One needs to factor this into the total equation
One needs to go through through both the p&l and cashflow statement to analyse this.
One needs to understand that any 15% discount on rents discussed in the media is on the headline rate, not the already discounted rent as shown above.
One needs to factor in that as these incentives cease, what becomes the 'normal rent'. None of the operators are requesting discounts from the 'discounted rents' only the 'head rent'.
But if the discounted current rents are much greater than the future head rent less 15%, then what is the future cash flow?
(20min delay)