{"id":229971,"date":"2025-05-08T03:40:28","date_gmt":"2025-05-08T03:40:28","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/impact-of-p-nav-ratios-on-acquisitions-and-rights-issues\/"},"modified":"2025-05-08T03:40:28","modified_gmt":"2025-05-08T03:40:28","slug":"impact-of-p-nav-ratios-on-acquisitions-and-rights-issues","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=229971","title":{"rendered":"Impact of P\/NAV ratios on acquisitions and rights issues"},"content":{"rendered":"


\n<\/p>\n

\n

\u00a0<\/span><\/p>\n

Earlier this week, I was having a conversation where I was
\ntrying to explain how some REITs are able to consistently make acquisitions and
\ngrow their AUM, while other REITs are not. My view is that the difference is
\nmainly down to their price to net asset value (P\/NAV) ratio which the market
\nassigns to the REITs. REITs with P\/NAV greater than 1 are able to take advantage
\nof this cheaper cost of equity to make yield and NAV accretive acquisitions,
\nwhereas REITs with P\/NAV at or below 1 are unable to do the same \u2013 acquisitions
\nwould often not be feasible as this would result in NAV and yield being
\ndilutive. <\/span><\/p>\n

I illustrate this with the examples below.<\/span><\/p>\n

<\/a><\/div>\n


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

Let\u2019s say we have two REITs, Reit A and Reit B. Both have
\nsimilar properties valued at 1 mil, and generate a gross yield of 4%. Interest
\ncosts are 2.5%, and the gearing ratio of both Reits are 40% – meaning that the
\ncapital structure of the reit comprises of 40% debt and 60% equity. Both Reits
\nhave 600,000 shares issued, which gives the Reits a net asset value of $1 per
\nshare each. Up till now, both Reits have exactly the same metrics. <\/span><\/p>\n

Now, let\u2019s assume that as the units of both Reits are traded
\non the market, somehow, Reit A\u2019s units are trading at a P\/NAV ratio of 0.9x,
\nwith a dividend yield of 5.56% (assuming 100% payout). Reit B\u2019s units are
\ntrading at a P\/NAV of 1.5x, with a dividend yield of 3.33%. <\/span><\/p>\n

What would then happen if both Reits were to look at making
\nan acquisition?<\/span><\/p>\n

<\/a><\/div>\n

<\/p>\n

If both Reits were to look at acquiring a property at \u201cmarket
\nvalue\u201d, in this case, meaning a property that gives the same gross yield as
\ntheir existing properties (4%). The target property is valued at $100,000, and
\nthe acquisition would be financed by the same debt to equity structure (40%
\ndebt and 60% equity), in order to maintain the same gearing ratio for the
\nReits. This is where the difference in share prices would matter to the Reits. If
\nthe discount on new shares is 10%, Reit A, has to issue 74,074 new shares to
\nraise $60,000 of equity, whereas Reit B only needs to issue 44,444 shares to raise
\nthe same amount of equity. This means that Reit B\u2019s cost of equity is \u201ccheaper\u201d,
\nbecause it needs to issue fewer shares to finance the acquisition, hence resulting
\nin lesser dilution of its outstanding shares.<\/p>\n

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

<\/a><\/div>\n


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

When evaluating the proposed acquisition, both Reits would
\npublish the \u201cpro forma\u201d financial impact of the acquisitions. Here, the capital
\nstructure of both reits remain the same (40% debt 60% equity). The gross property
\nyield remains the same, because we are purchasing a property which gives the
\nsame yield as the existing property portfolio, and the interest cost remains at
\n2.5%. The pro forma impact on both Reits would be that the acquisition would be
\ndilutive Reit A\u2019s NAV and yield. NAV will drop to $0.98, while dividend yield,
\nbased on the theoretical ex-rights price (TERP) would be 5.50%, down from 5.56%.
\n<\/span><\/p>\n

On the other hand, Reit B would see its NAV rise from $1 to
\n$1.02, and its dividend yield would increase from 3.33% to 3.44% – both NAV and
\nyield accretive. <\/span><\/p>\n

What would be the impact of the proposed rights issue for
\nboth Reits? <\/span><\/p>\n

It is likely that Reit A\u2019s shareholders would not approve
\nthe deal \u2013 nobody likes coughing up more cash, only to see their NAV and
\ndividends get diluted. In fact, the Reit manager for Reit A might not even propose
\nthe deal to shareholders, given that it is likely to fail. On the other hand Reit
\nB\u2019s shareholders would likely be glad to throw extra cash at the Reit \u2013 given that
\nthe deal is NAV and yield accretive.<\/span><\/p>\n

What can we understand from these two examples?<\/span><\/p>\n

Fundamentally speaking, there is no difference between the
\ntwo Reits, as well as the property that is to be acquired. The only difference
\nhere is that Reit B is trading at a much higher P\/NAV ratio, which allows it to
\nissue fewer shares to make the same acquisition, hence resulting in it being NAV
\nand yield accretive. The longer term impact would be more crucial. Reit B can
\ncontinue to grow its AUM with more yield accretive acquisitions, and reap
\nbenefits such as lower interest costs on its larger asset base, as well as perceived
\n\u201cstability\u201d from it being a much larger Reit. The market would also view Reit B
\nas consistently \u201cgrowing\u201d, thus may be willing to pay a premium for Reit B.
\nThis results in a positive cycle for Reit B, all of which started from the mere
\nfact that its P\/NAV was higher than Reit A.<\/span><\/p>\n

What can Reit A do to grow?<\/span><\/p>\n

This is not the end of the road for Reit A. It can still
\ngrow, but it would require different approaches to grow its AUM. Firstly, Reit
\nA would probably be more selective in its acquisition targets, looking for properties
\nthat yield above market gross yields (in this case, >4%). Reit A can also
\nconsider other financing options, such as issuing perpetual securities, which
\ncount as equity instead of debt. Lastly, Reit A can also consider taking on a
\nmore aggressive financing structure for the acquisition, for example, using a
\n60% debt\/40% equity mix, and play around with the numbers until the acquisition
\ncan be yield and NAV accretive. However, this would increase the Reit\u2019s overall
\ngearing ratio.<\/span><\/p>\n

Conclusion<\/span><\/p>\n

The conclusion here is that simply having a higher P\/NAV
\nratio can result in tangible long term benefits for a Reit, if the Reit is able
\nto take advantage of their \u201ccheap\u201d cost of equity to make acquisitions. In fact,
\nraising equity when share prices are high is what many companies are doing, for
\nexample, fast growing companies such as Tesla or Sea Ltd have taken advantage
\nof their high share prices to raise equity. Even meme stocks such as AMC have
\ndone the same. <\/span><\/p>\n

Of course, there are other factors that influence a Reit\u2019s
\nability to grow, such as the sponsor strength, pipeline of properties from the
\nsponsor, capital recycling etc, but this article mainly serves to explain the impact
\nof having a high P\/NAV on acquisitions and rights issues. <\/span><\/p>\n

Disclaimer: This article is intended for informational and discussion purposes only, and do not constitute financial advice. When in doubt, please contact a licensed financial adviser.<\/span><\/i><\/span><\/span><\/p>\n

If you enjoy my articles, please ‘Like’ my Facebook Page at:\u00a0<\/b><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

\u00a0 Earlier this week, I was having a conversation where I was trying to explain how some REITs are able to consistently make acquisitions and grow their AUM, while other REITs are not. 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