yep higher gearing reduces NTA. i have seen this from a number of unlisted funds i hold, where NTA decline due to the gearing and associated acquisition costs.
Also i stated the LWR will not find any acquisitions above 5.5% cap rate in this environment. The recent coles HQ was purchased at 5.7%.
re other A-REITS do not have any meaningful % of properties in SA or WA. They made strategic decision not to hold any single asset in this location to make it more fund manager friendly.
For example DXS and IOF have zero % to 5% in WA and SA.
