
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 2005
We saw a sharp rebound in property share prices in November, led by stocks in the UK. The Trust’s NAV rose 6.15%, while our Benchmark Index gained 4.29% and the share price rose 4.59%. Among our largest holdings, Big Yellow Self Storage shares were outstanding, rising 24.7% in the month in response to excellent interim results and a better than expected property revaluation.

The Trust’s own interim results for the half year to the end of September 2005 were announced on the 23 November. The Chairman reported a 23.7% increase in revenue earnings, a share price total return of 23.5% and an NAV increase of 21.5% for the period. The interim dividend was raised by 15.4% to 1.50p and the shares went ex this dividend on 12 December. A copy of the interim announcement can be viewed in "Investor Information".

Much of the gain in UK property shares in November came as a result of the expectation that the Chancellor would announce progress towards the establishment of a UK REIT in his autumn statement on December 5th. This he duly did, but fuller details of the proposals were not released until 14 December. Now we have seen these and they look most interesting. As a result, UK property share prices have continued to rise - notably the shares of Land Securities (which is currently the Trust’s largest investment). The Treasury is holding a halfday conference on REITs on 20 December and we will comment further in our monthly report for December. Meanwhile the UK property investment market continues to see exceptional levels of investment demand. The IPD Monthly Index rose 2% in November and the outlook for the opening months of 2006 remains positive.