Scott O'Neill

But you can see there's different things to consider for different asset classes, but they're all not bad and they're all not good.

That's where it gets a bit murky and sometimes an expert opinion is probably what you want rather than the barbecue topic opinions.

Yeah, look, it's a great point.

And to sort of go back a step, most of these, I guess, remember 2022, sorry, 2020, when COVID first hit the shores, there was that, you know, March, April period where, you know, everyone was, there was so much uncertainty and

And then there's a lot of tenants asking for discounts on rent.

Some were quite opportunists, like there was some supermarket brands and pharmacy brands asking for discounts, even though they were doing quite good business.

But then what happened is they announced JobKeeper and there was some legislation around that in terms of what tenants had to show their financials and prove loss of income.

And that actually stopped a lot of, I guess, at least all the strong tenants were stopping claiming rent abatements at that point.

Obviously, then we know what happened the next year or so.

There was some lockdowns in particularly Sydney and Melbourne, which would have resulted in more tenants asking for some rent discounts.

Across the board, it's pretty light on.

There was some markets where there was no rent abatements given, but

My prediction is it's probably just going to keep that trend of coming out of that model because a lot of tenants now they have to show your financials to prove the landlord that they're suffering a more than 30% loss.

A lot of tenants don't want to show their landlord their financials.

Very little of them do because it

It's sort of a leverage that the landlord's always going to have over them and that's cut out a lot of it.

Now, look, if you've got a tenant that is actually struggling, then that's going to continually happen.

But one of the things when we do due diligence on a property is we can ask for tenant ledgers to see how the tenant's performed over the last two years.

And if you can see your tenant's been struggling, it's probably not a deal you'd want to take on.

But if you can see your tenant got through COVID without a rent discount asked, then