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 December 2012. 
 
  * UK portfolio: GBP72.37 million (30 September 2012: GBP73.38 million) 
 
  * European portfolio: EUR133.57 million (30 September 2012: EUR133.67 million) 
 
The UK values fell by 1.4% and European values by 0.1%. In sterling terms, the 
total valuation was GBP179.70 million. 
 
Set out below is an analysis of the portfolio's vacancy rates, average gross 
yields and weighted unexpired lease terms at 31 December 2012 (30 September 
2012). 
 
                           Portfolio at 31 December 2012 (30 September 2012) 
 
                                UK              European          Aggregate 
 
Vacancy rate              11.0% (11.1%)      20.2% (14.8%)      15.6% (12.9%) 
 
Average gross yield        9.7% (10.0%)       8.2% (9.1%)        8.8% (9.5%) 
 
Weighted average        4.5 yrs (4.6 yrs)  2.6 yrs (2.3 yrs)  3.5 yrs (3.3 yrs) 
unexpired lease term1 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 31 December 2012 the Sterling value of the Company's bank borrowings was 
GBP188.37 million (30 September 2012: GBP185.32 million). The change reflects 
currency movements only. 
 
The loan to value ratio was 103.8 per cent. (30 September 2012: 103.1 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 159.7 per cent. (30 September 2012: 
160.4 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 December 2012, will be announced in due course. 
 
10 January 2013 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
Invesco Real Estate 
 
 
 
END 
 

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