GIPS.6.REAL ESTATE: when INCOME RETURN + CAPITAL RETURN = TOTAL RETURN?

CFA Level III Portfolio Management
#1

It seems that the following equation doesn’t hold for annual returns and sepecially for 3-year annualized returns:

INCOME RETURN + CAPITAL RETURN = TOTAL RETURN

Does it hold for quaterly return only?

#2

Yes I think so, I forget why though, anyone know?

#3

Sounds like multi-period attribution problem?

#4

It states that Income Return + Capital Return = Total Return is only for single-period observation.