whats going on?, page-25

"Hard to understand why it is at these levels"

The NTA net tangible assets value has been falling and falling year after year.
One of the effects of deflation are falling real estate values. AJA total assets aren worth less and less every year, even though the rents are good and AJA has no trouble paying the interest and decent distribution to shareholders.

Clasic model for sucessfull property trust is to get some income from rents and a bit of positive capital gain in terms of increased property values.

With AJA we have only a half of this formula working. There are some sign that the drooping property values in Japan might finally stabilise and reverse the trend.