We must be much closer to the end of the rate increase cycle...

We must be much closer to the end of the rate increase cycle than the beginning. Apparently only another rise or two to go. Who knows. I'm sure even the so-called experts don't know!

Unemployment rate is historically low.

I think 400,000 immigrants arrived last year. There's talk of another 250,000 this year and next year. It's almost impossible to get a rental property in most cities. There seems to be a chronic undersupply of residential housing in Australia; and ever-increasing immigration. We hold prime position, quality assets.

I know commercial property prices aren't the same as residential, but I think there's a good argument that existing and new residents will need the services of the properties CLW owns and they will continue to be in demand.

In an increasing population situation (and with a slowing/pausing of rates) I can see our share price eventually moving closer to ($6.23?) NTA than $4.38. Although I still quietly suspect there's more value in the parent company CHC at the moment. I can't see a wholesale collapse in property prices with full employment and rampant migration to the eastern states. The 33% or so discount to NTA is surely way too much, provided rates don't keep rising indefinitely.

Our yield looks good. Our look-through debt is higher than I'd like it to be. Current events with SVB in the US make me nervous, especially after holding a REIT through 2008/9. If rates need to go higher than anyone currently expects I won't feel too comfortable.

I am continuing to hold. No nibbling for me unless we get under $4.00 again. I'm roughly at break-even, and with us eligible for a new 7¢ distribution in two weeks' time, I'm collecting the distributions and biding my time for a re-rate. Although my thesis is taking longer than I expected to play out. A year ago I was on this forum saying how rates would be cut mid-2023 and CLW would then go higher. I sure got that pretty badly wrong.