anybody looking at this one when it trades?

  1. 11,625 Posts.
    lightbulb Created with Sketch. 820
    Puzzling one for me is the rent review situation.

    It seems the rents are significantly based on store turnover. Anybody see any unusual risk in that? (see rent reviews below for details)

    Also have not worked out how many stores will be Masters stores, if any - obviously there is a risk that Masters might not be viable. Have only seen Masters referred to for Mount Gambier on pg 124. However on page 123 Masters stores is referred to in the plural form. I am assuming that this is the only one. Quite significant rent and anchor tenant reliance on Masters in Mount G.

    Rent reviews - From page 124.
    For supermarkets, BIG W and Dan Murphy’s stores, base rent is reviewed every five years from the commencing date of the
    initial term, at which point the base rent is increased by the average of the turnover rent payable in the three preceding years.
    Under 37 of the supermarket and BIG W leases, the base rent is to increase by a minimum of 5% of the commencing rent or the
    previous minimum rent (as the case may be) on each of the first three reviews, including where the review coincides with the
    start of an option term.
    Under petrol station leases, the base rent is reviewed annually to the lesser of CPI and 4%.
    Under the Masters Home Improvement stores lease at Mt Gambier, the base rent is reviewed annually to the lesser of CPI
    and 3% and is reviewed to market (subject to a 10% cap and collar) at the start of the first option period and every 10 years
    after that.
    There is no review of base rent under the liquor store leases.
 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)
Last
$2.43
Change
0.010(0.41%)
Mkt cap ! $2.820B
Open High Low Value Volume
$2.43 $2.44 $2.42 $7.132M 2.937M

Buyers (Bids)

No. Vol. Price($)
4 29274 $2.41
 

Sellers (Offers)

Price($) Vol. No.
$2.44 40746 5
View Market Depth
Last trade - 16.10pm 21/08/2025 (20 minute delay) ?
RGN (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.