Ann: September 2021 Quarterly Update, page-9

I used to think the same about the double management fee. But it's something you will come up against every time you invest with a fund manager with REIT exposure (even if they are only part of the portfolio). For example, the APN A-REIT, $1Bn under management only invests in REITs - but its been around for 15 years or so.

Then you have fund managers like Microequities - with massive mgmt fees, but outstanding performance (post fees) over a decade. I'll take that over an index fund (0.10% fee and zero chance of outperformance). Though, there are plenty of people who prefer an index fund - and that's OK - horses for courses.

It's not just a question of mgmt fees, but also NTA. Going back a few months, TOT share price was in the 80's. Vs. NTA $1.14.
Why would anyone invest directly in IAP ahead of TOT? When 2/3 of the TOT is balance sheet it in IAP, and you can get exposure to IAP at 25% discount? I'll gladly wear the 0.60% mgmt fee for this. (Though less keen on the Perf Fee).

It's disappointing 360 were unsuccessful in obtaining board representation (actually they had 2 x nominations) and given their stake, it was surprising that they actually pulled out ahead of the AGM. Will they try again in 2022? Or will they have sold out by then.