Preliminary Results

Standard Life Invs Property Inc Tst
19 March 2007


19 March 2007
Standard Life Investments Property Income Trust Limited
Preliminary Results in respect of the year ended 31 December 2006

Financial Highlights

   •Net Asset Value per share increased by 13.9% to 132.7p
   •Net Asset Value total return since launch of 70.8%
   •Property portfolio valued at £239.4m
   •Four properties acquired over the year
   •Dividends per share of 6.695p for the year
   •Dividend yield of 5.3% based on year end share price

Financial Summary

                               31 December 2006   31 December 2005   % Change
Price per share                           125.3p             118.1p       6.1%
Value of property portfolio *            £239.4m            £202.3m      18.3%
Cumulative Dividend per share             6.695p             6.500p       3.0%
IFRS Net Asset Value per
share **                                  127.8p             113.6p      12.5%
Published adjusted IFRS Net
Asset Value per share ***                 132.7p             116.5p      13.9%

* Valued on a market value basis in accordance with the RICS Appraisal and
Valuation Standards.
** Calculated under International Financial Reporting Standards.
*** Calculated under International Financial Reporting Standards adjusted to
exclude Deferred Taxation and to include the fourth quarter dividend.

Extracts from the Chairman's statement:

'I am pleased to report that 2006 proved to be another positive year for UK
commercial property in general and your Company in particular. The adjusted IFRS
net asset value (after deducting the final dividend and adding back deferred
taxation) increased by 13.9% over the financial year ended 31 December 2006 and
total annual dividends of 6.695p per share have been paid to shareholders over
the year.

One of the main objectives of the Company is to provide an attractive level of
income. I am pleased to report that in respect of the last financial year the
Company's income return from its property portfolio was 6.6% compared with an
income return for the IPD universe of 4.7%.

The UK commercial property market continues to deliver positive returns, with
total returns as measured by IPD Monthly Index, delivering 18.1% over the year.
This compares with the UK equity market producing a total return of 16.75%, as
measured by the FTSE All-Share Index, and the UK gilt market delivering a total
return of 0.69% as measured by the FTSE British Government All Stocks Index.
Over the last three years the total returns produced by property as an asset
class have been very attractive compared with equities and bonds.

Performance was once again primarily attributable to increasing capital values
across the portfolio, as well as the continued benefits of financial gearing in
a strong market. The theme of strong inward yield shift that has driven the
market over the last three years is now showing signs of having run its course.
The cost of borrowing has increased during 2006 and the margin for debt backed
buyers has reduced considerably. There is still strong demand for good quality
stock, particularly for office property in Central London.

The Company has acquired 4 properties over the reporting period, at an aggregate
net cost of £22.5m. These properties have an attractive income yield and high
quality tenants. The purchases have been predominately debt financed and the
portfolio value at the end of December 2006 was £239.4m. The average unexpired
lease term for the portfolio was 9.4 years which is slightly longer than the IPD
(market) average. During September 2006 the Company issued 4m shares at 133p per
share providing gross proceeds of £5.3m.

During the fourth quarter the market appetite for offshore closed ended UK
commercial property trusts such as your Company appeared to reduce as the share
prices moved from small premiums to net asset values to small discounts. At the
year end the Company's share price was 125.3p per share which represented a
discount of 5.6% to the year end net asset value of 132.7p per share.

The Board increased the interim dividend in respect of the quarter ended 30 June
2006 by 4% to 1.69p per share. Subsequent interim dividends have been increased
to this new level of 1.69p per share. Therefore in respect of the financial
year, total dividends represented 6.695p per share on an accruals basis compared
with 6.5p per share for the previous year. The interim dividend of 1.69p per
share in respect of the quarter ended 31 December 2006 was paid on 28 February
2007. At the year end the Company's ordinary shares provided an attractive
dividend yield of 5.3% compared with a yield of 2.9% for the FTSE All-Share
Index.

The managers have increased their marketing of the Company to existing and
potential new institutional and private client shareholders during 2006
particularly following the change of the individual fund manager, within
Standard Life Investments, who has responsibility for asset management of the
portfolio. Jason Baggaley, a qualified chartered surveyor with 16 years real
estate fund management experience, assumed responsibility for the fund
management of the Company's assets in August 2006.

The Board have undertaken a thorough review of the portfolio with the managers
as asset management initiatives and rental growth are likely to be the main
drivers of total return going forward.

Whilst the outlook for UK commercial property remains broadly positive as
continuing economic growth underpins corporate demand for commercial space, the
expectations are that the exceptional performance of the last three years cannot
continue with total returns expected to be in high single digits in the coming
year, and income return providing the main component of total return, much as it
has over the long term. The Company's property portfolio is reasonably well
placed, based upon sector weightings, relatively long leases and high income
return to produce attractive investment returns to shareholders.

