Invesco Prop Inc Property Valuation

 
TIDMIPI 
 
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: GBP42.66 million (31 March 2014: GBP43.38 million). 
 
  * European portfolio: EUR89.82 million (31 March 2014: EUR92.40 million). 
 
The total valuation was GBP114.63 million (31 March 2014: GBP119.76 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 GBP 
148.02 million (31 March 2014: GBP150.78 million). The Company has repaid GBP7.5m 
and EUR1.15 m from proceeds of sales in the previous quarter of the warehouse at 
Rotherham and the office building at Diapason. GBP7.76m 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 
 
 
 
END