
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 2010
In local currency terms, February was a quiet month for both UK and European property share prices. They remain moored in the relatively narrow trading range established last September. However currencies were extremely volatile. Sterling took a battering, falling 3% against the Euro (also weak on Greek affairs), 5% against the Swiss Franc and almost 8% against the Swedish Kronor. As a result the gap between the EPRA benchmark’s monthly performance in Euros (-1.26%) and the EPRA benchmark in Sterling (+2.04%) was far wider than usual. Against the Sterling benchmark the Trust’s NAV under performed with an increase of 1.46%. The share price, however, rose 2.60% as the discount to NAV narrowed slightly. Recalcitrant Hellenes and resurgent Labour aside, February saw over half the Sector (by market cap) produce final results. Taken as a whole the figures were very close to expectations with almost no major surprises or disappointments. Equally guidance for the coming year, where offered, has tended to confirm previous forecasts. On both sides of the Channel managements have stressed the fragility of the economic recovery. All have confirmed that they are seeking to buy, from banks, that most elusive of assets - great property at rock bottom prices. In reality few will achieve this latter ambition. For most property companies, 2010 will be a year of hard graft within their existing portfolios, renewing as many leases as possible and letting up vacant space on the best terms available. At least the region’s macro economic numbers out in February reinforced the view that serious interest rate increases are unlikely to a problem in 2010. Purchases and sales were modest over the month. The largest investment was an addition to the holding of Swiss Prime Site. Net debt rose from £35m to £36m over the month.