Value and Indexed Property Income Trust PLC · LSE:VIP
Value and Indexed Property Income Trust — Shareholder Meeting (July 2025)
25 slides from Value and Indexed Property Income Trust's shareholder meeting presentation, Jul 10, 2025
Slide 1: Annual General Meeting
VALUE AND INDEXED PROPERTY INCOME TRUST PLC Annual General Meeting 10 July 2025 Long, strong, indexed property income
Slide 2: Overview, Highlights, Portfolio update, Market update
• Overview • Highlights • Portfolio update (All data at 30 June 2025 unless otherwise stated) • Market update
Slide 3: OLIM Property Investment team
OLIM Property Investment team Sarah Martin Matthew Oakeshott Louise Cleary
Slide 4: Highlights – Year to 31 March 2025
Highlights – Year to 31 March 2025 • Value and Indexed Property Income Trust plc became a REIT on 1 April 2025 • VIP’s share price: +6.9% • Share price total return: +15.0% • Net asset value (NAV) total return: 7.1% • Dividend yield (31 March 2025): 7.5% • VIP total return: 9.0% V MSCI UK Quarterly
Slide 5: VIP property portfolio performance record over 38 years to 31 March 2025
VIP property portfolio performance record over 38 years to 31 March 2025 12 10.9% 10 9.0% 8 7.5% 7.7% 6.7% 6.3% 6.2% 6 5% 4.5% 3.9% 4% 4 3.7% 3.7% 3.2% 2.1% 2 0 1 year 5 years 10 years 20 years 38 years VIP Property MSCI UK Quarterly Property Index RPI
Slide 6: Portfolio update
Portfolio update • All properties now freehold • 100% of rent reviews linked to inflation • 1 property purchased for £16.5m • 6 properties sold for £12.3m (net): 5% above valuation • Lease extension at Catterick • Year March 2025 to March 2026: 67% of rents to be reviewed (17 tenancies)
Slide 7: Portfolio update
Portfolio update Portfolio 30 June 2025 31 March 2025 31 March 2024 Capital Value £143.5m £146.0m £138.1m Contracted Annual Income £9.7m* £9.8m £9.7m (Rent collected 100%) Net Initial Yield 6.4% 6.3% 6.6% Number of Properties 29 30 35 Number of Tenants 31 32 38 (Portfolio 100% let – void rate 0%) Co
Slide 8: Impact of inflation on 5 year future rental growth
Impact of inflation on 5 year future rental growth 5 4.5 4.3% 4.4% 4.1% 4 3.7% 3.5 3.3% 3 2.9% 2.5 2025 2025 2025 2025 2025 2025 2 to to to to to to 2030 2030 2030 2030 2030 2030 1.5 1 0.5 0 CPI 0% CPI 1% CPI 2% CPI 3% CPI 4% CPI 5% Annual portfolio future rental income growth assuming CPI increases
Slide 9: 80% income from ten tenants
8o% income from ten tenants Parkdean ee wv
Slide 10: Rent increases for year ending March 2025
Rent increases for year ending March 2025 • 100% contracted income: index-linked or fixed increases • 9 rent reviews completed: 29.3% of total income • Average annual increase on rents passing: 3.0% • Adding over £0.1m • 2 rent concessions ended adding £0.2m
Slide 11: Rent increases since 31 March 2025
Rent increases since 31 March 2025 • Year ending March 2026: 67% of rents (£6.5m) to be reviewed (17 tenancies) • 4 rent reviews completed: £0.2m increase • 9 further reviews to end September: £0.5m* increase • 4 reviews October to March 2026: £0.4m* increase * Estimated Forecast
Slide 12: Capital value % by sector weighting
Capital value % by sector weighting 3% Pubs 9% Hotels 29% 12% Supermarkets Garden Centre 12% Other … 23% Portfolio Valuation 12% Bowling Industrial £143.5m (30 June 2025)
Slide 13: Top 10 properties % by capital value
Top 10 properties % by capital value Property Tenant Sector % of Portfolio by Capital Value Nantwich Blue Diamond Garden Centre 12% Dover Park Resorts Caravan Park 7% Newport Isle of Wight Marks and Spencer Supermarket 7% Rayleigh Marks and Spencer Supermarket 6% Garstang Sainsbury’s Supermarket 6%
Slide 14: Capital value % by region
Capital value % by region (30 June 2025) 6% (Scotland) 2% (London) 7% (South West) 33% (North) 11% (Midlands) 15% (East Anglia) 26% (South East)
Slide 15: Catterick – Premier Inn Hotel
Catterick – Premier Inn Hotel • Purchased May 2021 • Tenant to convert the restaurant into 15 additional bedrooms (77 in total) • New 25 year lease to 2050 • Tenant 2035 break clause removed - rent free granted until March 2026 • 5 yearly CPI-linked rent reviews (0% - 5% pa) next due September 2025
Slide 16: Dover – St Margaret's Holiday Park
Dover – St Margaret’s Holiday Park • Sale & leaseback May 1999 • Valuation risen: under £2m to over £10m • Rent risen: £180,000 to £650,000 • Site Area: c.20 acres • Let to Park Resorts Ltd until May 2034 • Annual RPI-linked reviews (3% - 7% pa) • Every 5 years rent increases to 14% of turnover if h
Slide 17: Purchases
Purchases Nantwich, Cheshire Bridgemere Garden Centre • Purchased August 2024 @ £16.5m (NIY 6.6%, rising to 7.8% Dec 2025) • Site Area c.37 acres • Let to Blue Diamond until 2049 • 5 yearly RPI-linked rent reviews – (1% - 4% pa) next due Dec 2025
Slide 18: Sales - to end March 2025
Sales - to end March 2025 • 6 completed for £12.4m (average lot size £2.1m) • 5.0% above valuation • 4 Shorter let industrials & Library plus convenience store • 1 over rented London pub
Slide 19: Sales - completed post year end
Sales - completed post year end • Doncaster - leasehold bowling alley April 2025 for £2.5m, at valuation • All directly held properties now all freehold
Slide 20: Stock recycling
Stock recycling • Over the last 5 years: • 27 properties purchased for c.£129m – average lot size £4.8m • 24 properties sold for c. £46m – average lot size of £1.9m
Slide 21: EPCs: 100% rated A-C
EPCs: 100% rated A-C 19% A B 35% 45% C
Slide 22: Annual dividend growth
Annual dividend growth • 38-year track record of dividend increases • Consistent growth • Risen every year since 1986 • Dividend per share risen +1,004% (6.5% p.a.) v RPI +293% (3.7% p.a.)
Slide 23: VIP's safe, long let indexed property portfolio well placed for income and capital growth
VIP’s safe, long let indexed property portfolio well placed for income and capital growth Firmly on the right side of structural change – no offices or high street retail 100% let and 100% rent collection Strong tenants on long index-linked leases with sustainable rents and buildings in prosperous l
Slide 24: Disclaimer
Disclaimer • This document has been prepared by OLIM Property Limited solely for presentation to the Value and Indexed Property Income Trust PLC Annual General Meeting on 10 July 2025. For the purpose of this disclaimer, ‘Presentation’ shall mean this document and the slides by OLIM Property Limited
Slide 25: Annual General Meeting
VALUE AND INDEXED PROPERTY INCOME TRUST PLC Annual General Meeting 10 July 2025 Long, strong, indexed property income
Value and Indexed Property Income Trust — Shareholder Meeting (July 2025) on 6ix