
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

February 2007
February was looking very comfortable until the last two days when global markets lost their collective nerve. In the event, we outperformed at the NAV level with a 1.14% gain versus a 0.84% gain for the benchmark. The share price closed the month down 1.01% as the discount widened to 11.8% at which level we happily bought back shares for cancellation. Until the late month sell off, UK property shares had recovered from their January correction, though gains were muted as the NAV announcements from British Land, Land Securities and Hammerson were in-line rather than exceeding expectations and the January monthly IPD showed a 0.7% total return hinting that the pace of yield compression in the UK has slowed markedly. In Europe, stocks were higher overall and French property SIICs rose an average 8% as final results were above expectations right across the board. The only faller in that market was Fonciere des Regions which declined 9% after announcing an agreed bid all share offer for Beni Stabili, the Italian property investor. The market has failed to see the logic of this transaction. We made around £30m of sales in February; the largest was in Big Yellow where we cut our stake to under 6% at 665p. The proceeds were applied to cutting debt and to share repurchases. We bought back 11.9 million shares in the month and have continued these purchases in March. Net debt was £105 at the month end and gearing 11.2%.