management hides trough but still deep in it.

Changing the name and address in this case unfortunately does not change this leopard's spots. If you want to know what is really happening in the management of this trust talk with Naoto Ichiki, he runs the show.

As I previously briefly flagged unfortunately BJT shareholders were well shafted on the new management arrangement. BJT Japanese management team was in reality doing it in house for nothing, but paying a manufactured fee to BNB parent, 40% of which indirectly formed part of Lucas and senior management inflated multi-million dollar bonus from BNB parent. Now BJT Japanese management team continue to do what they were always doing and pay a manufactured fee to a private company controlled by who? Surprise, surprise, Mr Lucas and the same management team. Only this time they don't have to share the trough with the rest of the BNB hierachy. They take no risk fees for no extra work reducing distributable profit to the shareholders. They also quicky get their buy-in money back in the up front fee structure. As a result each year Lucas will get a considerable premium on what he should have got as an ordinary shareholder and salaried employee. You wouldn't have to try too hard to join the dots why he had to get out of the board instantly - maybe a huge conflict of interest??

Yes this trust still represents value at this price and will make money, but not as much as it should. Compare this arrangement with a company like CMW and almost all Aust REITS, the management fees go back to the shareholders, not into the regular management team's pockets. No wonder Mac wants out (although of course they would have done the same thing with an external fee strip), Lucas has taken their cake and will eat it each year. Personally I'm well disgusted with the board and their facade of working in the interests of shareholders in this matter.
I understand this has been so successful a number of BNB former (and well cashed up) management are working hard to replicate this and similar profit strips on the balance of BNB real property commercial assets.

Don't worship any of these guys, no surprise after years of practice they all look after number one first.