Investors

Key financial data

	30 Sept 11	30 Sept 10	Change %
	£000	£000
Rent receivable	11,768	10,825	9%
Other income	706	250	182%
Total income	12,474	11,075	13%
Direct property costs*	551	521	6%
Investment advisory fee	2,532	2,339	8%
Overheads	674	648	4%
Total expenses*	3,757	3,508	7%
EBITDA**	8,717	7,567	15%
Finance income	168	43	291%
Finance costs	5,125	5,024	2%
Adjusted earnings**	4,042	2,675	51%
Revaluation	3,409	6,180	-45%
Adjusted earning including revaluation**	7,451	8,855	-16%
Total expense ratio (Total assets)	1.45%	1.60%	-0.15%
Total expense ratio (Net asset value)	2.74%	3.52%	-0.78%

*Including property management fees
**Adjusted to exclude performance fee, goodwill and deferred tax not expected to crystallise

	As at 30 Sept 2011
	£000	Pence per share
Gross assets excl cash	243,250	126.3
Debt	100,443	52.2
Cash	18,112	9.4
Net debt	82,331	42.7
Adjusted NAV	127,081	66.0
Adjusted NAV plus debt benefit	131,047	68.0