I have been a shareholder of First Property (AIM:FPO) since 2010 and attended their AGM on 14th
First Property is a peculiar beast, being primarily an asset manager of institutional property funds, but
also owning stakes in some properties directly and stakes in its own funds, as “seed capital”. That leads
to two alternatives methods of valuing the business: on earnings or NAV. Earnings comprise:
Fund management fees
Rental and capital returns from directly owned property stakes
Income and capital gains from investments in ...