I've had a look through the debt structure of this company. What...

I've had a look through the debt structure of this company. What I can't understand is why they issue notes in Australia (in AUD) to finance this operation at 7.75% in the US when their bank loans in the US are around half of that rate. Also are these notes hedged or unhedged, seems like a ridiculous way to finance the company but no doubt whoever is holding these notes is enjoying the ride. I see the Managing Director and Head of Strategy Alex McLachlan holds some of these notes - surely a debt equity position is some form of conflict. 

I've also had a look at the management fees which for any sort of real estate vehicle look extremely high, and then salaries are on top of that. Salaries and wages were in excess of $10 million in 2018 which is huge for a $1.5 billion fund. It's hard to know which of these expenses are internal or external as well. 

What seems to be another farce are the investment property expenses. $16 million on $37 million of revenue is just a ridiculous amount. These operating expenses should be less than 30%, instead we're looking at around 43%. This is particularly the case given there are separate line items for letting expenses, listing fees, professional fees, marketing etc. 

It's hard to figure out their total expense ratio as they pay themselves letting fees, acquisitions fees (2%), debt arrangement fees and the list goes on. Then you have disposal fees paid to Dixon Realty (owned by Dixon Advisers of 4%) as well as construction and design fees to Dixon Projects. 
I'll do some work on getting their total expense ratio (TER) and real estate expense ratio (REER), as we can measure it against benchmarks and see how they compare.