I don't know how they charge their franchisees for 'rent'. But...

I don't know how they charge their franchisees for 'rent'. But sense would dictate a rental contract, it can't be 'this month I think the rent is x, next month y'. Commercial property leases have to be done properly, even at HVN. Where HVN can balance the books and keep franchisees is through 'franchisee support'. This is vague and discretionary. But this part of the conversation is irrelevant in my opinion. The key that many, including myself, has been the focus on NTA vs share price. But that NTA is based primarily on property value.Yes the above is book value, but for HVN book value as closely approximated NTA and I can extract more years using book value.Anyway the above is the last 10 years.Now to what extent has that book value increased due to upward property valuations???That's what investors should be asking, especially with shrinking cap rates over the last 10 years.Now if we get a mean reverting cap rate, that will imply significant reductions in property values.Could I be wrong?? Yes, if suddenly inflation goes negative for a sustained period of time, and interest rates go back down to zero.At the end of the day, I am just posting my thoughts as I see them. I am feeling quite worried about the state of discretionary spending over the next 12 months.But having said this, I wouldn't be running to the hills screaming exit HVN, run run... HVN will survive. Its more about when to add additional capital to the position. In otherwords, I am being patient on dollar averaging down. No need to add whilst future valuations are uncertain, but no need to sell positions either. Just wait...