Ann: Purchase of 14.1% Stake in APDC, page-40

You raise some good points.

Here's my view on the perspectives you flag:

1) AJD has performed very well - its a low risk A-REIT. Hardly exciting, but exceptional risk-adjusted returns in my views. Much better than MGR and DXS for starters over last 4 years. AJD's outperformance is largely due to cap rate compression, but equally due to the substantial re-rate of NXT credit worthiness in recent years.

2) NXT now owns all its new data centre buildings (B2, M2, S2) - this was a change in strategy back at the end of 2015. AJD arguably is a funding vehicle history of time and now fits NXT's current day strategy and funding capability

3) Rent reviews in the A-REIT space are typically very detailed contractual frameworks that involve lots of data, process and independent opinion. Even if TGP steals control of AJD via the EGM they probably can not really harm NXT's rent review rights

4) Good point re EPS accretion verses lazy cash yield

5) Clearly the operating business is where you want NXT to invest to generate the highest return. However, the property and data centre infrastructure is the fixed cost base to stay in business and front end the operating spectrum

6 / 7) my reading is TGP has yet to put any formal takeover bid on the table. Lots of bluff. Clearly a takeover battle is one potential outcome here in the coming months. NXT has not done any M&A since IPO, which again shows a degree of discipline to date.

8) True. Both AJD and NXT have performed well, with different risk profiles. Refer my comment above re NXT changing its strategy in relation to property ownership in 2015