I was simply referring to the fact that the unit I looked at buying if mortgaged would not enjoy interest deductibility. I wasn't referring to KPG's situation...but I think you knew that already. You must be really "impressed" that in real inflation adjusted terms KPG's share price has been going backwards for the last two decades, let alone comparing it with the property index which it has been woefully underperforming. That's quite an "achievement" in this booming market.
Original investors in RYM in mid 1999 have made over 55 times their money in just over two decades, (I got some of that), whereas over that same timeframe KPG investors have seen their shares go from 93 cents ($1.48 in 2021 real inflation adjusted terms) to $1.17, a loss in value of 21% in real inflation adjusted terms against a backdrop of the housing index more than quadrupling over that timeframe. Inflation calculator is here, have a play with it and draw your own conclusions.
https://www.rbnz.govt.nz/monetary-po...on-calculator/
I think its crystal clear that over the long term KPG has been an absolute disaster as a property investment, (sort of okay if all anyone cares about is dividend yield). Two possible explanations present for this incredibly woeful long term underperformance. Investing in shopping malls is the worst possible asset class by a country mile and / or management are completely incompetent.
I'll leave you guys in peace which is, I am sure, what you really want...if people think it must be good buying because its at a discount to NTA or that this BTR thing is a game changer for KPG, and you trust management to deliver then good luck to you because I think its clear you are going to need it.