I'll respond in public as it's relevant to the thread and I'd prefer to answer your challenges rather than leave them hanging!
The property portfolio gives them another income stream (the rent roll) with which they can do whatever they want. If they want to build new warehouses they can do that, but if they wanted to use that income to do things in the airport they can do that as well.
Why is debt free normal? Assets have been developed and paid for by daa with debt, and then in the separation the asset goes but the debt stays (with daa). That's not normal. The same thing didn't happen with Cork?!
The tax treatment I mention is proposals under the draft National Aviation Policy as opposed to anything in the separation bill. That proposes a variety of schemes (initially only for Shannon but then widened to all to avoid State Aid issues). The reality is the infrastructure in Shannon makes the proposed schemes most applicable to Shannon and not that relevant to anyone without hangarage, extensive parking etc.
In addition the International Aviation Services Centre is proposed for Shannon, which would be fine if there was a debate around it or some level of competitive tendering between all airports to get it. There wasn't, needless to say.