
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

September 2005
Back from the beach, investors chased European real estate shares higher in September with our benchmark index rising 3.8%. Gains were led by stocks in Greece (+19%) and Spain (+10%). UK property shares rose 3.6%, and the only country in negative territory was Germany (-1%) - on uncertainty following the hung election result. The Trust had a good month with a 5.17% gain in net asset value to 175.6p, but the share price declined slightly over the period from 157.75p to 157p, as the discount to NAV rose from 5.5% to 10.5%. Included in the NAV performance is the result of the six monthly external revaluation of the Trust’s directly owned properties. The reappraisal returned a gain of £3.6m or 6% over the March 2005 valuation.

There were no significant changes to the portfolio over the month. We remain overweight in the largest property companies in the UK, believing that these offer a good combination of value and liquidity in the current interest rate climate. Debt was virtually unchanged in the period, so gearing fell to under 15% as a result of the NAV gain.