
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

October 2006
September’s strong market momentum in property shares continued into October, aided again by potential corporate activity and good flows into specialist funds. The Trust’s net asset value rose 4.86% and this compared with a 3.59% increase in our benchmark index. The share price rose 6.01%. UK property shares outperformed with a return of 6%. The announcement of talks between London Merchant and Great Portland encouraged the market and buying was also stimulated by further announcements on the details of the REIT regime which is due to start in January. Amongst our largest holdings, British Land, Liberty and Big Yellow all saw their share prices rise by around 10%. The Euro base rate rise subdued Continental price movements, though Spain was again strong with Metrovacesa, (in which the Trust has retained a reduced holding) rising 22%. German stocks fell slightly on disappointment with the detailed terms of the proposed German REIT structure. Over the month we spent some £22m raising net debt to around £97m and gearing to 11.1%. The largest addition was of a further £12m into Great Portland at 560p.

The interim results to end September 2006 will be announced on 22 November.