
Ordinary Shares

Price (p)	149.40
Published NAV	171.60
Yield	3.89
Discount	-13.84

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.90
Published NAV	88.60
Yield	2.99
Discount	-25.20

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

April 2006
A dull April saw property shares prices lower on concerns over the trend in interest rates, and on profit taking after the very strong first quarter performance. The NAV fell 3.53% versus a decline of 3.59% for our benchmark and a 3.01 % fall in the share price. Performance across Europe was relatively uniform with declines everywhere save in Denmark and Spain where prices rose very slightly. The worst total returns were from Sweden (-11%) and France (-6.9%). In the UK, property shares declined by 3.2%, continuing the drift, which started after the Budget announcement on UK REITs. We thought this announcement was much better than we anticipated and subsequent announcement from the leading UK companies supports our view that, on size weighted basis, the majority of the UK property companies will opt to enter the REIT regime in 2007. The decline in share prices therefore surprised us.

Over the month, our best performer was a French business Icade, which rose 22% after a hugely oversubscribed new issue in which we were fortunate to get a worthwhile allocation. Big Yellow also performed well rising 10% in anticipation of good final results in May. Transactions in April involved £12m of purchases and £10m of sales. The largest new investment was of £5m in Icade.

The Trust will publish its final results on May 23 for its financial year to the end of March 2006. The published daily net asset value already includes the result of the revaluation of all our direct property assets. Details of a number of useful new lettings were the subject of a press release in early May.