Ann: Dividend/Distribution - HVN, page-34

HVN is not a play on properties despite what Jerry said, its properties performance is very much dependent on the business that sit on top of those properties.

if we go into recession this business will get hit harder than most due to large format cost and declining sales.

the market is not wrong marking it down, it adjusting HVN to get hit hard in leaner time, now if there is no recession or no slow down
then the market is wrong but if there is then more punishment will come

Current price the market betting half way between recession and non-recession if there is truly a recession it won't be trading at this price.
if they have another poor next half, watch out below