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: £72.37 million (30
September 2012: £73.38 million)
* European portfolio: €133.57 million (30
September 2012: €133.67 million)
The UK values fell by 1.4% and European values by 0.1%. In
sterling terms, the total valuation was £179.70 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 £188.37 million
(30 September 2012: £185.32 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