Kingfish (have a decent sized holding and not really enough) not too concerned about SUM
Extract from latest update:
We have run stress tests on our retirement operators Ryman and Summerset, testing liquidity, cash flow, and balance sheet strength. Ryman has $300m headroom on its debt facilities and Summerset has over $400m, both with no meaningful expiries for two+ years. Both can withstand large falls in new sales and resales without breaching covenants. Long wait lists and residents often having medical events that necessitate moving into a village or into care mitigates the risk that sales are weak for an extended period of time. This is a time when both operators will provide assurance and comfort for their residents and further build their brand strength