Scott O'Neill

They're the types of ones you want to target.

So the way I look at it, I'll put a positive spin on it that you can use the last two years as something to do a bit better due diligence on.

We haven't had that luxury in previous years where we've seen how businesses have gone in tough times.

And yeah, I guess the message is you just target the businesses that have been going strongly.

And if you see they're sort of a little bit weak, then maybe that deal is better for another investor.

Yeah.

And like you said, it's just a way that we've, I guess you could sift the good tenants from the bad tenants at the moment.

And I shouldn't use that word, but it's more tenants that have performed resiliently through this process.

And a lot of these industrial properties, they didn't have forced closures.

Particularly if you're in markets like Queensland and WA, they barely had a proper lockdown in these areas.

So in the meantime, these businesses, which might be trade-related, online logistics-related or cold food storage-related, they shouldn't have really had a hiccup throughout this whole time.

We see tenant legends over hundreds of properties every few months.

And the amount of tenants claiming on large discounts is surprisingly little.

And that's probably just one of those things you've got to consider when you're investing.

Sometimes the media can exaggerate certain points.

But at the same time, there has been some speculation.

weakness and you know to sort of tell you the office market in cbds there's been a lot of pain in those markets and same goes for some sub-sectors of retail like you you know i often talk about

How retail on highways are going where there's no car parking out the front.

That's not a business model that's doing as well as it used to, especially when a lot of these products can be sold online.

So you've got to consider the long-term trend beyond just what we've seen in the last two years as well.