u3001\u5c02\u9580\u5bb6\u306b\u3088\u308b\u904b\u55b6\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u3068\u60c5\u5831\u958b\u793a\u306e\u70b9\u3067\u6709\u5229\u3067\u3059\u3002\u4e00\u65b9\u3001<strong>\u682a\u5f0f\u5e02\u5834\u306b\u3088\u308b\u4fa1\u683c\u5909\u52d5<\/strong>\u3001\u4e8b\u696d\u306e\u67d4\u8edf\u6027\u306e\u5236\u7d04\u3001\u7a0e\u5236\u4e0a\u306e\u4e0d\u5229\u306a\u3069\u306e\u77ed\u6240\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9577\u6240\uff1a\u9ad8\u3044\u6d41\u52d5\u6027\u3001\u5c11\u984d\u3067\u306e\u6295\u8cc7\u3001\u5206\u6563\u3001\u5c02\u9580\u7684\u904b\u55b6\u3001REIT\u306e\u975e\u8ab2\u7a0e\uff08\u4e8c\u91cd\u8ab2\u7a0e\u306e\u56de\u907f\uff09<\/li>\n<li>\u9577\u6240\uff1a\u4e0a\u5834\u4f01\u696d\u3068\u3057\u3066\u306e\u60c5\u5831\u958b\u793a\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9<\/li>\n<li>\u77ed\u6240\uff1a\u682a\u5f0f\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5f71\u97ff\u3001\u76f4\u63a5\u4fdd\u6709\u306b\u6bd4\u3079\u6295\u8cc7\u5bb6\u306e\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u304c\u5c0f\u3055\u3044<\/li>\n<li>\u77ed\u6240\uff1a\u9ad8\u3044\u914d\u5f53\u6027\u5411\u306b\u3088\u308b\u5185\u90e8\u6210\u9577\u306e\u5236\u7d04\u3001\u76f4\u63a5\u4fdd\u6709\u306e\u7a0e\u5236\u4e0a\u306e\u5229\u70b9\u306e\u4e00\u90e8\u3092\u4eab\u53d7\u3067\u304d\u306a\u3044<\/li>\n<li>\u79c1\u52df\u4e0d\u52d5\u7523\u3088\u308a\u682a\u5f0f\u5e02\u5834\u3068\u306e\u76f8\u95a2\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm2\/\">LM2 Overview of Types of Real Estate Investment\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7a2e\u985e\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm4\/\">LM4 Hedge Fund Strategies\uff08\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u6226\u7565\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-alt\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Alternative Investments\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Alternative Investments LM3\u300cInvestments in Real Estate through Publicly Traded Securities\uff08\u4e0a\u5834\u8a3c\u5238\u3092\u901a\u3058\u305f\u4e0d\u52d5\u7523\u6295\u8cc7\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10852"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10852\/revisions"}],"predecessor-version":[{"id":11025,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10852\/revisions\/11025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11198"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}