Ann: Fund Update - Independent Valuations, page-10

My concern isn't so much the decline in values as you are very correct that it's a sector wide issue.

It's the horrible timing of the deal to purchase these properties on extremely tight cap rates.

At that point the sharp climb in interest rates was certainly not expected but it was post lockdowns etc. and clear that the office space was going to be challenged going forward.

There was also a large acquisition fee paid to TGP in exchange for an acquisition that has now decimated the NTA, dividend yield and share price.

I may be wrong and I totally see your logic in trying to sell one of the properties but I would think they'd be very reluctant to seriously explore that and crystallise a loss of 20 plus percent in just two years.

Part of me now feels like we've come this far as shareholders and may as well wait for valuations to improve rather than selling at or near the bottom of the market.

In terms of the small share in the Home HQ Artamonn trust I think it might be due for another sales attempt around Q3 this year? As you say it's not a particularly material part of the portfolio but might at least give them the chance to maintain the new reduced dividend for another year while the vacant space get's (hopefully) leased out.