Hello, I'll give you some quick thoughts, won't be as detailed...

Hello, I'll give you some quick thoughts, won't be as detailed as I could be but DYOR.

• degree of leverage

It's high, but they had a NZ350m cap raise earlier to make it more manageable. Utility/Infra companies generally have high D/E ratios. A lot of the companies in its portfolio are non-descretionary. Everyone needs energy and a phone, and most people need the internet, and more importantly, the government needs secure, ANZ data centres.

• exposure to Airport, student accommodation and public transport (varying %age of portfolio but all big -ves in current COVID world)

These are mostly negligable. Also, I think they sold out of both student accomadation (ANU Accom) and public transport (NZ Bus) last year. Non-negligable is Wellington Airport, I am unsure what the post-COVID world will look like for travel and tourism. Although as someone luckily enough to not lose my job, I cannot wait to go travelling again with my friends and girlfriend.

• potential re-rate of valuation of infrastructure

Regardless of re-rates, the energy businesses will perfrom well. So will the data centres. This is the majority of the company earnings. Further, if we see a risk-off environment, we will see a heaby rotation into utilities and infrastructure, that will positive for IFT.
If the price gets lower, I will gladly put in more money. At 3.57% on very safe assets, i would treat this as a safe bank account, the same way Boomers do of CBA.

• cost vs return of 5G build out for Vodafone NZ, and impact of COVID

This one had me thinking when I first looked at this company. IFT, through Trustpower already ownes and operates a telecommunication company, so they have some idea of this and what it entails. So I give them the benefit of the doubt doing this acquisition. 5G is meant to be life changing, hopefully the return is commisurate of the risk they take on.

• potential for decreased IRR for energy assets given reduced gas and oil price

Where IFT operates there are increasing calls for green and sustainable investments. I don't think this is as much of an issue. What Californian (through longreach), Euopean (GGE) or NZ gov (Tilt/Trust) wants to be in bed with those industries ( Sleepy and Conservative Australia excepted of course).
Also a lot of alternatives guys I read and listen too have not stopped discussing how much better the investments are for renewables, as solar and wind continue to come down in price, it won't matter that oil and gas don't as they have larger upfront expenses, with variable opex, which is a turn-off for investors.

These are good questions. Thanks.