Ann: Full Year Statutory Accounts, page-5

Well you may be right on the technical legality side of things, but the whole thing is very misleading.
The way they have financed this portfolio and the fee structures make it almost impossible for this thing to ever make money.
Why were AUD notes issued at 7.75% on assets yielding around 3.0-3.5% (before AM fees). Looks like willful ignorance to me.

When your interest expense (on the stabilised portoflio) is multiple times higher than your NOI, you have to wonder what they AM was thinking.
The most impressive line item on the income statement last year was foreign exchange gain.
The honey pot is drying up for ED though. This whole things looks like amateur hour.