TIDMSLI 
 
28 January 2015 
 
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI) 
 
Unaudited Net Asset Valueas at 31 December 2014 
 
Key Highlights 
 
  * Net asset value per ordinary share was 74.4p as at 31 December 2014 which 
    is arrived at after deducting the Q4 dividend due to be paid in February 
    2015. This is an increase of 3.5% from 30 September 2014. 
 
  * Successful placing of approximately 26.5m ordinary shares at 75.5p per 
    share under the Placing Programme announced on 13 November 2014, raising 
    gross proceeds of approximately GBP20.0m. 
 
  * Five industrial properties purchased in November 2014 for GBP23.8m excluding 
    costs and one retail property purchased in November 2014 for GBP10.1m 
    excluding costs. 
 
  * Dividend yield of 5.7% based on share price of 81.0p (26 January 2015). 
 
  * Current market capitalisation - GBP200m. 
 
Net Asset Value ("NAV") 
 
The unaudited net asset value per ordinary share of Standard Life Investments 
Property Income Trust Limited ("SLIPIT") at 31 December 2014 was 74.4 pence 
including the adjustment for the Q4 dividend payment due in February 2015. This 
is an increase of 3.5% over the net asset value of 71.9 pence (including the 
adjustment for the Q3 dividend) per share at 30 September 2014. The net asset 
value is calculated under International Financial Reporting Standards ("IFRS"). 
 
The net asset value incorporates the external portfolio valuation by Jones Lang 
LaSalle at 31 December 2014. The property portfolio will next be valued by the 
external valuer during March 2015 and the next quarterly net asset value will 
be published thereafter. 
 
Breakdown of NAV movement 
 
Set out below is a breakdown of the change to the unaudited NAV per share 
calculated under IFRS over the period 30 September 2014 to 31 December 2014. 
 
                                                      GBPm   Pence   % of opening 
                                                             per            NAV 
                                                           share 
 
Unaudited Net Asset Value at 30 September 2014     159.1    73.1              - 
 
Gain - realised and unrealised following             6.8     3.0           4.3% 
revaluation of property portfolio (including the 
effect of gearing) 
 
Increasein unrealised interest rate swap           (1.8)   (0.8)         (1.1%) 
liability 
                                                     0.5     0.2           0.3% 
Other movement in reserves 
 
Increase in share capital                           19.8 
 
Unaudited Net Asset Value at 31 December 2014 
before 
 
adjustment for dividend                            184.4    75.5           3.5% 
 
Adjustment for Q4 dividend                         (2.8)   (1.1) 
 
Unaudited Net Asset Value at 31 December 2014 
after adjustment for dividend                      181.6    74.4 
 
 
European Public Real Estate Association    31Dec 2014 30 Sept 2014 
("EPRA")* 
 
EPRA Net Asset Value before adjustment        GBP187.1m      GBP160.0m 
for dividend 
 
EPRA Net Asset Value after adjustment         GBP184.3m      GBP157.5m 
for dividend 
 
EPRA Net Asset Value per share before           76.6p        73.5p 
adjustment for dividend 
 
EPRA Net Asset Value per share after            75.5p        72.3p 
adjustment for dividend 
 
 
The Net Asset Value per share is calculated using 244,216,165 shares of 1p each 
being the number in issue on 31 December 2014. 
 
*The EPRA net asset value measure is to highlight the fair value of net assets 
on an on-going, long-term basis. Assets and liabilities that are not expected 
to crystallise in normal circumstances, such as the fair value of financial 
derivatives, are therefore excluded. 
 
Investment Manager Commentary 
 
The Company continued its active year with a further equity raise and purchase 
of assets in Q4. We remained focussed on protecting existing shareholder value, 
raising the new equity at a 5% premium to NAV, and then investing the equity 
quickly into a pre identified portfolio to minimise cash drag. 
 
A portfolio of five industrial / logistics units was purchased at a yield of 
7.3% achieving further investment into a strong sector with some scope for 
asset management. The Company also acquired a mixed use retail and leisure 
investment in Glossop for GBP10.1m, giving it access to some new strong tenants 
and an asset with scope for future growth. As a result of these purchases the 
Company had a very low level of free cash at year end. However, in January, we 
completed the sale of a small office in Weybridge for GBP3.2m and the proceeds 
will be used for the refurbishment of some industrial units in Aberdeen and at 
an office in Farringdon, London. 
 
At a portfolio level the standing portfolio saw capital growth of 3.3% (IPD 
monthly index 2.9%) which included an uplift from the sale of a small office in 
Weybridge at a premium of GBP1.0m to its previous valuation of GBP2.2m.The 
valuation of the Swindon asset had a negative impact. We had been close to 
agreeing terms on a letting to Asda but with the challenges in the food sector 
the letting has fallen away and we have reduced the valuation as a result. The 
Company had a NAV total return for Q4 of 4.9% and 23.2% for 2014. 
 
