REG - Value & Index Prop - Half-year Report
26/11/2024 07:00
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RNS Number : 5760N Value and Indexed Prop Inc Tst PLC 26 November 2024
VALUE AND INDEXED PROPERTY INCOME TRUST PLC
Unaudited Half-Yearly Report
For the Six Months Ended 30 September 2024
Value and Indexed Property Income Trust PLC announces its Half Year Results
for the six months to 30 September 2024. A full copy of the 2024 Half-Yearly
Report and Financial Statements will be printed and issued to Shareholders and
is available on the Company's webpages hosted by the Investment Manager, OLIM
Property Limited, at
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html
(https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html)
and can be viewed at
https://www.olimproperty.co.uk/downloads/vip-2024-interim-report.pdf
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.olimproperty.co.uk%2Fdownloads%2Fvip-2024-interim-report.pdf&data=05%7C02%7CMandy.Kelly%40mavencp.com%7C0d2f814a8e5b4a8cf9c208dd0d655eb7%7C1495b2ebf2c5460da90290f72d448464%7C0%7C0%7C638681451259446243%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=kKAB0Ki%2BSNtjZ1ggWIUauRgVXLbGKYglygynf%2BsTIhE%3D&reserved=0)
.
Summary
Value and Indexed Property Income Trust PLC (VIP or the Company) is an
investment trust company listed on the London Stock Exchange. It invests
directly in UK commercial property to deliver long, strong, index-related
income. Its performance benchmark is the MSCI UK Quarterly Property Index, the
main benchmark for commercial property performance. OLIM Property Limited is
the Investment Manager.
VIP's property portfolio delivered a total return of 4.0% over the six months
to 30 September 2024 against 2.7% for the MSCI UK Quarterly Property Index.
Over the past 5 years the VIP property return was 3.6% p.a. (Index 1.1% p.a.)
and over 10 years it was 6.8% p.a. (Index 4.3% p.a.).
VIP's dividend per share has risen every year since 1986 when OLIM's
management began. It has risen by 956% against the UK Retail Price Index rise
of 281%. The medium term dividend policy is for increases at least in line
with inflation, underpinned by VIP's index-related property income. A first
interim dividend of 3.4p per share was paid on 25 October 2024. The second
interim dividend of 3.4p per share will be paid on 31 January 2025 to
Shareholders on the register on 3 January 2025, with an ex-dividend date of 23
December 2024. It is intended that a third interim dividend of 3.4p per share
will be paid on 25 April 2025 to all Shareholders on the register on 28 March
2025, with an ex-dividend date of 27 March 2025. The targeted total dividend
for the full year is 13.6p (+3.0%).
Over the six months to end September, four properties were sold for 4.3% above
their March 2024 valuation total (shorter let properties at Fareham, Risca,
and Thurrock and one overrented long let London pub, back to the tenant,
Shepherd Neame). In August, VIP reinvested the proceeds of these sales, along
with part of a new £15 million loan, in an RPI-linked long let Blue Diamond
garden centre in Nantwich, Bridgemere Garden Centre. VIP continues to look for
further opportunities to upgrade and strengthen the portfolio. Rent increases
were achieved on nine properties, and 100% of rent due was collected.
The portfolio is fully let, with no voids (MSCI UK Quarterly Property Index
void rate: 9.1%). VIP has no exposure to offices, high street retail or
shopping centres. The top eight tenants have nineteen leases: Marks &
Spencer, Blue Diamond, Ten Entertainment Group, Premier Inn, Sainsbury's,
Parkdean Resorts, HM Government and Co-operative Group, representing 68% of
the contracted income.
Borrowings 30 September 2024 31 March 2024
Average interest rate* 4.5% 3.9%
Total loans (loan to value) £65 million (39%) £50 million (35%)
Loan maturity 6.9 years 6.9 years
* 96% of VIP's borrowings are at a fixed rate, with 4% variable.
Performance 30 September 2024 31 March 2024
Net Asset Value per Share 210.2p 211.4p
(valuing debt at par)
Ordinary Share Price 185.5p 171.3p
Dividend per Share 6.8p 13.2p
(first and second interims) (total)
Over the six months to 30 September 2024, VIP's share price increased by 8.3%,
while the Net Asset Value per share, valuing debt at par, fell by 0.6%.
