IPI Invesco Pty

 
TIDMIPI 
 
Invesco Property Income Trust Limited 
 
HEADLINE: Property Valuation 
 
The Directors announce the valuation of the Company's property portfolio as at 
31 December 2010. 
 
  * UK portfolio: GBP100.6 million (30 September 2010: GBP96.8 million) 
 
  * European portfolio: EUR141.9 million (30 September 2010: EUR145.3 million) 
 
In Sterling terms the total valuation was GBP222.1 million, up 0.1% on a like for 
like basis. The 3.9% rise in the UK values was largely offset by a decline in 
European values and currency movements. 
 
Set out below is an analysis, taking into account transactions, of the 
portfolio's vacancy rates, weighted average gross yields and unexpired lease 
terms at 31 December 2010 (30 September 2010). 
 
                           Portfolio at 31 December 2010 (30 September 2010) 
 
                                UK              European          Aggregate 
 
Vacancy rate 1             4.2% (4.1%)        14.5% (8.5%)       9.4% (6.4%) 
 
Average gross yield        9.4% (9.7%)        8.5% (9.0%)        8.8% (9.2%) 
 
Weighted average        6.1 yrs (5.2 yrs)  3.0 yrs (3.7 yrs)  4.6 yrs (4.4 yrs) 
unexpired lease term2 
 
Notes: 
 
1 Based on income, excluding the Hounslow property now held as a development 
site. 
 
2 To earlier of next break or lease maturity. 
 
As at 31 December 2010 the Sterling value of the Company's bank borrowings was 
GBP217.2 million (30 September 2010: GBP217.2 million). The loan to value ratio was 
97.8 per cent. (30 September 2010: 97.9 per cent.), which exceeds the maximum 
of 65 per cent. permitted under the Company's bank facility. The Company's 
interest cover stands at 132.3 per cent. (30 September 2010: 139.2 per cent.) 
compared with the covenanted minimum of 145 per cent. The reduction in interest 
cover has arisen partly as a result of further rent free periods offered as 
incentives to tenants which have temporarily reduced cash flow and partly from 
increased vacancy rates in France. 
 
The Company remains in bilateral discussions with its lending bank regarding 
its future financing arrangements. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 30 
September 2010 will be announced in due course. 
 
20 January 2010 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
 
Invesco Real Estate 
 
Sue Inglis 020 7050 6500 
 
Canaccord Genuity 
 
 
 
END 
 

Invesco Uk Property Income Trust (LSE:IPI)
Historical Stock Chart
From Jun 2024 to Jul 2024

Invesco Uk Property Income Trust (LSE:IPI)
Historical Stock Chart
From Jul 2023 to Jul 2024