
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

November 2004
Property shares continue to outperform general markets on the back of continuing strong demand for commercial property investment. The sums involved are huge by property
standards, with an estimated £10 billion or more of new money reported to be looking for a home in the direct markets over the next 12 months. To give some idea of scale, the whole of the UK Investment Property Databank universe totalled some £105 billion at the end of 2003. As a result, yields have continued to fall despite an absence of material rental growth, particularly in the office sector where vacancy rates are still high. The Trust’s interim results for the six months to the end of September 2004, announced on 26 November, showed NAV up 10.7%, dividend up 18.2% and revenue per share up 20.8%. The benchmark index was up 8.9% over the same period and the FTSE All Share index gained 3.4%. Since the end of September, the NAV has risen by 10% compared to
growth in the benchmark index of 9%.

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