What is your concern with the debt? Just a genuine question in case I missed something. As far as I can see they have about 2.5% avg rate, around 70% is fixed and they use hedges to mitigate rises on the variable side. It also seems their next loan note maturity is 2026 and then their RCF next one is 2024.
Bear case is that they are committed to spending more cap ex (about 190-200m I think) with current developments but have that capacity and then some in their current agreed borrowings it seems. Their NAV will fall significantly if land values come down but their LTV is still well below their aim so I expect they saw this coming.
Hindsight as well is their capital raise through share issuance above 200p a share was a great move, suggesting again they are highly switch on as one would hope. Happy shareholder and have added at 130-140p range recently (and bought some well over 200p before!), one to hold long term and just DRIP in your dividends at these low prices IMO.
