IPI Invesco Pty

 
TIDMIPI 
 
Invesco Property Income Trust Limited 
 
               Net Asset Value and Interim Management Statement 
 
The unaudited Adjusted Net Asset Value per share of Invesco Property Income 
Trust Limited as at 31 December 2011 was -8.2 pence (30 September 2011: -8.2p). 
The unaudited Net Asset Value per share was -17.8 pence (30 September 2011: 
-18.9p). 
 
The Adjusted Net Asset Value per share is calculated in accordance with the 
Company's prospectus and the Net Asset Value per Ordinary Share under 
International Financial Reporting Standards. 
 
The net asset values incorporate the external valuation of the Group's property 
assets as at 31 December 2011. 
 
Analysis of movement in net asset value. 
 
                                              At              At 
                                     31 December    30 September 
                                            2011            2011 
 
Investment Properties 
 
UK (GBPm)                                     75.9            76.4 
 
Europe (GBPm)                                116.6           122.7 
 
Investment Properties (total)              192.5           199.1 
 
Other assets (GBPm)                           26.0            27.5 
 
Other liabilities (GBPm)                    (38.2)          (41.8) 
 
Bank borrowings (GBPm)                     (192.8)         (197.3) 
 
Adjusted Net Asset Value (GBPm)             (12.5)          (12.5) 
 
Adjusted Net Asset Value per              (8.2)p          (8.2)p 
share 
 
Goodwill (GBPm)                                5.8             6.1 
 
Interest rate swaps (GBPm)                   (7.2)           (8.4) 
 
Deferred taxation (GBPm)                    (13.3)          (14.1) 
 
Net Asset Value (GBPm)                      (27.2)          (28.9) 
 
Net Asset Value per share                (17.8)p         (18.9)p 
 
Portfolio Valuation 
 
As announced on 5 January 2012, the Company's property portfolios were valued 
in aggregate at GBP192.5 million as at 31 December 2011. The underlying 
like-for-like changes in values, adjusted for disposals, over periods to 31 
December 2011 are shown below: 
 
                                  Periods to 31 December 2011 
 
                                 3m           6m          12m 
 
UK portfolio (in Sterling)     -0.7%        -4.0%        -1.8% 
 
European portfolio (in         -1.3%        -2.5%        -2.0% 
Euros) 
 
Total (in Sterling)            -3.3%        -7.1%        -3.2% 
 
The portfolio analysis as at 31 December 2011 is shown below: 
 
                    UK     France     Belgium      Spain     Germany      Total 
 
Industrial       28.7%      12.7%        0.0%       3.4%        0.0%      44.8% 
 
Offices          10.7%      28.3%        7.3%       0.0%        8.9%      55.2% 
 
Total            39.4%      41.0%        7.3%       3.4%        8.9%     100.0% 
 
The top ten investments by value are set out below: 
 
 Ranking  Investment                                      % of    Ranking at 
                                                     Portfolio 
   Now                                                          31 March 2011 
 
    1     Le Directoire, St-Cloud, France           16.0%             1 
 
    2     St-Michel sur Orge, France                9.6%              2 
 
    3     SchickardSt, Boeblingen, Germany          8.9%              3 
 
    4     Le Diapason, Paris, France                8.2%              4 
 
    5     11 Old Jewry, London EC2, UK              5.6%              5 
 
    6     Priory Business Park, Bedford, UK         4.7%              6 
 
    7     Brackmills Industrial Estate,             4.4%              7 
          Northampton, UK 
 
    8     Hellaby Lane, Rotherham, UK               4.1%              10 
 
    9     Interface Business Park, Wooton Bassett,  4.1%              11 
          UK 
 
   10     Le Verdun, Gentilly, France               4.1%              8 
 
Transactions 
 
No transactions took place in the quarter to 31 December 2011. The Directors 
and Investment Manager evaluate the prospects and local market conditions for 
each asset and will consider opportunities to make disposals where this is 
judged to be in the Company's interests. 
 
Asset Management 
 
Over the quarter short term leases were agreed at Leighton Buzzard, covering 
all vacant space, and on part of the vacant space at Gerrards Cross. This 
helped to reduce vacancy on the UK portfolio from 9.4% to 6.5% (overall rate 
from 12.4% to 10.5%). 
 
A lease restructure agreed for Theale added an additional 5 years certain 
(potentially 10 years given the penalised break option) in return for reduced 
rent closer to market levels, and an extension to the expiring lease at 
Avonmouth for a further 2.5 years helped to maintain the weighted unexpired 
lease term for the UK. 
 
In Europe further leases were completed in Paris. 500 sqm were let at Diapason, 
bringing the total space let in the building during 2011 to more than 2,500 
sqm. At Le Directorie the largest tenant renewed their lease for 2,450 sqm on a 
new 3/6/9 lease. Both these leases were secured without any capex investment 
and at ERV. 
 
A number of other leasing discussions are on-going, with the hope of concluding 
these in the first half of 2012. 
 
Financing 
 
Sterling and Euro bank borrowings at 31 December 2011 were GBP75.3 million and EUR 
140.2 million respectively, unchanged over the quarter, although currency 
movements have reduced the sterling value of borrowings. At 31 December 2011 
the LTV ratio was 100.2% (30 September: 99.1%) and the interest cover ratio was 
142.8% (30 September: 146.7%). 
 
All enquiries: 
 
Angus Pottinger 
 
Invesco Asset Management Limited 
 
020 7065 3714 
 
Rory Morrison 
 
Invesco Real Estate 
 
020 7543 3500 
 
14 February 2012 
 
 
 
END 
 

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