Value and Indexed Property Income Trust PLC · LSE:VIP
Value and Indexed Property Income Trust — Investor Presentation (April 2026)
35 slides from Value and Indexed Property Income Trust's investor presentation, Apr 14, 2026
Slide 1: Value and Indexed Property Income Trust PLC Portfolio Update
1 VALUE AND INDEXED PROPERTY INCOME TRUST PLC Portfolio Update Investor Meet Company Presentation 14 April 2026 @ 15:00 LONG, STRONG, INDEXED PROPERTY INCOME
Slide 2: Welcome
2 WELCOME LONG, STRONG, INDEXED PROPERTY INCOME
Slide 3: The Team
3 THE TEAM VIP FUND MANAGERS SARAH MARTIN MATTHEW OAKESHOTT LOUISE CLEARY LONG, STRONG, INDEXED PROPERTY INCOME
Slide 4: Founded in 1986 FCA regulated property investment manager
4 M A N A G E R I N V E S T M E N T Clients – FCA regulated Investment Trusts, £700m under Founded in 1986 property investment Oxford Colleges, management manager FTSE 100 Pension Fund LONG, STRONG, INDEXED PROPERTY INCOME
Slide 5: VIP - Performance
5 VIP - PERFORMANCE LONG, STRONG, INDEXED PROPERTY INCOME
Slide 6: Portfolio Performance Highlights Year to March 2026
6 HIGHLIGHTS YEAR TO 31 MARCH 2026 PORTFOLIO PERFORMANCE 1 2 3 4 5 6 5 properties All Lease 16 rent sold at New £15m properties EPCs 100% extensions at reviews valuation 5 year RCF now compliant Catterick and +£0.8m for £16m & arranged but freehold Milton Keynes 1 purchase undrawn at £3m LONG, STRON
Slide 7: VIP Property Portfolio Performance Record
7 VIP PROPERTY PORTFOLIO PERFORMANCE RECORD 39 YEARS TO 31 MARCH 2026 12.0% VIP Property PORTFOLIO PERFORMANCE 10.8% 10.0% MSCI UK Quarterly Property Index 8.0% 7.6% CPI** 6.8% 6.5% 6.4% 6.0% 5.5% 5.1% 4.8% 4.5% 4.3% 4.0% 3.5% 3.4% 3.4% 3.0% 2.9% 2.9% 2.9% 2.8% 2.0% 0.0% 1 year* 3 years 5 years 10 y
Slide 8: Dividend
8 DIVIDEND LONG, STRONG, INDEXED PROPERTY INCOME
Slide 9: Dividend Yield
9 DIVIDEND YIELD • 39-year track record 7.2% of dividend increases DIVIDEND CONSISTENT • Risen every year DIVIDEND since 1986 GROWTH • Dividend per share +1,004% (6.4% p.a.) v CPI +190% (2.8% p.a.) LONG, STRONG, INDEXED PROPERTY INCOME
Slide 10: Portfolio Overview
10 PORTFOLIO OVERVIEW LONG, STRONG, INDEXED PROPERTY INCOME
Slide 11: Portfolio Summary
11 PORTFOLIO SUMMARY PORTFOLIO 31 MAR 2026 30 SEPT 2025 31 MAR 2025 Capital Value £133.3m** £132.3m* £146.0m PORTFOLIO Contracted Income £9.6m £9.2m*** £9.8m (Rent collected 100%) Net Initial Yield 6.8% 6.5% 6.3% Number of Properties 26 26 30 Number of Tenants 28 28 32 (Portfolio 100% let) Contracte
Slide 12: Capital Value Changes December 2025 to March 2026
12 CAPITAL VALUE CHANGES – DECEMBER 2025 to MARCH 2026 Bowling 2.1% Hotels 1.6% PORTFOLIO Other Leisure - Health Club and Caravan Park 1.0% Garden Centre 0.0% Industrial/Warehouse 0.0% Pubs 0.0% -0.1% Supermarkets • All 26 properties held over the quarter. • Pubs and Caravan Park valued by CBRE. All
Slide 13: Top Properties % by Capital Value
13 TOP 10 PROPERTIES % BY CAPITAL VALUE % OF PORTFOLIO BY PROPERTY TENANT SECTOR CAPITAL VALUE Nantwich Blue Diamond Garden Centre 13% Newport Isle of Wight Marks and Spencer Supermarket 8% PORTFOLIO Rayleigh Marks and Spencer Supermarket 7% Dover Parkdean Resorts Caravan Park 6% Garstang Sainsbury’
Slide 14: Capital Value by Region and Sector
14 CAPITAL VALUE % PORTFOLIO BY REGION BY SECTOR VALUATION 5% (South West) 2% (London) 3% Pubs £133.3m PORTFOLIO 9% (Scotland)) (31 MARCH 2026) 10% Hotels 11% 29% Health Supermarkets 36% (North) Club & 9% (Midlands) Carava… 12% 17% Bowling (East Anglia) 13% 22% 22% (South East) Garden Centre Industr
Slide 15: High Quality Tenants – 82% Income from Top Ten
15 HIGH QUALITY TENANTS – 82% INCOME FROM TOP TEN 14% 14% 8% 8% 8% 7% 6% 6% 6% 5% LONG, STRONG, INDEXED PROPERTY INCOME
Slide 16: Index-Related Rent Review Pattern
16 INDEX-RELATED RENT REVIEW PATTERN BY CONTRACTED RENT RETAIL PRICES INDEX CONSUMER PRICES INDEX FIXED INCREASES INCOME 87% 10% 3% 22 TENANCIES 4 TENANCIES 2 TENANCIES LONG, STRONG, INDEXED PROPERTY INCOME
Slide 17: Rent Increases Since March 2025
17 RENT INCREASES SINCE 31 MARCH 2025 INCOME March to Dec 2025: Jan to March 2026: Year to March 2026: 14 rent reviews 2 reviews 74% of rents (£6.3m) completed: £0.1m increase reviewed £0.7m increase (16 tenancies) * Forecast LONG, STRONG, INDEXED PROPERTY INCOME
Slide 18: Contracted Income by Lease Expiry
18 CONTRACTED INCOME BY LEASE EXPIRY % (IF ALL BREAK OPTIONS EXERCISED) 25 years 4% INCOME 20 - 25 years 23% 15 - 20 years 4% 10 - 15 years 25% 5 - 10 years 41% < 5 years 3% WAULT - 13.6 YEARS if all tenants exercise their break options 15.8 YEARS to expiry LONG, STRONG, INDEXED PROPERTY INCOME
Slide 19: EPCs – 100% Rated A – C
19 EPCs – 100% RATED A – C PORTFOLIO A 21% B 47% C 32% LONG, STRONG, INDEXED PROPERTY INCOME
Slide 20: How Do We Outperform?
