The annualised growth in adjusted net assets together with dividends paid to shareholders equates to some 25% per annum since 2006.

 NB. NAV per share assumes NIL VALUE for First Property Asset Management Ltd (FPAM), our AIFMD approved fund management business. As at 30 September 2019 it had some £602 million of third party assets under management which was generating some £3.56 million in fee income on an annualised basis, prior to the payment of performance fees and the profit share from Fprop Offices LP.