
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

February 2004
UK property share prices rose strongly (+8.3%) in February with two main drivers behind investor demand. The first is that the market now believes that the consultative document on REITs, due from the Treasury on Budget Day, will provide a workable framework of tax free property companies to exist in the UK in 2005. The second driver is the continued strong demand for let property in the direct market, which is leading to better than expected NAV results from companies and to upgrades in analysts’ forecasts for future NAV announcements. On the Continent, Spanish property share rose over 10% on the continued strength of the local housing market and French property shares rose 6% as the final results and dividend announcements exceeded expectations. In the sterling terms both these percentage increases were duller by the strength of Sterling against the Euro over the month. Looking ahead into March the crucial factor affecting performance will be the tone and content of the consultative document on REITs. UK property share prices are now at a level where a disappointment with the content of the document will lead to price falls.

Meanwhile we report that the trust’s NAV return in the month was 6.6% while the benchmark return was 5.7%. The Trust’s gearing fell again, modestly, from 24% to 23%.

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