The stock was highly leveraged during the GFC. This stock is...

The stock was highly leveraged during the GFC.
This stock is different now and no longer leveraged. The Japanese banks allowed AJA to write off huge old debts which has allowed this company to start fresh and rerate. If you go through old financials (maybe 13 or 14?) you will see the debt write off. The risks are no longer there like they once where.
Read my commentary on this one over the last couple of years.
The main reason NTA is jumping is the JPY / AUD rate. The main reason for the discount to NTA is the JPY FX risk (which has been in my view a great asset as the JPY appreciates and continues to do so).

All in interest costs are low 1%. Occupancy rates are in the high 90's. Net rental is in the low 5's, but money is also made on the banks funds. Very low risk- lowish rental and growth, but cheap money and high occupancy.

This is very protected from a crash. Japan is growing after years of recession.The Olympics are coming up in 2020 which will support Japan's growth. The only risk I see is fx and earth quakes/another fukushima. I would not be surprised to see the JPY move into the 60's. It used to be in the low 50's around 12 years ago. This would boost the NTA even more.

Have a look what GJT are doing. They are IPO'ing in Japan and getting paid out at NTA.

It would be great if AJA did this.

I don't think this stock will have the huge up and downs but will continue to make a good return and will probably follow fx moves both ways.

I borrowed JPY funds years ago and converted to AUD at 61.25 (of course had to try to show JPY income would be received). Next to no interest was paid and when it was time to repay the loan in the high 80's (paid too early should have waited for the 100's), the repayment was way less than the original loan.

If you like this stock also have a look at UOS which is the Malaysian equivalent with a load of cash and larger discount to NTA.