SCG Trading Under Bare Land Value, page-60

Scentre Group gearing is quite high.
Unlike Vicinity, they have yet to do a capital raising.
If they do a capital raising, then that NTA will be crushed as the capital raising will be done at discount to current share price NOT NTA.
The increased shares on issue as a result of the capital raising will seriously dilute the NTA.

In addition any capital raise because of share dilution will seriously curtail future dividends compared to their historical amounts. So one cannot use historical dividends to predict future dividend yields (ie using historical dividend divided by current share price cannot be used)

Hence the market is not trusting that the current NTA will last, the market is anticipating a capital raise, and hence the market is trading accordingly.

So the key question:
Do you believe Scentre Group will do a capital raising?