why hasn't this appreciated a lot in value, page-4

well the half year report to June 30 is a shocker;
7.3 mil in fees on 5 mil income!
list of fees;
RE fee - .55%
investment manager fee - 1.9%
structuring fee - 2%
handling fee - 2%
debt arrangement fee - 2%
assett acquisition fee - 2%

if not for capital gain of 16 mil there would be a big deficit.
as far as i can see managers are taking 10% of funding invested and up to 3 months initial rent on new leases and investors get ??? a 5 cent div - and take all the risk.

Why it is trading above NTA is beyond me, once the novelty wears off it will be about 50% of NTA