DEFINITION OF RENT PAYMENT OF SPECIALIZED ASSETS

Managing surplus and non‑core assets can lead to preservation of the company’s competitive position in the market and increase the cost of equity. The transfer of such property in the lease will allow the company to cover the necessary transaction costs and increase non‑operating profits of the company. The paper proposes to solve the problem of substantiating the market rate of specialized property of an industrial enterprise using the iterative calculation method as part of the cost approach. The article presents a step‑by‑step algorithm for implementation of the method of assessing the market rent for the specialized property of an enterprise in an underdeveloped market where there are no proposals for leasing such facilities. To determine the rental rate of excess and non‑core assets of an enterprise, it is necessary to first calculate the market value of such property, and then, at a known value of the object and the market rate of return on capital, pick up rental payments that will allow recouping the capital investment and ensuring regular income. When building the cash flow of the rental business, tax payments and management expenses are taken into account. The paper calculated the discount rate for CAPM and WACC models and received rental income as of February 2017 for the transfer of specialized property for rent. The proposed step‑by‑step algorithm for implementing the definition of rental income is suitable for determining the market rate for the lease of a specialized property of a company in an undeveloped market. The value of the rate of return on equity for the ruble cash flow obtained in the work can be used in calculating the present value of cash flows of rental income

market rental cost, discount rate, rental income, capital return, excess assets, asset valuation, valuation activities, cost approach, rate of return on capital, iterative method.

Pupentsova S. V., Shabrova O. A. Definition of rent payment of pecialized assets. Business. Education. Law, 2019, no. 4, pp. 164–168. DOI: 10.25683/VOLBI.2019.49.432.