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 
30 June 2011. 
 
  * UK portfolio: GBP79.04 million (31 March 2011: GBP79.07 million, excluding 
    assets sold) 
 
  * European portfolio: EUR142.70 million (31 March 2011: EUR140.13 million) 
 
In Sterling terms the total valuation was GBP207.21 million, up 2.4% on a like 
for like basis. The UK values were flat but there was improvement in the 
European values, enhanced slightly by positive 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 30 June 2011 (31 March 2011). 
 
                               Portfolio at 30 June 2011 (31 March 2011) 
 
                                UK              European          Aggregate 
 
Vacancy rate               9.2% (7.3%)       19.8% (18.1%)      15.0% (13.0%) 
 
Average gross yield        10.4% (9.8%)       8.2% (7.9%)        9.0% (8.7%) 
 
Weighted average        4.8 yrs (6.0 yrs)  2.6 yrs (2.9 yrs)  3.6 yrs (4.4 yrs) 
unexpired lease term1 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
During the period a total of GBP9.97 million of debt was repaid following the 
sale of Pegasus House, Peterborough. 
 
As at 30 June 2011 the Sterling value of the Company's bank borrowings was GBP 
201.2 million (31 March 2011: GBP208.6 million). The loan to value ratio was 97.2 
per cent. (31 March 2011: 97.6 per cent.), which exceeds the maximum of 65 per 
cent. permitted under the Company's bank facility. The Company's interest cover 
stands at 135.1 per cent. (31 March 2011: 132.8 per cent.) compared with the 
covenanted minimum of 145 per cent. 
 
As announced on 24 March 2011, the Company has agreed in principle with its 
lending bank terms for a restructuring of its loan facility. A further 
announcement regarding the restructuring will be made as soon as practicable 
 
The audited results for the year to 31 March 2011, and the Net Asset Value and 
the Adjusted Net Asset Value per share as at 30 June 2011 will be announced in 
due course. 
 
6 July 2011 
 
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 
 

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