David Moore
Chairman'

All Enquiries to:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Tel: [phone]

Richard England
Gordon Humphries
Jason Baggaley
Standard Life Investments
Tel: [phone]

























Standard Life Investments Property Income Trust Limited
Consolidated Income Statement
For the year ended 31 December 2006



                                                    2006                  2005
                                                       £                     £

Income
Unrealised gain arising on
adjustment to fair value of
investment properties                          12,701,088            18,893,599
Realised gain on disposal of
investment property                                     -               145,281
Rental income                                  14,811,508            12,878,325
                                                 --------              --------
Total income and fair value
gains                                          27,512,596            31,917,205
                                                 --------              --------

Expenditure
Investment management fees                    (1,915,571)           (1,584,607)
Head lease payments                             (283,854)             (283,572)
Valuation fees                                   (81,500)              (72,500)
Other direct property costs                     (302,323)             (109,734)
Directors' fees and subsistence                  (83,022)              (75,547)
Other administration expenses                   (172,164)             (194,035)
                                                --------               --------
                                              (2,838,434)           (2,319,995)
                                                 --------              --------

Operating profit                               24,674,162            29,597,210

Finance costs - net
Interest payable                              (5,375,415)           (4,397,047)
Interest receivable                               331,532               262,109
                                                 --------              --------
                                              (5,043,883)           (4,134,938)
                                                 --------              --------
                                                 --------              --------
Profit for the year before
taxation                                       19,630,279            25,462,272
                                                 --------              --------

Taxation                                      (2,449,225)           (3,880,011)
                                                 --------              --------
Profit for the year                            17,181,054            21,582,261
                                                 ========              ========

Earnings per share for the year
attributable to the equity holders of the
Company

Basic and diluted                                 16.99                  21.58
                                                  pence                  pence

All items in the above income statement derive from continuing operations





Standard Life Investments Property Income Trust Limited
Consolidated Balance Sheet
As at 31 December 2006



                                                    2006                   2005
                                                       £                      £
ASSETS
Non-current
assets
Freehold                                     195,915,863            168,194,233
investment
properties
Leasehold                                     47,984,258             39,105,163
investment
properties
Interest rate                                    501,862                     -
swap               --------------------------------------------   --------------
                                            244,401,983             207,299,396
                   --------------------------------------------   --------------
Current
assets
Trade and                                     3,734,872               2,134,473
other
receivables
Cash and cash                                 5,214,503              13,711,633
equivalents         --------------------------------------------- --------------
                                              8,949,375              15,846,106
                    --------------------------------------------- --------------
                    --------------------------------------------- --------------
Total assets                                253,351,358             223,145,502
                    ============================================= ==============
                                                                 
                                                                       

EQUITY
Capital and
reserves
attributable
to Company's
equity
holders
Share                                         1,040,000               1,000,000
capital
Share                                         5,217,022                       -
premium
Retained                                     (4,146,647)             (2,334,373)
earnings
Capital                                      35,961,779              19,734,918
reserves
Other                                        94,801,259              95,206,619
distributable     --------------------------------------------- ----------------
reserves
Total equity                                132,873,413             113,607,164
                  --------------------------------------------- ----------------

LIABILITIES
Non-current
liabilities
Taxation                                      6,895,522               4,446,297
Bank                                         84,432,692              84,432,692
borrowings
Redeemable                                    7,161,365               6,756,006
preference
shares
Leasehold                                     4,544,339               4,801,715
obligations
Interest rate                                         -               3,023,911
swap
                  --------------------------------------------- ----------------
                                            103,033,918             103,460,621
                  --------------------------------------------- ----------------

Current
liabilities
Trade and                                     7,310,579               5,794,269
other payables
Bank                                          9,850,000                       -
borrowings
Leasehold                                       283,448                 283,448
obligations
               --------------------------------------------- -------------------
                                             17,444,027               6,077,717
               --------------------------------------------- -------------------
               --------------------------------------------- -------------------
Total                                       120,477,945             109,538,338
liabilities    --------------------------------------------- -------------------
               --------------------------------------------- -------------------
Total equity                                253,351,358              223,145,502
and            ============================================= ===================
liabilities

Standard Life Investments Property Income Trust Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2005

              Share     Share     Retained       Capital         Other       Total
            capital   Premium     earnings       Reserve distributable       equity
                                                              reserves
                  £         £            £             £             £            £

Opening
balance 1
January   1,000,000         -        135,973   5,214,861    96,692,892  103,043,726
2005