On 1 January 2015 the Company converted to being a UK REIT so, although it 
remains a Guernsey registered company, it has moved onshore for tax residency. 
 
The Company had a dividend cover of 100.7% in 2014, even after recognising the 
write down of its deferred tax asset of GBP0.6m as a revenue item. After adding 
back this item the dividend cover was 107.2%. 
 
Cash position 
 
As at 31 December 2014 the Company had borrowings of GBP84.4m and a cash position 
of GBP5.4m (excluding rent deposits) therefore cash as a percentage of debt was 
6.4%. 
 
Dividends 
 
The Company paid an interim dividend in respect of the quarter ended 
30 September 2014, of 1.161p per Ordinary Share, with ex-dividend and payment 
dates of 13 November 2014 and 28 November 2014 respectively. 
 
Loan to value and interest rate 
 
As at 31 December 2014 the loan to value ratio (assuming all cash is placed 
with RBS as an offset to the loan balance) was 29.3% (30 September 2014: 
27.9%). The bank covenant level is 65%.As a result of interest rate swaps the 
weighted average interest rate on the loan is fixed at 3.8% until the loan 
matures in December 2018. 
 
The Company has two interest rate hedges which mature in December 2018 and have 
a current liability of GBP2.7m (30 September 2014: GBP0.9m). These had a negative 
impact on the NAV of 0.8p per share or 1.1% over the quarter. 
 
Net Asset analysis as at 31 December 2014 (unaudited) 
 
                                      GBPm      %of net 
                                               assets 
 
Office                             114.3         62.0 
 
Retail                              47.1         25.6 
 
Industrial                         108.7         58.9 
 
Total Property Portfolio           270.1        146.5 
 
Adjustment for lease               (1.8)        (1.0) 
incentives 
 
Fair value of Property             268.3        145.5 
Portfolio 
 
Cash                                 5.4          2.9 
 
Other Assets                         4.4          2.4 
 
Total Assets                       278.1        150.8 
 
Non-current liabilities           (86.7)       (47.0) 
 
Current liabilities                (7.0)        (3.8) 
 
Total Net Assets                   184.4        100.0 
 
Breakdown in valuation movements over the period 1 Oct 2014 to 31 Dec 2014 
 
 
                              Exposure as  Capital Value    Capital 
                               at 31 Dec    Movement on      Value 
                               2014 (%)       Standing    Movement on 
                                           Portfolio (%)  Portfolio (GBPm) 
 
External Property Valuation                                  228.1 
at 30 Sep 2014 
 
Sub Sector Analysis: 
 
RETAIL 
 
South East Retail                 4.1           0.0           0.0 
 
Retail Warehouses                13.3           1.8          10.9* 
 
OFFICES 
 
Central London Offices            9.7           6.8           1.7 
 
South East Offices               21.7           3.7           2.1 
 
Rest of UK Offices               11.0           3.2           0.9 
 
INDUSTRIAL 
 
South East Industrial             8.9           5.4          15.1* 
 
Rest of UK Industrial            31.3           2.6          11.4* 
 
External Property Valuation      100.0          3.3         270.2** 
at 31 Dec 2014 
 
*Due to purchase of five industrial investments and one retail investment 
 
**Adjusted to exclude sales costs of properties held for sale at 31 December2014 
 
 
Top 10 Properties 
 
                                        31 Dec 2014 (GBPm) 
 
White Bear Yard, London                      15-20 
 
Chester House, Farnborough                   15-20 
 
Symphony, Rotherham                          15-20 
 
Denby 242, Denby                             10-15 
 
Hertford Place, Rickmansworth                10-15 
 
St James's House, Cheltenham                 10-15 
 
Hollywood Green, London                      10-15 
 
3B - C Michigan Drive, Milton Keynes         10-15 
 
Howard Town Retail Park, Glossop             10-15 
 
Bourne House, Staines                         5-10 
 
On 20 January 2015 the Company completed the sale of De Ville Court, an office 
investment in Weybridge for GBP3.2m excluding costs. 
 
The Board is not aware of any other significant events or transactions which 
have occurred between 31 December 2014 and the date of publication of this 
statement which would have a material impact on the financial position of the 
Company. 
 
Details of the Company may also be found on the Investment Manager's website 
which can be found at:www.standardlifeinvestments.com/its 
 
For further information:- 
 
Jason Baggaley - Real Estate Fund Manager Standard Life Investments 
Tel +44(0) 1312452833 or jason_baggaley@standardlife.com 
 
Gordon Humphries - Head of Investment Companies Standard Life Investments 
Tel +44 (0) 131 245 2735 or gordon_humphries@standardlife.com 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Ltd 
Trafalgar Court 
Les Banques 
St Peter Port 
GY1 3QL 
Tel: 01481 745001 
Fax: 01481 745085 
 
 
 
 
END 
 

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