TIDMIPI 
 
Invesco Property Income Trust Limited 
 
HEADLINE: Property Valuation 
 
The Directors announce the valuation of the Company's property portfolio as at 
31 March 2014. 
 
  * UK portfolio: GBP43.38 million (31 December 2013: GBP42.8 million on a like for 
    like basis excluding sold properties). 
 
  * European portfolio: EUR92.40 million (31 December 2013: EUR95.99 million on a 
    like for like basis excluding sold properties). 
 
The total valuation was GBP119.76 million (31 December 2013: GBP160.07 million). 
 
Set out below is an analysis of the portfolio's vacancy rates, average gross 
yields and weighted unexpired lease terms at 31 March 2014 (31 December 2013). 
 
                             Portfolio at 31 March 2013 (31 December 2013) 
 
                               UK              European          Aggregate 
 
Vacancy rate              7.3% (13.7%)      34.1% (12.9%)      21.6% (13.3%) 
 
Average gross yield        8.5% (7.6%)       8.0% (9.5%)        8.2% (8.7%) 
 
Weighted average             4.7 yrs           1.8 yrs            3.1 yrs 
unexpired lease term1 
                            (5.6 yrs)         (1.7 yrs)          (3.3 yrs) 
 
Notes: 
 
1 To earlier of next break or lease maturity. 
 
As at 31 March 2014 the Sterling value of the Company's bank borrowings was GBP 
150.78 million (31 December 2013: GBP175.45 million). The Company has repaid GBP 
14.49 million and EUR11.0 million of borrowings in the quarter from proceeds of 
sales. 
 
A further GBP7.5m has been repaid since the quarter end and EUR1.15 m is due to be 
repaid shortly representing, respectively, the proceeds of the sale completed 
on 28 March 2014 of the warehouse at Rotherham and the residual proceeds from 
Diapason. 
 
Pending these repayments the loan to value ratio has risen to 125.9 per cent. 
at 31 March 2014 (31 December 2013: 109.6 per cent.). Following the outstanding 
repayment of sales proceeds the LTV will fall to 118.8 per cent. The maximum 
permitted LTV ratio at the valuation date is 100% so the Company is in breach 
of this covenant. 
 
The interest cover ratio stood at 199.6 per cent. (31 December 2013: 144.7 per 
cent.), above the minimum permitted. This calculation assumes that the 
outstanding repayment of sales proceeds will be used to reduce debt at the end 
of this quarter. The improvement reflects the shorter remaining term on the 
interest rate swaps and the reduction by GBP10m notional of the sterling swap 
following debt repayment. 
 
As stated in the half-yearly financial report and the subsequent interim 
management statement, the Company is in discussions with its lending bank with 
a view to agreeing terms for the Group's future financing. 
 
The Net Asset Value and the Adjusted Net Asset Value per share as at 31 March 
2014 will be announced in due course. 
 
9 April 2014 
 
Enquiries: 
 
Angus Pottinger 020 7065 4000 
Invesco Asset Management 
 
Rory Morrison 020 7543 3500 
Invesco Real Estate 
 
 
 
END
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