215,703 shares were bought back for £364,000. VIP's independent property
revaluation increased by 1.1% over the period, giving a total return of 4.0%
against 2.7% for the MSCI UK Quarterly Property Index. The portfolio
outperformed on both income and capital fronts.
The intended retail investor in the Company is a retail investor who is
seeking long-term (at least five years) real growth in dividends and capital
value from investing in directly held UK commercial property, plus cash or
near cash securities, pending re-investment.
Financial Calendar
November 2024: Announcement of Half-Yearly Financial Results for the six
months to 30 September 2024
31 January 2025: Second quarterly dividend payable for the year ending 31
March 2025
25 April 2025: Third quarterly dividend payable for the year ending 31 March
2025
ENQUIRIES:
Matthew Oakeshott
OLIM Property Limited
Email: matthew.oakeshott@olimproperty.co.uk
Tel: 020 7846 3252
Sarah Martin
OLIM Property Limited
Email: sarah.martin@olimproperty.co.uk
Tel: 020 7846 3252
Manager's Report
Portfolio summary
VIP invests directly in UK commercial properties to deliver long, strong,
index-related income.
The portfolio comprises 32 properties across 7 well diversified sub-sectors,
let on 34 full repairing and insuring leases (Weighted Average Unexpired Lease
Term - WAULT - 13.7 years to the tenants' option to break) to 20 different
tenant covenants across England, Scotland and Wales. All are freehold except
one long leasehold with 107 years to run (Doncaster).
Portfolio 30 September 2024 31 March 2024
Capital value: £146,150,000 £138,100,000
Contracted income £9,901,796 £9,665,326
(Rent collected 100%):
Net initial yield 6.4% 6.6%
Number of properties: 32 35
Total Number of Tenants 34 38
(Portfolio is 100% let):
Contracted indexed income: 100.0% 96.0%
WAULT 13.7 years 11.6 years
Performance and independent revaluation
Savills' independent valuation as at end September 2024 totalled £146.15
million on 32 properties against £138.10 million on 35 properties as at 31
March 2024. This reflected a net initial yield of 6.4% (31 March 2024: 6.6%)
after deducting notional purchase costs. The average lot size is £4.6
million.
The valuation reflects a 1.1% like-for-like increase in capital value of the
31 properties held over the six months. Supermarkets, industrials, bowling and
hotels rose in value, with all other sectors unchanged.
The property portfolio has been upgraded over the six months with the sale of
four properties - shorter let properties at Fareham, Risca, and Thurrock, and
an overrented long let London pub, back to the tenant, Shepherd Neame, for a
gross total of £10.32 million (+4.3% on March 2024 valuation) and a net sale
yield of 7.5%.
One property was purchased over the six months to end September. In August,
VIP acquired the freehold Bridgemere Garden Centre investment on a 36.5 acre
site near Nantwich (Cheshire) for £16.5 million at a net initial yield of
6.6%, rising to an estimated 7.8% in December 2025. It is let to Blue Diamond
Limited on a full repairing and insuring lease without break to 2049 (WAULT of
25 years), with five yearly rental increases in line with the Retail Price
Index (RPI), capped at 4% p.a. and collared at 1% p.a. We are actively seeking
to upgrade portfolio quality further by investing in similar properties with
long leases and strong, long term growth prospects and selling shorter let
properties with less potential.
The property portfolio total return on all assets, taking capital and income
together and deducting all costs, was +4.0% over the six months, against +2.7%
for the MSCI UK Quarterly Property Index. VIP's portfolio outperformed by
1.3%, continuing its consistent outperformance by an average of 2%-3% a year
over 3, 5, 10, 20 and 37 years.
Responsible impact based ESG management and EPCs
OLIM Property has always taken a cautious and responsible approach to managing
VIP's property portfolio, with environmental impact, social responsibility and
governance (ESG) taken fully into account in selecting high quality properties
with suitable tenants for acquisition, long term management and disposal.
Occupier relationships are crucial. We engage with our tenants to understand
and establish sustainable rental levels and grow future income streams,
working closely with them to address value add energy performance targets. All
VIP's properties are regularly reviewed, Energy Performance Certificates
(EPCs) and ESG improvements implemented wherever possible, and properties sold
where performance may be negatively impacted by ESG factors. 100% of the
portfolio now has EPC ratings A to C (31 March 2024: 97%). We continue to work
with our tenants to upgrade properties and improve energy efficiency.
