KPG - Kiwi Property Group Limited

[macduffy]

Any opinions on this? Was almost trading on a 20% discount to NTA this morning.

Yes, looks tempting - but so do a lot of others! The big unknown, of course, is what the downturn will do to retailers' capacity to keep their tenancies and to keep paying those rentals!

[ratkin]

Any opinions on this? Was almost trading on a 20% discount to NTA this morning.

If you think there will not be an epidemic in NZ they look great. Basically that the bet you are taking, because if there is one those malls will be ghost towns

[Beagle]

If you think there will not be an epidemic in NZ they look great. Basically that the bet you are taking, because if there is one those malls will be ghost towns

Agreed and then there's this, https://www.linkedin.com/pulse/world...tin-lindstrom/. (Thanks Winner69 for the very interesting information). Will we see some degree of permanent change in consumer behaviour towards malls ?

[kiwijay]

Have a BUY order placed on KPG now. Seems like a heavy discount to their NTA, and given their significant property portfolio, I'm pretty confident about their future.

[fungus pudding]

Have a BUY order placed on KPG now. Seems like a heavy discount to their NTA, and given their significant property portfolio, I'm pretty confident about their future.

Also the other LPTs like Argosy, Stride, Goodmans, Property for industry, Precinct - all worth picking through. Remember the intrinsic value of warehouses, office buildings etc is heavily underpinned by bricks and mortar - while shopping malls, big box retailers etc are heavily underpinned by their location and foot-traffic, and not so much by the structure. Their tenants ability to pay rent will be more affected by the economy - some rents may need to be renegotiated.

[Beagle]

Just got an email for Reading Cinema's All cinema's across Australia and New Zealand closed until further notice. Posted in here because they have a cinema in my local mall owned by KPG. I think this is an ominous sign for times ahead for KPG. I am certain many of their tenants will not be in a position to pay rent for the foreseeable future.

Event theatre's also closing today https://www.nzherald.co.nz/entertain...ectid=12319045

[Beagle]

https://www.nzx.com/announcements/351283

Interesting announcement this morning. Cancellation of half year dividend, pay cuts, other cost savings measures and deferral of capex are all signs that the effect on this relatively modestly geared company is very serious.

[Balance]

https://www.nzx.com/announcements/351283

Interesting announcement this morning. Cancellation of half year dividend, pay cuts, other cost savings measures and deferral of capex are all signs that the effect on this relatively modestly geared company is very serious.

Bracing for a lot of tenants to have to stop or defer paying rents.

[Ggcc]

Bracing for a lot of tenants to have to stop or defer paying rents.

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

[Balance]

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.