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 30 June 2012 was -7.69 pence (31 March 2012: -7.78p). The 
unaudited Net Asset Value per share was -14.88 pence (31 March 2012: -16.56p). 
 
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 30 June 2012. 
 
Analysis of movement in net asset value. 
 
                                              At              At 
                                    30 June 2012   31 March 2012 
 
Investment Properties 
 
UK (GBPm)                                     74.8            75.4 
 
Europe (GBPm)                                109.3           114.9 
 
Investment Properties (total)              184.1           190.3 
 
Other assets (GBPm)                           26.0            27.0 
 
Other liabilities (GBPm)                    (34.6)          (37.0) 
 
Bank borrowings (GBPm)                     (187.3)         (192.2) 
 
Adjusted Net Asset Value (GBPm)             (11.8)          (11.9) 
 
Adjusted Net Asset Value per             (7.69)p         (7.78)p 
share 
 
Goodwill (GBPm)                                5.1             5.8 
 
Interest rate swaps (GBPm)                   (6.0)           (6.0) 
 
Deferred taxation (GBPm)                    (10.1)          (13.2) 
 
Net Asset Value (GBPm)                      (22.8)          (25.3) 
 
Net Asset Value per share               (14.88)p        (16.56)p 
 
Portfolio Valuation 
 
As announced on 3 July 2012, the Company's property portfolios were valued in 
aggregate at GBP184.13 million as at 30 June 2012. The underlying like-for-like 
changes in values, adjusted for disposals, over periods to 30 June 2012 are 
shown below: 
 
                                    Periods to 30 June 2012 
 
                                 3m           6m          12m 
 
UK portfolio (in Sterling)     -0.9%        -1.5%        -5.4% 
 
European portfolio (in         -1.4%        -2.4%        -4.8% 
Euros) 
 
Total (in Sterling)            -3.2%        -4.3%        -11.1% 
 
The portfolio analysis as at 30 June 2012 is shown below: 
 
                    UK     France     Belgium      Spain     Germany      Total 
 
Industrial       29.4%      12.1%           -       3.4%           -      44.9% 
 
Offices          11.2%      27.6%        7.1%          -        9.2%      55.1% 
 
Total            40.6%      39.7%        7.1%       3.4%        9.2%     100.0% 
 
The top ten investments by value are set out below: 
 
 Ranking  Investment                                      % of    Ranking at 
                                                     Portfolio 
   Now                                                          31 March 2012 
 
    1     Le Directoire, St-Cloud, France           15.4%             1 
 
    2     St-Michel sur Orge, France                9.2%              2 
 
    3     SchickardSt, Boeblingen, Germany          9.2%              3 
 
    4     Le Diapason, Paris, France                8.2%              4 
 
    5     11 Old Jewry, London EC2, UK              6.6%              5 
 
    6     Priory Business Park, Bedford, UK         5.0%              6 
 
    7     Brackmills Industrial Estate,             4.3%              7 
          Northampton, UK 
 
    8     Hellaby Lane, Rotherham, UK               4.3%              8 
 
    9     Interface Business Park, Wooton Bassett,  4.3%              9 
          UK 
 
   10     Le Verdun, Gentilly, France               4.0%              10 
 
Transactions 
 
No transactions took place in the quarter to 30 June 2012. 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 
 
During the quarter a lease amendment was agreed with Daimler AG at the 
Böblingen asset in Germany for an additional 1,160 sqm office, some storage and 
54 parking spaces until May 2019, replacing one of the smaller tenants. This 
takes their total occupation to 89% of the property and the agreement included 
a waiver of their first break option in May 2014 for the remainder of the 
space. 
 
We were also successful in leasing 476 sqm of space at the asset in Rozendal, 
Belgium, comprising half of the space on the first floor which has been a long 
term vacancy. 
 
At Le Directoire in France the largest tenant Sogesma agreed to a lease 
extension for a further 6 years certain, and a new tenant was found for 298 
sqm, helping to restore occupancy in this building. However we also received 
notice from two other tenants in the building occupying just over 2,000 sqm 
combined, to exercise their break options in December of this year. 
 
At St Esteve, Spain, the incumbent tenant agreed to a 6-month extension on the 
current terms to December 2012. 
 
In the UK vacancy increased slightly as leases expired at Webner and Gerrard's 
Cross as expected. 
 
Financing 
 
Sterling and Euro bank borrowings at 30 June 2012 were GBP75.3 million and EUR140.2 
million respectively, unchanged over the quarter, although currency movements 
have reduced the sterling value of borrowings. Since 30 June the Company has 
repaid EUR 1.89m of borrowings from its cash resources in connection with an 
amendment, agreed in July 2012, to the covenants in the facility agreement. 
Details of the amendment were included in the Company's Annual Financial Report 
dated 30 July 2012. 
 
At 30 June the LTV ratio was 102.2% (31 March 2012: 101.0%) and the interest 
cover ratio was 175.8% (31 March 2012: 176.0%). 
 
All enquiries: 
 
Angus Pottinger 
 
Invesco Asset Management Limited 
 
020 7065 3714 
 
Rory Morrison 
 
Invesco Real Estate 
 
020 7543 3500 
 
20 August 2012 
 
 
 
END 
 

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