Real estate companies' figures can be a thicket of valuation arcana and acronyms, so Tim Wheeler deserves credit for cutting through the undergrowth with pictures and protest songs. Brixton's chief executive authorised an image of the four horsemen of the Apocalypse for the cover of the property group's half-year report, and a long passage from Bob Dylan's "All Along the Watchtower" inside. Needless to say, his Dylan-inspired message on property values - that nobody "knows what any of it is worth" - was a sobering one. It helped prompt a 9 per cent fall in the company's share price yesterday.

That looks a little unjust. Mr Wheeler has demonstrated great foresight, both in the good and bad times, and he may yet prove to investors that they are being over-cautious. For now he merely questions whether a company that owns land and buildings valued at £2.7bn deserves an enterprise value of less than £1.5bn.