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 March 2012. 
 
  * UK portfolio: GBP75.43 million (31 December 2011: GBP75.91million) 
 
  * European portfolio: EUR137.69 million (31 December 2011: EUR139.13 million) 
 
In Sterling terms the total valuation was GBP190.29 million, down 1.1% on a like 
for like basis. The UK values fell by 0.6% and European values by 1.0%; the 
fall in European values was 1.5% 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 31 March 2012 (31 December 2011). 
 
                             Portfolio at 31 March 2012 (31 December 2011) 
 
                                UK              European          Aggregate 
 
Vacancy rate               4.7% (6.5%)       13.9% (14.4%)       9.4% (10.5%) 
 
Average gross yield       10.5% (10.3%)       9.0% (8.8%)        9.6% (9.4%) 
 
Weighted average        5.1 yrs (5.0 yrs)  2.5 yrs (2.3 yrs)  3.7 yrs (3.5 yrs) 
unexpired lease term1 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 31 March 2012 the Sterling value of the Company's bank borrowings was GBP 
192.3 million (31 December 2011: GBP192.8 million, the change reflecting currency 
movements only). The loan to value ratio was 101.0 per cent. (31 December 2011: 
100.2 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 176.0 per cent. (31 December 2011: 142.8 
per cent.) compared with the covenanted minimum of 110 per cent. The ICR is 
calculated on a look forward basis and the increase mainly reflects the full 
effect of the reduction in EUR rates payable due to the expiry of EUR interest 
rate hedges on 20 April 2012. Under the terms of the Company's financing 
agreements new hedging contracts will be entered into following expiry, and 
significantly lower rates will then be payable given prevailing market rates. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 31 March 
2012 will be announced in due course. 
 
11 April 2012 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
 
Invesco Real Estate 
 
 
 
END 
 

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