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: £43.38 million (31 December 2013: £42.8 million on a like for like basis excluding sold properties). * European portfolio: €92.40 million (31 December 2013: €95.99 million on a like for like basis excluding sold properties). The total valuation was £119.76 million (31 December 2013: £160.07 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 £ 150.78 million (31 December 2013: £175.45 million). The Company has repaid £ 14.49 million and €11.0 million of borrowings in the quarter from proceeds of sales. A further £7.5m has been repaid since the quarter end and €1.15 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 £10m 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
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