
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

May 2007
Concerns over the outlook for inflation, base rates and bond yields continue to hit sentiment in property shares in UK and Europe. Over the month, the Trust’s NAV (on a price only basis) fell 0.97% while, on the same basis, the benchmark fell 0.49%. The shares declined by 1.42% as the discount to NAV rose from 12.1% to 12.5%. Over the month 1.6 million shares were repurchased for cancellation. Final results from the two biggest UK companies, British Land and Land Securities, were in line with market expectations but were accompanied by management comments that concentrated on the negative aspects of the current market, and both stocks fell as a result. Hammerson saw renewed bid speculation and we sold more of the shares as a result. On the Continent, Fonciere des Regions paid their huge €12 dividend and the price dropped accordingly. Over the month, we continued to make sales across the whole range of the portfolio. The proceeds from these sales were spent on share buybacks (£3.88m) and the reduction in our debt, which stood at £86m at the month end compared with £105m at the end of March, leaving month end gearing at 9.4%. The Trust published its preliminary results for the year to end March 2007 on Wednesday 23 May and the announcement can be viewed on the Trust’s website (www.trproperty.co.uk). The Board proposes a final dividend of 2.4p (2006: 1.9p) taking the full year distribution to 4.1p (2006: 3.4p). The Annual Report is due to be circulated to shareholders on 20 June together with details of the proposed Sigma share class.