Property Valuation
October 10 2011 - 5:25AM
UK Regulatory
TIDMIPI
Invesco Property Income Trust Limited
HEADLINE: Property Valuation
The Directors announce the valuation of the Company's property portfolio as at
30 September 2011.
* UK portfolio: GBP76.41 million (30 June 2011: GBP79.04 million, excluding
assets sold)
* European portfolio: EUR141.02 million (30 June 2011: EUR142.70 million)
In Sterling terms the total valuation was GBP199.02 million, down 3.9% on a like
for like basis. The UK values fell by 3.3% and European values by 1.2%; the
fall in European values was 4.3% including 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 September 2011 (30 June 2011).
Portfolio at 30 September 2011 (30 June 2011)
UK European Aggregate
Vacancy rate 9.4% (9.2%) 14.6% (19.8%) 12.1% (15.0%)
Average gross yield 10.1% (10.4%) 8.6% (8.2%) 9.2% (9.0%)
Weighted average 5.1 yrs (4.8 yrs) 2.4 yrs (2.6 yrs) 3.6 yrs (3.6 yrs)
unexpired lease term1
Notes:
1 To earlier of next break or lease maturity.
As at 30 September 2011 the Sterling value of the Company's bank borrowings was
GBP197.3 million (30 June 2011: GBP201.2 million, the change reflecting currency
movements only). The loan to value ratio was 99.1 per cent. (30 June 2011: 97.1
per cent.), which is below the maximum of 110 per cent. permitted under the
Company's bank facility. The Company's interest cover stands at 146.7 per cent.
(30 June 2011: 135.1 per cent.) compared with the covenanted minimum of 110 per
cent.
As announced on 20 September 2011, the proposed restructuring of the Company's
banking facilities is now complete.
The Net Asset Value and the Adjusted Net Asset Value per share as at 30
September 2011 will be announced in due course.
10 October 2011
Enquiries:
Angus Pottinger 020 7065 4000
Invesco Asset Management
Rory Morrison 020 7543 3500
Invesco Real Estate
END
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