Indexed rent reviews
Contracted income from the 32 properties is £9.902 million per annum as at 30
September 2024. 100% (34 tenancies) have index-linked or fixed increases.
86.9% of the rental income is linked to RPI, 9.7% linked to CPI, and 3.4% with
fixed increases. Eight tenancies (28.7%) have annual rent reviews and
twenty-six (71.3%) have five yearly reviews.
Rent increases were completed at seven properties over the six months, with an
average uplift of +4.1% on their passing rents (six with RPI-linked increases
and one with fixed uplifts), contributing to a +3.3% increase in income on all
held properties over the six months.
Market Report
The UK property downturn of 2022 - 2023 is over and the market is now in a
cyclical upswing. Average commercial property values, as measured by the MSCI
UK Quarterly Property Index, the main benchmark for institutional property
performance, stabilised over the summer and are now growing again, after
falling by almost a quarter since mid 2022. Investment volumes and investor
confidence are also picking up from a low base.
Capital values rising again - % changes by sector
Sector June 2022 to March 2024 March 2024 to September 2024
Retail -19.1 +1.3
Office -27.4 -2.5
Industrial -26.0 +1.5
Alternatives -12.8 +0.2
All Property -22.6 +0.3
Source: MSCI UK Quarterly Property Index September 2024
Capital values across the non-office sectors of the property market are now
developing enough momentum to outweigh offices' weakness. Turnover has been
low, making valuers' jobs harder than usual, with an unusually wide spread
between the prices most buyers are prepared to offer and most sellers prepared
to accept. Many sales which completed earlier this year were, therefore, from
vendors under actual or potential pressure from redemptions, in the case of
institutional sellers, or rising interest rates and refinancing risk for
individuals and property companies.
But with more stock now coming to the market, and more competitive bidding,
there will be more evidence for valuers to confirm that the long rise in
valuation yields is over and capital values are growing again. Property
performance in 2025 should therefore benefit both from rising rents and
capital values.
UK commercial property - Average annualised % growth rates to September 2024
3 months 1 year 3 years 5 years 10 years
Capital values All property 0.9 -2.6 -4.8 -3.2 -0.2
Rental values All property 3.8 3.7 3.8 1.7 1.8
Total returns All property 5.5 2.1 -0.6 1.1 4.3
Source: MSCI UK Quarterly Property Index September 2024
The pain is still worst in the office sector, with buyers few and far between
and many older offices only saleable if, at all, for alternative uses. Total
returns, including income, so far in 2024 have been +3.2% for the market as a
whole, with retail at +5.3%, industrial at +5.0%, the alternatives sectors at
+2.6%, and offices at -0.5%. Underlying rental values are still generally
improving, by +3.7% on average on an annualised basis, with industrials
leading the way.
Comparative investment yields - End December (except 2024 end September)
2024 2023 2022 2021 2020 2011 2008 2006
Property (equivalent yield) 6.6 6.4 6.1 5.1 5.8 6.9 8.3 5.4
Long Gilts: Conventional 4.0 4.5 3.8 1.0 0.2 2.5 3.7 4.6
Index-linked 0.7 0.8 0.3 -2.6 -2.6 -0.2 0.8 1.1
UK Equities 3.6 3.8 3.6 3.1 3.4 3.5 4.5 2.9
RPI (annual rate) 2.7 8.9 13.4 7.5 1.2 4.8 0.9 4.4
Yield gaps: Property less 2.6 1.9 2.3 4.1 5.6 4.4 4.6 0.8
Conventional Gilts
Property less 5.9 5.6 5.8 7.7 8.4 7.1 7.5 4.4
Index Linked Gilts
Property less 3.0 2.6 2.5 2.0 2.4 3.4 3.8 2.5
Equities
Source: MSCI UK Quarterly Property Index and ONS for the RPI
UK 10 year gilt yields have been volatile over the past year, rising to a high
of 4.7% last October, then falling to 3.5% at the year end. They rose again to
4.2% at end June, influenced mainly by rising US bond yields and concerns
about the Middle East and Ukraine despite a much improved outlook for world
food and energy prices. They calmed over the summer, generally trading at or
below 4%, but rose to 4.5% in October after the Budget and over the US
Presidential Election. UK index-linked gilt yields rose slightly in October to
0.9%.
UK commercial property offers fair value against equities and conventional
fixed-coupon gilts, and outstanding value against index-linked gilts, which
still only offer negligible real returns at considerable capital risk, as
shown by their performance since 2021.
