Ann: Fund Update, page-67

I agree, and with theskeptic. Increase the BB aggressively (at least whilethe unit price is at this level) and take a modest discount to marketvalue if necessary to encourage selling properties. It is highly desirable to replacethe RE, for its bad history and bad strategy, but I doubt that the RE will retire voluntarily. Note 24 of the annualreport shows that although RE waived the admin fee of 0.25% pa of gross assetsfrom1/1/22, it is still earning the RE fee of 0.08% pa +Fund Administration Servicesfee of $120K pa+ cost recovery of about $200K pa+ some other minor fees. Architecture, design and construction fees havebeen huge in the past, but should now be nil, as the renovations are said to becomplete. RE is probably not making muchprofit form URF now: the question is whether it wants to keep the role for reasonof prestige. But it also has the terriblereputation of gouging the fund for years, and the $7m ASIC fine for mis-sellingto Dixon clients.You would think it would want to bury this history and cut ties with the fund,but it’s hard to guess the RE’s motives and corporate ego.