Ann: Full Year Statutory Accounts, page-92

Yes Verlin, it' also very hard to do research coverage on a REIT that doesn't provide any communication or transparency around asset valuations. The capitalization of expenses against assets is also highly unconventional and there is no real information provided around that at an asset level. Of the few case studies they have provided, the refurb costs look inflated in order to line the pockets of ED.

Evans Dixon also doesn't want institutional investors in there either as they will force change and improve governance to the detriment of ED's honey pot.
This wouldn't exist if it was owned by institutional investors anyway, they only get away with it by hoodwinking mum and dad investors and old age retirees.