As the chart in the Half Yearly Report shows, office vacancies are well above
their previous historic highs. Occupancy levels in the retail, industrial and
alternative sectors are either below or in line with their long term averages.
Markets breathed a sigh of relief at the UK General Election result in July,
after the upheavals of the past few years, including Brexit and Prime Minister
Truss. But caution returned as the Budget on 30 October contained major tax
rises, reflecting the deep seated pressures on the public finances. The
economy is growing again, annual consumer price inflation should stay between
2% and 3% and short term interest rates should gradually fall further. But UK
ten year gilt yields have risen from 4.0% to 4.5% since end September, partly
due to American election concerns, with President Trump's re-election seen as
likely to raise inflation and government debt.
UK commercial property should benefit from more stability and public
investment over the next year but a rising tide will not float all boats.
Property portfolios that stay ahead of structural and environmental change,
stick to strong tenants, paying affordable rents on long, indexed leases for
sustainable buildings in prosperous locations should outperform. That means
still avoiding office investments for the foreseeable future and focussing
hard in other sectors, replacing weaker or ex-growth properties with safer and
stronger new purchases, and upgrading portfolio quality both by lease
extensions and improvements to existing properties.
Matthew Oakeshott & Louise Cleary
OLIM Property Limited
25 November 2024
Interim Board Report
Management and administration of VIP
As announced on 9 September 2024, and with effect from 8 September 2024, the
Company changed its Alternative Investment Fund Manager (AIFM) from its wholly
owned subsidiary, Value and Indexed Property Income Services Limited, to OLIM
Property Limited (OLIM Property), the Company's current delegated Investment
Manager. There was no change to the portfolio management or fee arrangements.
The Investment Manager is responsible for the management of the investment of
the assets of the Company in accordance with the Company's investment
objective and policy.
BNP Paribas Securities Services is the Company's Depositary and oversees the
Company's custody and cash arrangements.
Principal and Emerging Risks and Uncertainties
The Board carries out a regular review and robust assessment of the principal
and emerging risks facing the Group, including those that would threaten its
business model, future performance, solvency or liquidity. These principal and
emerging risks and uncertainties are set out in full in the Strategic Report
within the 2024 Annual Report, and remain applicable to the rest of the
financial year.
Climate Change and Social Responsibility Risk
The Board recognises that climate change is an important emerging risk that
all companies should take into consideration within their strategic planning,
but as an investment trust company, the Company has no direct employee or
environmental responsibilities. The Board encourages the Manager to take
environmental, social and governance matters fully into account, as set out in
the half yearly report.
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge:
• the condensed set of Financial Statements within the Half-Yearly
Financial Report has been prepared in accordance with International Accounting
Standard 34 'Interim Financial Reporting'; and
• the Interim Report includes a true and fair review of the
information required by 4.2.7R and 4.2.8R of the FCA's Disclosure, Guidance
and Transparency Rules.
For and on behalf of the Board of Value and Indexed Property Income Trust PLC
John Kay
Chairman
25 November 2024
Group Statement of Comprehensive Income
6 months ended 6 months ended Year ended
30 September 2024 (unaudited) 30 September 2023 (unaudited) 31 March 2024 (audited)
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Rental income 2 4,226 - 4,226 4,540 - 4,540 8,824 - 8,824
Other income 2 144 - 144 100 - 100 242 - 242
4,370 - 4,370 4,639 - 4,639 9,066 - 9,066
Gains and losses on investments
Realised gains on held-at-fair-value investments and investment properties - 309 309 - 108 108 - (137) (137)
Unrealised gains/(losses) on held-at-fair-value investments and investment - 939 939 - (7,405) (7,405) - (11,480) (11,480)
properties
Total income 4,370 1,248 5,618 4,639 (7,297) (2,658) 9,066 (11,617) (2,551)
Expenses
Investment management fees (437) - (437) (440) - (440) (863) - (863)
Other operating expenses (448) - (448) (443) - (443) (894) - (894)
Finance costs (1,545) - (1,545) (1,078) - (1,078) (2,142) - (2,142)
Exceptional items 3 4,511 - 4,511 - - - - - -
Total expenses 2,081 - 2,081 (1,961) - (1,961) (3,899) - (3,899)
Profit/(loss) before taxation 6,451 1,248 7,699 2,678 (7,297) (4,619) 5,167 (11,617) (6,450)
Taxation (1,042) - (1,042) (644) - (644) (1,251) - (1,251)
Profit/(loss) attributable to equity shareholders of parent company
5,409 1,248 6,657 2,034 (7,297) (5,263) 3,916 (11,617) (7,701)
Earnings per Ordinary Share (pence)
12.74 2.94 15.68 4.76 (17.06) (12.30) 9.14 (27.11) (17.97)
3
The total column of this statement represents the Statement of Comprehensive
Income of the Group, prepared in accordance with IFRS. The revenue return and
capital return columns are supplementary to this and are prepared under
guidance issued by the Association of Investment Companies. All items in the
above statement derive from continuing operations.
