comparing aja & gjt, page-5

"Market will go up and down, but in the long run, the property appreciation will beat the inflation, the free cash flow will be a very nice bonus."

Couple problems where AJA is concerned.

There was property buble in Japan that burst and the property is trying to find appropriate levels. Hopefully the real estate in Japan found the bottom.

Secondly Japan is trying to avoid deflation, never mind inflation.

So if the CPI and prices of goods in Japan go down and property prices stay level, this is relatively good outcome for Japanese investors but not Australian ones. And when the exchange rates cut in the equation, this is another variable that affects the final outcome.

Yes, we need good rent and favorable exchange rate values to get good distributions and then good NTA in $A to move the SP up.