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 31 December 2012 was -9.91 pence (30 September 2012: 
-8.91p). The unaudited Net Asset Value per share was -17.90 pence (30 September 
2012: -16.72p). 
 
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 31 December 2012. 
 
Analysis of movement in net asset value. 
 
                                              At              At 
                                     31 December    30 September 
                                            2012            2012 
 
Investment Properties 
 
UK (GBPm)                                     72.3            73.4 
 
Europe (GBPm)                                109.2           106.3 
 
Investment Properties (total)              181.5           179.7 
 
Other assets (GBPm)                           22.9            23.9 
 
Other liabilities (GBPm)                    (31.9)          (32.7) 
 
Bank borrowings (GBPm)                     (187.7)         (184.5) 
 
Adjusted Net Asset Value (GBPm)             (15.2)          (13.6) 
 
Adjusted Net Asset Value per             (9.91)p         (8.91)p 
share 
 
Goodwill (GBPm)                                5.7             5.6 
 
Interest rate swaps (GBPm)                   (5.4)           (6.1) 
 
Deferred taxation (GBPm)                    (12.5)          (11.5) 
 
Net Asset Value (GBPm)                      (27.4)          (25.6) 
 
Net Asset Value per share               (17.90)p        (16.72)p 
 
Portfolio Valuation 
 
As announced on 10 January 2013, the Company's property portfolios were valued 
at GBP72.3 million and EUR133.6 million as at 31 December 2012. The underlying 
like-for-like changes in values, adjusted for disposals, over periods to 31 
December 2012 are shown below: 
 
                                  Periods to 31 December 2012 
 
                                 3m           6m          12m 
 
UK portfolio (in Sterling)     -1.4%        -3.2%        -4.7% 
 
European portfolio (in         -0.1%        -1.6%        -4.0% 
Euros) 
 
Total (in Sterling)             1.0%        -1.4%        -5.7% 
 
The portfolio analysis as at 31 December 2012 is shown below: 
 
                    UK     France     Belgium      Spain     Germany      Total 
 
Industrial       29.0%      12.3%           -       2.1%           -      43.4% 
 
Offices          10.8%      29.1%        7.2%          -        9.5%      56.6% 
 
Total            39.8%      41.4%        7.2%       2.1%        9.5%     100.0% 
 
The top ten investments by value are set out below: 
 
 Ranking  Investment                                      % of    Ranking at 
                                                     Portfolio 
   Now                                                           30 September 
                                                                     2012 
 
    1     Le Directoire, St-Cloud, France           16.5%             1 
 
    2     SchickardSt, Boeblingen, Germany          9.5%              3 
 
    3     St-Michel sur Orge, France                9.4%              2 
 
    4     Le Diapason, Paris, France                8.5%              4 
 
    5     11 Old Jewry, London EC2, UK              6.6%              5 
 
    6     Priory Business Park, Bedford, UK         4.9%              7 
 
    7     Hellaby Lane, Rotherham, UK               4.4%              9 
 
    8     Interface Business Park, Wooton Bassett,  4.2%              10 
          UK 
 
    9     Brackmills Industrial Estate,             4.1%              11 
          Northampton, UK 
 
   10     Le Verdun, Gentilly, France               3.7%              6 
 
Transactions 
 
No transactions took place in the quarter to 31 December 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 
 
Refurbishment works on the 6th floor at Old Jewry in the City of London have 
now completed and there is already significant interest, both from existing 
tenants and from external parties; we hope and expect to prove a new increased 
market rent level for the building. 
 
At Le Directoire in St Cloud, leasing has continued with 3 new leases signed 
covering 2nd and 9th floors. We also are in negotiations for further leases to 
cover approximately 20% of the building. However we have also received notice 
for part of the 3rd floor demonstrating the difficulty in keeping the building 
fully let given the current tenant-favourable market. 
 
At Le Diapason in Paris we are making a small amount of capital expenditure in 
order to make the 4th floor marketable following the departure of the previous 
tenant. This is already generating interest and we are hopeful of securing a 
tenant soon to return the building to its former occupancy level of over 90% 
(some structural vacancy remains). 
 
Finally, at Rozendal in Belgium a lease renewal was agreed with the main 
tenant, covering 46% of the rent passing, for a 6 year firm period running from 
September 2012. 
 
Financing 
 
Sterling and Euro bank borrowings at 31 December 2012 were GBP75.3 million and EUR 
138.3 million respectively, unchanged over the quarter, although currency 
movements have reduced the sterling value of borrowings. At 31 December 2012 
the LTV ratio was 103.8% (30 September: 103.1%) and the interest cover ratio 
was 159.7% (30 September: 160.4%). Both ratios comply with covenanted limits. 
 
All enquiries: 
 
Angus Pottinger 
 
Invesco Asset Management Limited 
 
020 7065 3714 
 
Rory Morrison 
 
Invesco Real Estate 
 
020 7543 3500 
 
18 February 2013 
 
 
 
END 
 

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