News: IAP Irongate Group Announces Acquisition Of Canberra Office Property And Placement, page-4

This REIT is a bit of a mystery. On the one hand, I see them as relatively conservative (gearing) and straight-shooting with respect to their property purchasing and financial reporting. On the other hand, their documentation on the funds management businesses is poor. They internalised management last year and it appears that they have listed that asset as an intangible asset (fair enough, although not all REITs with internalised management do that). However, in the last annual report, IAP doesn't report any earnings (or anything at all) in relation to the TAP fund, the Templewater fund manager or the Fortius fund manager (all of which IAP own or partly own, apparently).

To make matters worse, Fortius can be found in the news purchasing property with Irongate Property Group, and IAP doesn't even make an announcement?

https://fortius.com.au/fortius-and-irongate-secure-premier-retail-assets-in-adelaide-cbd/

Am I missing something?