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INVESCO PROPERTY INCOME TRUST LIMITED - Property Valuation

July 8, 2014



Invesco Property Income Trust Limited HEADLINE: Property Valuation The Directors announce the valuation of the Company's property portfolio as at 30 June 2014. * UK portfolio: 42.66 million (31 March 2014: 43.38 million). * European portfolio: 89.82 million (31 March 2014: 92.40 million). The total valuation was 114.63 million (31 March 2014: 119.76 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 30 June 2014 (31 March 2014) UK European Aggregate Vacancy rate 9.0% (7.3%) 34.1% (34.1%) 22.3% (21.6%) Average gross yield 10.0% (8.5%) 7.7% (8.0%) 8.5% (8.2%) Weighted average 4.6 yrs 1.9 yrs 3.2 yrs unexpired lease term1 (4.7 yrs) (1.8 yrs) (3.1 yrs) Notes: 1 To earlier of next break or lease maturity. As at 30 June 2014 the Sterling value of the Company's bank borrowings was 148.02 million (31 March 2014: 150.78 million). The Company has repaid 7.5m and 1.15 m from proceeds of sales in the previous quarter of the warehouse at Rotherham and the office building at Diapason. 7.76m of debt was drawn to fund the settlement of a currency swap swap which expired in April 2014. The residual change is due to currency movements. The loan to value ratio was 129.1 per cent. at 30 June 2014 (31 March 2014: 125.9 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 stood at 205.2 per cent. (31 March 2014: 199.6 per cent.), above the minimum permitted. 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 and 30 June 2014 will be announced in due course. 8 July 2014 Enquiries: Angus Pottinger 020 7065 4000 Invesco Asset Management Rory Morrison 020 7543 3500 Invesco Real Estate




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Source: PR Newswire (UK Disclosure)


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