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.
Pressure is now on KPT to do the right thing by its tenants - how the hell are its tenants supposed to pay rent when they cannot even access their premises!
Here's Westfield saying that they will be following the Australian protocol - so minimum 50% rent waiver with the rest to be deferred, on a tenant by tenant basis.
"Scentre Group will immediately adopt the code principles and look to implement similar arrangements in New Zealand for affected small business retailers."
Not often I pay a compliment to Australians but good on Westfield and shame on KPT.
So you must realise business economics are far from grabbing a bunch of dollars out of the till and paying the bills every month. It simply doesn't work that way - particularly with seasonal businesses.
That is correct, but are you putting all of retailers into the seasonal business category? I have had owned businesses over 20 years in the retail sector, some were extremely seasonal and others were not. I worked through the GFC and I never failed to pay rent, GST, PAYE and all other expenses. People need to plan for the what ifs......
That is correct, but are you putting all of retailers into the seasonal business category? I have had owned businesses over 20 years in the retail sector, some were extremely seasonal and others were not. I worked through the GFC and I never failed to pay rent, GST, PAYE and all other expenses. People need to plan for the what ifs......
Agreed, Ggcc but you have to admit zero revenue for 4 weeks, stretching on to maybe another 4 weeks, is a pretty hard 'what if' to plan for!
Anyway, I think KPT has got its work cut out to get back in synch with its seriously pissed off tenants.
That is correct, but are you putting all of retailers into the seasonal business category? I have had owned businesses over 20 years in the retail sector, some were extremely seasonal and others were not. I worked through the GFC and I never failed to pay rent, GST, PAYE and all other expenses. People need to plan for the what ifs......
Would hazard a guess this chart will look different this time next year
Some struggling to pay PAYE today and GST due in a few weeks ...ouch for many (and it isn’t really their own cash anyway)
”When investors are euphoric, they are incapable of recognising euphoria itself “
Would hazard a guess this chart will look different this time next year
Some struggling to pay PAYE today and GST due in a few weeks ...ouch for many (and it isn’t really their own cash anyway)
Talked to one of the Sylvia Park tenants today.
He said his priority is simple - pay his staff, pay his suppliers (especially the SMEs who are struggling like him), re-negotiate other payments due (PAYE, Provisional tax etc) and KPT can get stuffed. See them in court - he along with the other tenants.
He made the point that KPT used to be really good to deal with until Colonial took over the management. When Colonial sold out, the local management seemed to have caught the Ozzie bug - arrogant, uncompromising and uncommunicative.
Agreed, Ggcc but you have to admit zero revenue for 4 weeks, stretching on to maybe another 4 weeks, is a pretty hard 'what if' to plan for!
Anyway, I think KPT has got its work cut out to get back in synch with its seriously pissed off tenants.
I do feel for people without rent for a month. I will have no revenue in my business for the level 3 lockdown coming up. It is serious and I understand. I hope to get some rent relief, but if I don't and I need to borrow/overdraft, I will. The government does not want businesses to close. I feel more for the employees, who are having a pay cut and trying to feed their family.
I employ 6 people part time and 2 full-time. I have offered them food from my own cupboards if they need it.
He said his priority is simple - pay his staff, pay his suppliers (especially the SMEs who are struggling like him), re-negotiate other payments due (PAYE, Provisional tax etc) and KPT can get stuffed. See them in court - he along with the other tenants.
He made the point that KPT used to be really good to deal with until Colonial took over the management. When Colonial sold out, the local management seemed to have caught the Ozzie bug - arrogant, uncompromising and uncommunicative.
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