REG - Value & Index Prop - Portfolio Update and Year End Portfolio Valuation

Value and Indexed Property Income TrustAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260401:nRSA8470Ya&default-theme=true

RNS Number : 8470Y  Value and Indexed Prop Inc Tst PLC  01 April 2026

VALUE AND INDEXED PROPERTY INCOME TRUST PLC (VIP)

LEI: 213800CU1PIC7GAER820

 

PORTFOLIO UPDATE, 31 MARCH 2026 YEAR END PORTFOLIO VALUATION AND ANNOUNCEMENT
OF THE COMPANY'S SECOND INVESTOR MEET PRESENTATION

 

Value and Indexed Property Income Trust PLC (VIP) has once again delivered
long, strong, index-related income and outperformed its total return benchmark
over the year to 31 March 2026. It has also raised its dividend for the 39(th)
consecutive year and by 6.4% a year against 2.8% pa for the Consumer Prices
Index (CPI) since the inception of OLIM's management in 1986.

 

VIP's Loan to Value Ratio is 37%. Its debt has a maturity of 7 years at an
interest rate of 4.6%, of which 95% is at a fixed rate until 31 March 2033 and
5% is at a floating rate. VIP also has an undrawn five-year £15 million
Revolving Credit Facility (RCF) at a margin of 1.7% over Base Rate on any
amount drawn down.

 

VIP bought one property in December 2025 for £3 million at a net purchase
yield of 8.5%, the Driving Test Centre in Dundee, let to HM Government on a
lease with uncapped upward RPI linked rent reviews. It sold five properties
earlier in 2025 for a total of £16 million, in line with valuation, at a net
initial yield of 7.6%.

 

Two substantial lease extensions were achieved over the year, at the hotel in
Catterick and the industrial property in Milton Keynes. The tenant's options
to break in both leases were removed and the leases extended in return for
rent free periods. As a result, the portfolio's weighted average unexpired
lease length has risen from 13.3 years to 13.6 years to earliest break options
and from 15.2 years to 15.8 years at lease expiry. The net running yield has
increased from 6.3% to 6.8%.

 

Over the year to 31 March 2026, 16 rent reviews increased total rental income
by 9.7%. Nine properties had five yearly index-related rent reviews, adding
£0.7 million pa to total rental income and there were seven annual reviews
adding £0.1 million pa. 100% of the portfolio's rental income is
index-related and/or on fixed increases.

 

All properties have an EPC (Energy Performance Certificate) rating of A-C and
100% of rent due has been collected throughout the year. 82% of rental income
comes from the top 10 tenants - Blue Diamond Garden Centres, Marks and
Spencer, Premier Inn, HM Government, Sainsbury's, Parkdean Resorts, Virgin
Active, Co-operative Group, Ten Entertainment Group and Hollywood Bowl.

 

VIP has no unlet properties and no offices. 29% of the portfolio is in
supermarkets, 22% warehouses/industrials, 13% garden centre, 11% bowling, 10%
hotels, 3% pubs and 12% other leisure.

 

Portfolio Valuation at 31 March 2026

 

The combined Savills and CBRE quarterly independent valuation of VIP's
property portfolio at 31 March 2026 totalled £133,300,000, at a net initial
yield of 6.8%. This compares with a portfolio valuation at 31 March 2025 of
£146,000,000 (pre net property sales of £13 million) at a net initial yield
of 6.3%. The total return over the year was 6.5%. Over the first quarter of
2026, the total return was 2.1%, with a capital gain of 0.5%. The Catterick
hotel, the Coventry bowling alley, the Bebington convenience store and the
Brentwood health club increased in value over the quarter, while the caravan
park near Dover and the supermarket in Rayleigh slipped slightly in value.

 

This total return for both the last quarter and the year will be ahead of
VIP's performance benchmark, the MSCI UK Quarterly Property Index. Full
details will be available in VIP's 2026 Annual Report, expected to be
published in June 2026 after the MSCI UK Quarterly Property Index return for
Q1 2026 is released.

 

Announcement of Investor Meet presentation - Tuesday, 14 April 2026 at 14:30
BST.

 

VIP's Fund Managers, Sarah Martin and Matthew Oakeshott, will give a live
presentation via Investor Meet Company on 14 April 2026 at 14:30 BST.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
13 April 2026, 09:00 BST, or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet VIP
via:

https://www.investormeetcompany.com/value-and-indexed-property-income-trust-plc/register-investor
(https://www.investormeetcompany.com/value-and-indexed-property-income-trust-plc/register-investor)
.

 

Investors who already follow VIP on the Investor Meet Company platform will
automatically be invited.

 

Further information on the Company can be found here:
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html
(https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html)
.

 

Enquiries:

OLIM Property Limited, Manager

Tel: 020 7846 3252

Sarah.martin@olimproperty.co.uk (mailto:Sarah.martin@olimproperty.co.uk)

Matthew.oakeshott@olimproperty.co.uk
(mailto:Matthew.oakeshott@olimproperty.co.uk)

Louise.cleary@olimproperty.co.uk (mailto:Louise.cleary@olimproperty.co.uk)

 

1 April 2026

 

Important information

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the Market
Abuse Regulations (EU) No. 596/2014, which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended. Upon the publication of this
announcement via Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUMZGFFLMGGVZG



            Copyright 2019 Regulatory News Service, all rights reserved