Net asset value per share adjusted to the market value of the various Group Properties less any taxes due in the event of their sale.
The annualised growth in adjusted net assets together with dividends paid to shareholders equates to some 26% per annum since 2006 and to some 23.6% over the five years to 31 March 2019 (2018: 25.0%).
NB. NAV per share assumes NIL VALUE for First Property Asset Management Ltd (FPAM), our AIFMD approved fund management business. As at 31 March 2019 it had some £611 million of third party assets under management which was generating some £4.3 million in fee income on an annualised basis. It contributed around one third of Group profit before tax in the year to 31 March 2019 (prior to the deduction of unallocated central overheads).