I read on msn an article that rent will just be demanded. No rent reprieve. I can’t find the article but I was surprised
https://www.newsroom.co.nz/business/2020/04/05/1115485/pay-up-mega-shopping-mall-landlord-warns-tenants
Found it
Printable View
https://www.nzx.com/announcements/351878
Minus 8.5% reduction in valuation due to cover-a9 impact.
Just the start - there will be more as tenants hit the wall and already, many are banding together and refusing to pay rent.
https://www.rnz.co.nz/news/national/...aid-their-rent
Two thirds of retailers have not paid their rent this month, and almost half of commercial rents overall are still due, says a property software firm.
It does make me think how many business owners live week to week. I just don’t understand that they did not have enough to pay this months rent. Ok next month is another story, but this month??? I do feel that where possible landlords should provide rent relief, but you can’t expect it as a business owner. I paid my monthly rent in advance as a tenant, not with kiwi Property. We are trying to get some reprieve for next month, but if it can’t be done we will need to pay that as well. Luckily we don’t spend all off the businesses income and plan for the what if scenario.
Crying poor....the business owners enjoying their profit from business...buying houses, driving new cars... buy toys etc....did government or landlords say anything? As business owners...they need to prepare the rainy days.
I think all property stocks represent a great buy value...for long term. Where interest is super low.... assests will go up higher.
U will never buy KPG under NTA value ever in the last 10 years...
I can tell you that the letter sent by KPT rubbed all the retailers up the wrong way.
The tenants thought that KPT would, under the circumstances, offer to work with them in a co-ordinated approach with the government.
Instead, KPT basically told them that it's not KPT's problem!
Well, it has become a big problem now for KPT because the tenants have banded together and they are all refusing to pay rent. A top notch lawyer is advising them and KPT & other shopping mall operators are going to have a big fight on their hands.
And we know where the public and government's sympathy will be with.
Yes their letter was worded wrong. Heartless is some way. I will not invest in Kiwi Property from that letter to tenants alone.
My statement was that 2/3 of all tenants in nz not paying rent part. Rent reprieve is not a given.
If I was a shareholder I would not worried if the company negotiated a better outcome.