Invesco Property Income Trust Limited
HEADLINE: Property Valuation
The Directors announce the valuation of the Company's property
portfolio as at 31 March 2013.
* UK portfolio: £71.94 million (31
December 2012: £72.37 million)
* European portfolio: €132.26 million (31 December 2012: €133.57 million)
The UK values fell by 0.6% and European values by 1.0%. The
total valuation was £183.43 million.
Set out below is an analysis of the portfolio's vacancy rates,
average gross yields and weighted unexpired lease terms at
31 March 2013 (31 December 2012).
Portfolio at 31 March 2013 (31 December 2012)
UK European Aggregate
Vacancy rate 11.0% (11.0%) 19.7% (20.2%) 15.4% (15.6%)
Average gross yield 9.4% (9.7%) 8.5% (8.2%) 8.8% (8.8%)
Weighted average 4.2 yrs (4.5 yrs) 2.3 yrs (2.6 yrs) 3.1 yrs (3.5 yrs)
unexpired lease term1
Notes:
1 To earlier of next break or lease maturity.
As at 31 March 2013 the Sterling
value of the Company's bank borrowings was £ 191.90 million
(31 December 2012: £188.37 million).
The change reflects currency movements only.
The loan to value ratio was 104.6 per cent. (31 December 2012: 103.8 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 149.2 per cent.
(31 December 2012: 159.7 per cent.)
compared with the covenanted minimum of 145 per cent. The ICR is
calculated on a look forward basis and the fall reflects more
leases due to expire in the next 12 months.
The Net Asset Value and the Adjusted Net Asset Value per share
as at 31 March 2013, will be
announced in due course.
15 April 2013
Enquiries:
Angus Pottinger 020 7065 4000
Invesco Asset Management
Rory Morrison 020 7543 3500
Invesco Real Estate