Invesco Prop Inc Property Valuation
July 03 2012 - 11:00AM
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 June 2012.
* UK portfolio: GBP74.77 million (31 March 2012: GBP75.43 million)
* European portfolio: EUR135.81 million (31 March 2012: EUR137.69 million)
In Sterling terms the total valuation was GBP184.13 million, down 3.2% on a like
for like basis. The UK values fell by 0.9% and European values by 1.4%; the
fall in European values was 4.8% including currency movements.
Set out below is an analysis, taking into account transactions, of the
portfolio's vacancy rates, average gross yields and weighted unexpired lease
terms at 30 June 2012 (31 March 2012).
Portfolio at 30 June 2012 (31 March 2012)
UK European Aggregate
Vacancy rate 7.3% (4.7%) 14.7% (13.9%) 11.0% (9.4%)
Average gross yield 10.1% (10.5%) 9.0% (9.0%) 9.5% (9.6%)
Weighted average 5.0 yrs (5.1 yrs) 2.3 yrs (2.5 yrs) 3.5 yrs (3.7 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
188.2 million (31 March 2012: GBP192.3 million, the change reflecting currency
movements only). The loan to value ratio was 102.2 per cent. (31 March 2012:
101.0 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 175.8 per cent. (31 March 2012: 176.0
per cent.) compared with the covenanted minimum of 110 per cent. The ICR is
calculated on a look forward basis.
The Net Asset Value and the Adjusted Net Asset Value per share as at 31 March
2012, and 30 June 2012, will be announced in due course.
3 July 2012
Enquiries:
Angus Pottinger 020 7065 4000
Invesco Asset Management
Rory Morrison 020 7543 3500
Invesco Real Estate
END
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