20 HOW DO WE OUTPERFORM? LONG, STRONG, INDEXED PROPERTY INCOME
Slide 21: How Do We Outperform?
21 HOW DO WE OUTPERFORM? Active stock recycling and improvement Strong tenants on long index-linked leases PERFORMANCE No offices, no residential, no voids 100% EPC compliant and FRI leases Realistically valued and ready for sale Small lot sizes are not “illiquid” assets Sustainable rents 5 – 10 day
Slide 22: Sector Changes Over the Years
22 SECTOR CHANGES OVER THE YEARS Anticipating structural changes 45% Shops Pubs / Restaurants 40% PERFORMANCE Caravan Park / Other 35% Roadside Industrial / Warehouse 30% Supermarkets 25% Bowling Garden Centre 20% Hotels 15% 10% 5% 0% Mar-14 Mar-20 Now LONG, STRONG, INDEXED PROPERTY INCOME
Slide 23: VIP Stock Recycling Since 2020
23 VIP STOCK RECYCLING SINCE 2020 SALES PURCHASES PERFORMANCE £61m £132m 29 Properties 28 Properties AVERAGE LOT SIZE AVERAGE LOT SIZE £2 million £5 million LONG, STRONG, INDEXED PROPERTY INCOME
Slide 24: Sales to end March 2026 for £16m @ 7.6%
24 5 SALES - to end March 2026 for £16m @ 7.6% Doncaster - Leasehold Aylesford – Short sublet Thirsk – Short lease Stafford – Refurbished Blandford Forum – Short lease LONG, STRONG, INDEXED PROPERTY INCOME
Slide 25: Case Studies
25 CASE STUDIES LONG, STRONG, INDEXED PROPERTY INCOME
Slide 26: Dundee Industrial New Purchase
26 DUNDEE INDUSTRIAL NEW PURCHASE PURCHASE LONG, STRONG, INDEXED PROPERTY INCOME
Slide 27: Milton Keynes Industrial Lease Extension
27 MILTON KEYNES INDUSTRIAL LEASE EXTENSION LONG, STRONG, INDEXED PROPERTY INCOME
Slide 28: Debt
28 DEBT LONG, STRONG, INDEXED PROPERTY INCOME
Slide 29: Long Fixed Debt
29 LONG FIXED DEBT • Revolving Credit Facility 4.6% DEBT AVAILABLE (+1.7% over Base on drawn down amounts) £15m (RCF) (undrawn at present) DEBT fixed interest rate for 95% of drawn debt DEBT DRAWN £50m • Fixed term loan – expiring 2033 Current overall loan to value ratio for VIP: • Interest rate – 4
Slide 30: Liquidity and Discount Control
30 LIQUIDITY AND DISCOUNT CONTROL LONG, STRONG, INDEXED PROPERTY INCOME
Slide 31: A Vigorous Discount Control Policy
31 A VIGOROUS DISCOUNT CONTROL POLICY Since 1 October 2025 VIP aims to issue shares at a premium and buy back @ SHARES c.10% discount to EPRA NTA per share Premium : 2,550,000 shares issued from Treasury @ 213p Discount : 527,000 shares bought back for Treasury @188.8p average LONG, STRONG, INDEXED
Slide 32: Why Invest in VIP?
32 WHY INVEST IN VIP? LONG, STRONG, INDEXED PROPERTY INCOME
Slide 33: Why Invest in VIP? Conclusion
33 WHY INVEST IN VIP? Consistent outperformance of High yield and indexed dividend growth commercial property market CONCLUSION Strong portfolio with high quality tenants Active stock recycling and improvement Long-term low cost fixed rate debt Inflation protection Now a property REIT EPCs 100% comp
Slide 34: Questions?
34 Questions? QUESTIONS? LONG, STRONG, INDEXED PROPERTY INCOME
Slide 35: Disclaimer
35 DISCLAIMER This document has been prepared by OLIM Property Limited solely for presentation to the Investor Meet Company on 14 April 2026. For the purpose of this disclaimer, ‘Presentation’ shall DISCLAIMER mean this document and the slides by OLIM Property Limited. This Presentation is supplied
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