Profit for
the               -         -     21,582,261           -             -   21,582,261
year
Unrealised
gain arising
on
adjustment
to fair value
of investment
properties        -         -    (18,893,599) 18,893,599            -             -
Transfer                                                                 
between
reserves*         -         -      1,486,273           -   (1,486,273)            -
Realised gain
on disposal
of
investment        -         -      (145,281)     145,281            -             -
property
Movement in
revaluation
of interest
rate swap         -         -             -   (4,518,823)           -    (4,518,823)
Dividends         -         -    (6,500,000)           -            -    (6,500,000)
            -------   -------      --------      -------    ---------      --------
Balance
 at 31
December  1,000,000         -   ( 2,334,373)  19,734,918   95,206,619   113,607,164
  2005      =======   =======      ========      =======    =========      ========

* this is a transfer to move preference share finance costs and launch costs
from the retained earnings reserve to the other distributable reserves.


Consolidated Statement of Changes in Equity
For the year ended 31 December 2006

              Share       Share       Retained        Capital         Other         Total
            capital     Premium       earnings        reserve distributable        equity
                                                                   reserves
                  £           £              £              £             £             £

Opening
balance 1
January   1,000,000           -     (2,334,373)    19,734,918    95,206,619   113,607,164
2006

Profit for
the               -           -     17,181,054              -             -    17,181,054
year
Unrealised
gain arising
on
adjustment
to fair value
of investment
properties        -           -    (12,701,088)   12,701,088              -             -
Transfer
between
reserves*         -           -        405,360             -       (405,360)            -
Movement in
revaluation
of interest
rate swap         -           -              -     3,525,773              -     3,525,773
Issue of
ordinary
share        40,000           -              -             -              -        40,000
capital
Share premium
on issue of
ordinary          -   5,280,000              -             -              -     5,280,000
share
capital
Share issue
costs             -     (62,978)             -             -              -       (62,978)
Dividends         -           -     (6,697,600)            -              -    (6,697,600)
            -------     -------       --------       -------      ---------      --------
Balance at 31
December  1,040,000   5,217,022     (4,146,647)   35,961,779     94,801,259   132,873,413
 2006       =======     =======       ========       =======      =========      ========

* this is a transfer to move preference share finance costs from the retained
earnings reserve to the other distributable reserves.


Standard Life Investments Property Income Trust Limited
Consolidated Cash Flow Statement
For the year ended 31 December 2006

                                                            2006          2005
                                                               £             £

Cash flows from operating activities
Cash generated from operations                        10,547,679    11,960,434
Interest paid                                         (3,631,250)   (4,014,632)
                                                     -------------   ----------
Net cash generated from operating activities           6,916,429     7,945,802
                                                     -------------   ----------

Cash flows from investing activities
Purchase of investment properties                    (24,154,513)  (27,776,307)
Sale of investment properties                                  -     8,500,000
Interest received                                        331,532       262,109
                                                     -------------    ----------
Net cash used in investing activities                (23,822,981)  (19,014,198)
                                                     -------------    ----------

Cash flows from financing activities
Proceeds from issuing of new ordinary shares           5,320,000             -
Share issue costs                                        (62,978)            -
Proceeds from bank borrowings                          9,850,000    23,722,916
Dividends paid                                        (6,697,600)   (6,500,000)
                                                     -------------    ----------
Net cash generated from financing activities           8,409,422    17,222,916
                                                     -------------    ----------
                                                     -------------    ----------
Net (decrease)/increase in cash and cash
equivalents                                           (8,497,130)    6,154,520
in the year                                          =============   ==========

Cash and cash equivalents at beginning of year        13,711,633     7,557,113
                                                     -------------    ----------
Cash and cash equivalents at end of year               5,214,503    13,711,633
                                                     -------------    ----------






STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006

1. The results of the Group were prepared on the basis of International
Financial Reporting Standards and the accounting policies set out in the last
published accounts of the Group for the year ended 31 December 2005.

2. The final dividend in respect of 2006 was declared on 8 February 2007 and
paid on 28 February 2007 to shareholders.

3. There were 104,000,000 Ordinary Shares in issue at 31 December 2006. The
earnings per Ordinary Share are based on the profit of the year of £17,181,054
and on 101,117,808 Ordinary Shares, being the weighted average number of shares
in issue during the year.

4. The Group results consolidate those of Standard Life Investments Holdings
Limited, a wholly owned subsidiary which invests in properties in the United
Kingdom.

5. The total fair value of freehold and leasehold properties shown on the
Balance Sheet is £243,900,121. This differs from the market valuation of the
property portfolio at the year end of £239,355,000 due to adjustments made to
reflect the discounted present value of minimum lease payments and lease
incentives.

The full audited accounts for the year ended 31 December 2006 will be sent to
shareholders in April 2007, and will be available for inspection at Trafalgar
Court, Les Banques, St Peter Port, Guernsey, the registered office of the
Company.






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