Thanks Beagle, as usual your input is very helpful.
I am trying to analyse it as a liability fundamentally speaking. Of course technically it is a liability on the balance sheet but in practice is it really, as the only way it would actually become due is if all units were vacated and no more occupation rights issued. It's almost like the liability of the next customer. Very different to bank debt, so I'm wondering how relevant it is when comparing debt to equity for example, which had some discussion earlier in the thread.
Thanks again.