Value and Indexed Property Income Trust PLC · LSE:VIP
Value and Indexed Property Income Trust — Shareholder Meeting (August 2023)
21 slides from Value and Indexed Property Income Trust's shareholder meeting presentation, Aug 2, 2023
Slide 1: AGM
VALUE AND INDEXED PROPERTY INCOME TRUST PLC AGM 2 August 2023 Long, strong, indexed property income
Slide 2: Overview, Portfolio update, Market update
• Overview • Portfolio update – All data 31 July 2023 unless otherwise stated • Market update
Slide 3: VIP completed transition to a direct property investment trust
• VIP completed transition to a direct property investment trust • Transformed balance sheet • Long, strong indexed property income streams • Specialises in smaller lot sizes where market less efficient and more liquid • Single let properties on full repairing and insuring leases • Strategic insight
Slide 4: Long, strong, indexed property income
Long, strong, indexed property income 64% Rent collection Rent indexed Leases EPCs Income from top 6 tenants 12.1 years weighted average 95% 100% 96% unexpired lease length 35 38 EPCs rated rent collection rent indexed properties leases A-C Debt Property yield Dividend per share Annual dividend grow
Slide 5: Portfolio
Portfolio Portfolio 31 July 2023 31 March 2023 Capital Value £142.65m £150.50m* Income £8.77m £9.34m (Rent collected 100%) Running Yield 6.2% 6.2% Number of Properties 35 39 Number of Tenancies 38 42 (Portfolio 100% let) Indexed Income 96% 96% WAULT** 12.1 Years 12.6 Years * Savills Valuation ** Wei
Slide 6: Sales since March 2023
Sales since 31 March 2023 Property Sector Tenant Newcastle Pub Stonegate Melton Mowbray Roadside BP Oil UK Bournemouth Pub Stonegate Cleethorpes Supermarket Co-op Total £8,080,000 (2.9% above valuation) No purchases
Slide 7: Top properties by capital value
Top 10 properties by capital value 31 July 2023 Property Tenant Sector % of Portfolio by Capital Value Dover Park Resorts Caravan Park 8% Newport Isle of Wight Marks and Spencer Supermarket 7% Rayleigh Marks and Spencer Supermarket 7% Garstang Sainsbury’s Supermarket 6% Coventry (Crosspoint) Tenpin,
Slide 8: Sector weighting % capital value
Sector weighting % capital value 31 July 2023 4% Industrials - 31% (March 29%) 7% Supermarkets - 30% (March 29%) 9% Bowling - 10% (March 9%) 31% Hotels - 9% (March 9%) 9% Other (Caravan Park & Library) - 9% (March 9%) Pubs - 7% (March 9%) 10% Roadside - 4% (March 6%) 30%
Slide 9: Capital value by region
Capital value by region 31 July 2023 1% South East - 31% (March 29%) 4% North - 27% (March 28%) 7% Midlands - 12% (March 11%) 8% 31% East Anglia - 10% (March 12%) South West - 8% (March 8%) 10% Scotland - 7% (March 7%) London - 4% (March 3%) 12% 27% Wales - 1% (March 1%)
Slide 10: Rent review pattern
Rent review pattern 96% of income is indexed 31 July 2023 4% 15% 12% 69% Retail Price Index - 69% (26 Tenancies) Consumer Price Index - 12% (6 Tenancies) Fixed Increases - 15% (5 Tenancies) Open Market - 4% (1 Tenancy)
Slide 11: Impact of inflation on annual rental growth over five years
Impact of inflation on annual rental growth over five years 4.5% 4.3% 4.1% 3.8% 3.0% CPI 0% CPI 2% CPI 4% CPI 6% CPI 8% Annual portfolio rental income growth assuming cpi increases 0% - 8% p.a.
Slide 12: Rent reviews since March 2023
Rent reviews since 31 March 2023 Property Tenant Rent Increased % Effective Review Rent Increase Date Pattern Coventry Stonegate £75,129 £78,135 +4.0% RPI 14 May Annual - Capped Dover Park Resorts £523,335 £559,968 +7.0% RPI 28 May Annual - Capped Coventry Pizza Hut £72,500 £73,950 +2.0% Fixed 20 Ju
Slide 13: Contracted income by tenant
Contracted income by tenant % 31 July 2023 Marks & Spencer 19% Government & LA's 11% Ten Entertainment Group 11% Premier Inn 8% Sainsbury's 8% Top 6 Tenants / 16 Tenancies = 64% Income Park Resorts 7% Co-operative Group 5% MKM Building Supplies 5% Kier Group 4% Winterbotham Darby 4% Shepherd Neame 4
Slide 14: Energy performance certificates
Energy performance certificates EPCs - 95% A-C 31 July 2023 8% A 33% B 54% C 5% C-E
Slide 15: Annual dividend growth
Annual dividend growth 6.7% P.A. 36-year track record of dividend increases (RPI 3.7% P.A.)
Slide 16: VIP's safe, long let indexed property portfolio should prove resilient
• VIP’s safe, long let indexed Property Portfolio should prove resilient • Stay on the right side of structural change – no offices • 100% let and 100% income producing • Stick to strong tenants on long index-linked leases with sustainable rents and buildings • Over past 5 years VIP’s property retur
Slide 17: Alnwick - Hotel
ee ee) eee Alnwick - Hotel
Slide 18: Coventry - Bowling & Restaurants
Coventry - Bowling & Restaurants
Slide 19: Rayleigh - Supermarket
Rayleigh - Supermarket
Slide 20: 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 2 August 2023. For the purpose of this disclaimer, ‘Presentation’ shall mean this document and the slides by OLIM Property Limite
Slide 21: AGM
VALUE AND INDEXED PROPERTY INCOME TRUST PLC AGM 2 August 2023 Long, strong, indexed property income
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