
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

December 2006
December rounded off another excellent year for the sector and for the Trust. Over the month the net asset value rose by 9.73% while the benchmark rose 8.50%. The share price grew by 6.99% as the discount moved out to 9.1%. Over the whole of 2006 the share price total return has been 59.6% while the benchmark index total return has been 48.0%. Strong investment inflows were again in evidence over the month and they, together with some year end benchmark adjustments, plus the usual low volumes over the Christmas period, accounted for some unusually sharp share price movements. Amongst our top ten holdings, Big Yellow (+22%) and Fonciere des Regions (+15%) were particularly sought. The arrival of the UK REIT structure received widespread press coverage but UK property share prices showed no abnormal strength rising +9.6% - only slightly outperforming the benchmark. During the month the Trust’s gearing was unchanged at 12% despite a rise in net debt by £9.3m to £118m. New shareholdings opened including Rose Group International, a Moscow high-end residential developer and Fonciere Development Logements, a French based owner of let residential property in Germany. At the end of the month we lightly pruned holdings in Big Yellow, Fonciere des Regions and Gecina.