I noticed an interesting note that really concerned me. They are deferring $23.1 million of the rental rebates and writing them off over the lease period - that may be the accounting standard but surely it's just lost revenue in this period. The reality is that the next 6 month period is already a month and a half in and more rebates must be racking up right now. If during the GFC it was around $2.00 to $2.50 I have to ask why anyone thinks this is a better value now. I loved this asset and wanted to buy in but the price was always too high - now I am not so sure.
To value this on the basis that it goes back to normal is not appropriate in my opinion. I don't think we have seen the fallout of Covid yet. Less business travel is one that I can see.
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