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 
30 September 2012. 
 
  * UK portfolio: GBP73.38 million (30 June 2012: GBP74.77 million) 
 
  * European portfolio: EUR133.67 million (30 June 2012: EUR135.81 million) 
 
In Sterling terms the total valuation was GBP179.70 million, down 2.4% on a like 
for like basis. The UK values fell by 1.9% and European values by 1.6%; the 
fall in European values was 2.8% 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 September 2012 (30 June 2012). 
 
                             Portfolio at 30 September 2012 (30 June 2012) 
 
                                UK              European          Aggregate 
 
Vacancy rate               11.1% (7.3%)      14.8% (14.7%)      12.9% (11.0%) 
 
Average gross yield       10.0% (10.1%)       9.1% (9.0%)        9.5% (9.5%) 
 
Weighted average        4.6 yrs (5.0 yrs)  2.3 yrs (2.3 yrs)  3.3 yrs (3.5 yrs) 
unexpired lease term1 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 30 September 2012 the Sterling value of the Company's bank borrowings was 
GBP185.32 million (30 June 2012: GBP188.2 million). The change reflects currency 
movements and a repayment from free cash of approximately GBP1.5 million (EUR1.89 
million). 
 
The loan to value ratio was 103.1 per cent. (30 June 2012: 102.2 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 160.4 per cent. (30 June 2012: 175.8 per 
cent.) compared with the covenanted minimum of 110 per cent. The ICR is 
calculated on a look forward basis and the fall reflects more leases expiring 
in the next 12 months. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 30 
September 2012, will be announced in due course. 
 
10 October 2012 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
 
Invesco Real Estate 
 
 
 
END 
 

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