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  1. #41
    Advanced Member King1212's Avatar
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    Maybe all landlords should get a top lawyer....sue these tenants which have houses...new cars ..n toys at home

  2. #42
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    Quote Originally Posted by Ggcc View Post
    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.

    https://www.stuff.co.nz/business/120...ealand-tenants

    "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.

  3. #43
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    Quote Originally Posted by fungus pudding View Post
    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......

  4. #44
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    Quote Originally Posted by Ggcc View Post
    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.

  5. #45
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    Quote Originally Posted by Ggcc View Post
    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)
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    “What the wise man does in the beginning, the fool does in the end”

  6. #46
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    Quote Originally Posted by winner69 View Post
    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.
    Last edited by Balance; 20-04-2020 at 09:35 AM.

  7. #47
    percy
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    Your friend and his friends need to take care.
    Could find themselves locked out.

  8. #48
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    Quote Originally Posted by Balance View Post
    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.

  9. #49
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    Quote Originally Posted by percy View Post
    Your friend and his friends need to take care.
    Could find themselves locked out.
    KPT cannot enforce for 30 days and I cannot see KPT locking out 75% of its tenants.

    Plus, Westfield has set a precedent.
    Last edited by Balance; 20-04-2020 at 09:59 AM.

  10. #50
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    Quote Originally Posted by Balance View Post
    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.
    https://www.stuff.co.nz/business/121...by-almost-300m

  11. #51
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    Quote Originally Posted by Mogul View Post
    Do not hold, but surprised that a property yield company has decided not to pay a dividend. I thought reliable yield was a key reason for owning listed property shares. Does not inspire confidence.
    Take it as a signal that management aren't very confident, either. Potential lease terminations, lease/rent defaults, less customers through the malls etc.

  12. #52
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    Quote Originally Posted by Mogul View Post
    Do not hold, but surprised that a property yield company has decided not to pay a dividend. I thought reliable yield was a key reason for owning listed property shares. Does not inspire confidence.
    Yes - effectively by cancelling next dividend its like a rights issue they hopefully won't need to have - besides they had that last year, Disc- hold

  13. #53
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    Quote Originally Posted by macduffy View Post
    Take it as a signal that management aren't very confident, either. Potential lease terminations, lease/rent defaults, less customers through the malls etc.
    Certainly no lack of customers in Lynn Mall today. The place was packed. Anyone who had concerns whether customers would ever want to shop in malls again didn't need to worry.

  14. #54
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    Quote Originally Posted by Grimy View Post
    Certainly no lack of customers in Lynn Mall today. The place was packed. Anyone who had concerns whether customers would ever want to shop in malls again didn't need to worry.
    We were at Coastlands recently - same trend - looked like BAU

  15. #55
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    BAU-i certainly hope so but its early days. Unemployment aside, plenty of fashion houses (a mall mainstay) downsizing/closing around the world (and a bit here of course). One feels there is worse/a lot worse to come but Herald article yesterday, chap confident malls will evolve, might see more dentists and the likes replace the shops. Whether that attracts the masses that feed the small shops, who knows. On a US trip last year it was heart-wrenching to see how many malls were dead (as in totally, boarded up, grass in parking lots etc). Hope we dont get any of the same.

  16. #56
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    Quote Originally Posted by dibble View Post
    BAU-i certainly hope so but its early days. Unemployment aside, plenty of fashion houses (a mall mainstay) downsizing/closing around the world (and a bit here of course). One feels there is worse/a lot worse to come but Herald article yesterday, chap confident malls will evolve, might see more dentists and the likes replace the shops. Whether that attracts the masses that feed the small shops, who knows. On a US trip last year it was heart-wrenching to see how many malls were dead (as in totally, boarded up, grass in parking lots etc). Hope we dont get any of the same.
    Town planning and zoning will make sure that malls here are relatively secure, i.e. not threatened by never ending competing developments. To aggregate sufficient land is expensive and painfully slow in NZ. Whereas in the states all vacant green-fields present an opportunity. Mall buildings are cheap structures and easy to throw up as long as land is cheap as it is in some of U.S states where shop development is uncontrolled. For the same reason they can provide almost unlimited parking so as to attract the punters from all around.
    Last edited by fungus pudding; 14-06-2020 at 06:25 PM.

  17. #57
    percy
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    Walked through Northlands Morgue this morning.
    Had the smell of decay about it.

    Down the road KMart, Briscoes etc were doing the business.

  18. #58
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    https://www.nzx.com/announcements/354981

    Kiwi Property business and dividend update

    22/6/2020, 8:30 amCORPACT
    Kiwi Property is pleased to provide the following business and dividend update:
    Pedestrian count
    The number of visitors to Kiwi Property’s shopping centre portfolio has returned to pre-COVID-19 levels. Since New Zealand’s move to Alert Level 2 and the resumption of normal trading on 14 May, the average pedestrian count for the Company’s portfolio is up 1% on the same period last year. Some centres have recovered particularly strongly, including Sylvia Park in Auckland and The Plaza in Palmerston North.

    Rent relief
    Kiwi Property has taken a number of steps to mitigate the impact of COVID-19 across its business and to support its tenants. These measures include a comprehensive cost control programme and rent relief measures for affected retailers, and SMEs. Negotiations with Kiwi Property’s tenants are ongoing, however abatements are expected to be in-line with the guidance provided at the Company’s full year results (FFO [Note 1] impact of approximately $20 million or $14 million after tax, partially offset by an approximately $4.5 million reduction in tax resulting from the reinstatement of depreciation on commercial buildings).

    Dividend
    As previously reported, the Kiwi Property Board made the difficult decision not to proceed with the final dividend for the year ended 31 March 2020, due to the inherent uncertainty caused by COVID-19. In light of New Zealand’s return to Alert Level 1 and the increased clarity around the country’s trading environment, the Company intends to pay an interim dividend for the year ending 31 March 2021 [NOTE 2]. The dividend will comprise 90 – 100% of Kiwi Property’s underlying cash flows (AFFO [NOTE 1]) for the six-month period to 30 September 2020, in accordance with its new dividend policy.

    Further dividend and earnings updates will be provided to the market once trading conditions and rental collections have normalised.

  19. #59
    One Fearsome Feline winner69's Avatar
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    No paycheck for KPG shareholders until Christmas ...if things go OK
    “What the wise man does in the beginning, the fool does in the end”

  20. #60
    percy
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    Observations from visiting Northlands Mall last week.[from memory so may not be exact]
    Three large empty stores.
    Four small empty stores.
    Standard of tenants weaker.So many stores did not appear to have a viable business.A lot did not have the stock required to do a good turnover.
    Shoe stores are not a good sector yet there were about four sport shoe retailers and possibly three or four standard shoe retailers.
    Hairdressers.Two or three.Massage two,or three..Hair removal one or two.Nails etc two or three. ie over 10 in one sector.?
    Foodcourt.McDonalds as usual were the only ones busy.

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