IPI Invesco Pty

                     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 (£m)                                     72.3            73.4

Europe (£m)                                109.2           106.3

Investment Properties (total)              181.5           179.7

Other assets (£m)                           22.9            23.9

Other liabilities (£m)                    (31.9)          (32.7)

Bank borrowings (£m)                     (187.7)         (184.5)

Adjusted Net Asset Value (£m)             (15.2)          (13.6)

Adjusted Net Asset Value per             (9.91)p         (8.91)p
share

Goodwill (£m)                                5.7             5.6

Interest rate swaps (£m)                   (5.4)           (6.1)

Deferred taxation (£m)                    (12.5)          (11.5)

Net Asset Value (£m)                      (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 £72.3 million and €133.6 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 £75.3 million and € 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