The 5.3 cents per share forecast was contingent on no more lockdowns. Management keep their dog bowls at home and scoff heaps with or without lockdowns.
With KPG there always seems to be an excuse why they can't pay a proper dividend and there is no plan to get back to 6.95 cps pre covid, nothing even remotely resembling a plan. Management didn't even appear to give the impression at their most recent analysts call that getting back to pre covid level's of dividends was a priority of any kind. WTF ?? Is that the reason institutions are selling down their holdings ?
In fact answers in that call tended to indicate they are trying to give more stable returns going forward...in other words trying to stop the trend downwards while all the time taking ever increasing rewards themselves. Big talk about plans for Drury...but all in partnerships with others. How have their other partnerships been working out ? Is this the reason for their ever decreasing dividends ?
I reckon a sizeable discount to NTA is justified based on management's poor performance.