23.08.2015 Views

Green Street Advisors’ Glossary of Commercial Real Estate Terms

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<strong>Green</strong> <strong>Street</strong> Advisors <strong>Glossary</strong> <strong>of</strong> <strong>Commercial</strong> <strong>Real</strong> <strong>Estate</strong> <strong>Terms</strong>19Warranted Premium/(Discount) to NAV:Warranted Share Price:See Warranted Premium/(Discount) to Assets/Value.NAV TotalWarranted Share Price Assets *(1 WarrantedPremium to Assets)TotalLiabilitiesShares OutstandingRepresents <strong>Green</strong> <strong>Street</strong>’s estimate <strong>of</strong> fair value for a company’s stock relative to its peers.Assumes overall sector share pricing is fair.See also Net Asset Value.See also Warranted Premium / (Discount) to Assets.Weighted Average Cost <strong>of</strong> Capital (WACC):The implied cost for a company to raise capital to purchase an asset. WACC includes allforms <strong>of</strong> capital, including equity, preferred equity, and debt holders. Unlike the WACCcalculations for companies in most industries, REITs do not benefit from an interest taxshield, which should encourage companies to use less debt than companies in other industries.See also Implied Weighted Average Cost <strong>of</strong> Capital .WWW.GREENSTREETADVISORS.COM© 2014, <strong>Green</strong> <strong>Street</strong> Advisors, Inc. - Use <strong>of</strong> this report is subject to the <strong>Terms</strong> <strong>of</strong> Use listed at the end <strong>of</strong> the report.

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