Have to respect that it is Queenstown CBD, recent sales for Queesntown prime CBD is 4-5%. High population+tourism growth, limited/no supply. My view is that a change in these factors would have more influence than interest rates - which have a steady outlook for the next few years. It sucks that they don't do any sensitising on the cap/yield rates in their risk management note.
Excluding property fair value movement, the business is still growing its revenue/profits/cash generation. Retaining their growing earnings has been the main way that they have strengthened their balance sheet.
... perhaps one thing to consider is whether the property is "prime" and if not, how much capex to get it to "prime".

And agreed, the minimum shareholding of 4,000 makes me more sad than NZ's poor tourism infrastructure.

Anyone hazard a guess to how much money SKYLINE will make of the forest they are cutting down? #wallofwood