I looked at buying the shares instead which were $1.73 at the time of my review compared to last stated NTA of $2.20. This initially got me excited but as I looked deeper into the issues you've outlined Snoopy my enthusiasm waned. I then considered that we are well past the low of the interest rate cycle so with higher cap rates going forward the NTA will decline and the share price is merely front running that a little bit, (market is a forward looking beast).
At the end of the day, the gearing is very modest, (in the mid - late 20% range) and the leases are being paid by Countdown in the majority, (more than 60% of leases) and other big box retailers like Bunnings who are never going to go broke so I will get my 4.00% with almost no chance of a loss.
Shareholders on the other hand are faced with the very real prospect of NTA decreases and the continuation of the well entrenched downturn continuing.
2022 is a year where its all about focusing on capital preservation. My 2 cents.
All REIT's look vulnerable to me, see comments in KPG thread today.
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