Fair enough - they do have somewhat higher debt levels than e.g. SUM o OCA.
However - one thing to consider is that all retirement villages don't pay interest for most of their debts (the occupancy advances), given that they get them as interest free loans from their residents. Just had a look into their last report - they pay interest for only 36% of their liabilities, which would equate to something like 25% of their asset base
Doesn't sounds like an existential threat to me ...