The listed property sector globally has come under significant pressure over the last few months with concerns around rising corporate financing costs and lack of access to finance being the major factors. However, the significant decline in the listed property sector appears to be discounting a severe recession. Fundamentally, the global commercial property sector appears to be fairly sound with low vacancies and rental increases being noted. Direct property prices have not changed significantly over the last few months with some easing in cap rates being noted. The decline in the listed property sector has however, seen their distribution yields widen against Government bond yields while their market values trading at significant discounts to their NAV. At the current market prices for the listed property sector, we could see companies buying back their shares from proceeds on some of their non-core property disposals, thereby enhancing shareholder value. Our portfolio is focused on property companies with high quality assets, stable debt profiles and sustainable distributions. Currently, our portfolio offers a competitive pre-tax dividend yield of around 7.6% while trading at a 15% discount to its adjusted NAV.