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 2013. 
 
  * UK portfolio: GBP66.14 million (30 September 2013: GBP65.26 million on a like 
    for like basis excluding sold properties). 
 
  * European portfolio: EUR112.49 million (30 September 2013: EUR123.21 million on 
    a like for like basis excluding sold properties). 
 
The total valuation was GBP160.07 million, down 5.0% on a like for like basis (30 
September 2013: GBP182.39 million). 
 
Set out below is an analysis of the portfolio's vacancy rates, average gross 
yields and weighted unexpired lease terms at 31 December 2013 (30 September 
2013). 
 
                           Portfolio at 31 December 2013 (30 September 2013) 
 
                               UK              European          Aggregate 
 
Vacancy rate              13.7% (9.6%)      12.9% (12.5%)      13.3% (11.0%) 
 
Average gross yield        7.6% (9.5%)       9.5% (8.5%)        8.7% (8.9%) 
 
Weighted average             5.6 yrs           1.7 yrs            3.3 yrs 
unexpired lease term1 
                            (4.1 yrs)         (2.0 yrs)          (2.9 yrs) 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 31 December 2013 the Sterling value of the Company's bank borrowings was 
GBP175.45 million (30 September 2013: GBP191.23 million). The Company repaid GBP8.9 
million and EUR7.7 million of borrowings following sales of the properties at 
Northampton and Hoeilaart in Belgium. 
 
The interest cover stood at 144.7 per cent. (30 September 2013: 145.7 per 
cent.), above the minimum permitted. 
 
Reflecting the fall in values in Europe, at 31 December 2013 the loan to value 
ratio had risen to 109.6 per cent. (30 September 2013: 104.9 per cent.). The 
maximum permitted LTV ratio at the valuation date was 100% (down from 110% at 
30 September) so the Company is in breach of this covenant. As stated in the 
last annual report and the subsequent interim management statement the Company 
is in discussions with its lending bank with a view to agreeing an extension to 
the facility and amendments to covenants. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 31 
December 2013 will be announced in due course. 
 
14 January 2014 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
Invesco Real Estate 
 
 
 
END 
 

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