Dont be fooled by the $19 book value, fair value is proberbly zero.
I agree, retail commercial properties will be highly stressed, especially new properties, until the consumer has paid down debts and can begin purchases again. Probably will be 2 to 3 years before we start recovering in earnest.
However, the reason I was drawn to GKK is its portfolio is leased to major banks, and consists mainly of branch facilities-- the main source of deposits for banks. Going forward the banks will want to increase their deposit bases, so it is very unlikely to allow branch facilities to remain vacant.
If GKK had a high proportion of retail in its leased facilities, I would be more concerned about its viability.