A retail REIT that is no doubt an ugly stock right now, with Sydney still locked down with no end in sight. Breakdown of their locations are below, which highlights how much exposure SCG has to Sydney:

• Sydney: 15 centres
• Melbourne: 7 centres
• Brisbane: 6 centres
• Perth: 4 centres
• Adelaide: 3 centres
• Canberra: 2 centres
• NZ: 5 centres 

Rent/cash collection is still likely to be unstable going forward, and I think it would not be shocking to think a trim in the dividend would be coming.  However it is important to note that as at 31 Dec 2020 the net assets per security is $3.63. Even with a portfolio devaluation the stock is still likely to be undervalued. Gearing is not too horrendous. SCG centres are located in prime locations which are arguably better than VCX locations. 

Based on company presentations management has commited to 14.00 c per security for FY 2021 - almost 5% dividend yield. Goldman still has a BUY rating.

Disclosure: I own SCG and have accumulated