All income is attributable to the equity holders of Value and Indexed Property
Income Trust PLC, the parent company. There are no minority interests.
The Board declared a first quarterly dividend of 3.4p per share (2024 - 3.2p),
which was paid on 25 October 2024 to all Shareholders on the register on 27
September 2024 (ex-dividend date of 26 September 2024). A second quarterly
dividend of 3.4p per share (2024 - 3.2p) will be paid on 31 January 2025 to
those Shareholders on the register on 3 January 2025 with an ex-dividend date
of 23 December 2024. The third quarterly dividend of 3.4p (2024 - 3.2p) will
be paid on 25 April 2025 to those Shareholders on the register on 28 March
2025. The ex-dividend date will be 27 March 2025.
Group Statement of Financial Position
As at As at As at
30 September 2024 31 March 2024 30 September 2023
(unaudited) (audited) (unaudited)
Note £'000 £'000 £'000 £'000 £'000 £'000
Assets
Non current assets
Investment properties 8 140,741 135,112 135,660
Deferred tax asset 1,186 2,228 3,893
Receivables 5,266 5,792 2,366
147,193 143,132 141,919
Current assets
Cash and cash equivalents 8,326 2,695 7,808
Receivables 2,494 687 2,787
10,820 3,382 10,595
Total assets 158,013 146,514 152,514
Current liabilities
Payables (3,806) (3,428) (3,012)
(3,806) (3,428) (3,012)
Total assets less current liabilities 154,207 143,086 149,503
Non-current liabilities
Payables - (2,913) (2,918)
Borrowings (64,218) (49,073) (49,036)
Exceptional items 3 4,511 - -
(59,707) (51,986) (51,954)
Net assets 94,500 91,100 97,549
Equity attributable to equity shareholders
Called up share capital 4,555 4,555 4,555
Share premium 18,446 18,446 18,446
Retained earnings 6 71,499 68,099 74,547
Total equity 94,500 91,100 97,549
Net asset value per Ordinary Share (pence) 3 222.62p 213.53p 228.01p
These Financial Statements were approved by the Board on 25 November 2024 and
were signed on its behalf by:
John Kay
Chairman
Group Statement of Changes in Equity
6 months ended 30 September 2024 (unaudited)
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2024 4,555 18,446 68,099 91,100
Profit for the period - - 6,657 6,657
Dividends paid 4 - - (2,893) (2,893)
Buyback of Ordinary Shares for Treasury - - (364) (364)
Net assets at 30 September 2024 4,555 18,446 71,499 94,500
Year ended 31 March 2024 (audited)
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2023 - Restated 10 4,555 18,446 82,131 105,132
Loss for the year - - (7,701) (7,701)
Dividends paid 4 - - (5,661) (5,661)
Buyback of Ordinary Shares for Treasury - - (670) (670)
Net assets at 31 March 2024 4,555 18,446 68,099 91,100
6 months ended 30 September 2023 (unaudited)
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2023 4,555 18,446 83,189 106,190
Loss for the period - - (5,264) (5,264)
Dividends paid 4 - - (2,925) (2,925)
Buyback of Ordinary Shares for Treasury - - (453) (453)
Net assets at 30 September 2023 4,555 18,446 74,548 97,549
Group Statement of Cashflows
6 months ended 6 months ended Year ended
30 September 2024 (unaudited) 30 September 2023 (unaudited) 31 March 2024
(audited)
Note £'000 £'000 £'000 £'000 £'000 £'000
Cash flows from operating activities
Rental income received 3,524 2,759 8,987
Dividend income received - - -
Interest and other income received/(paid) 144 105 241
Operating expenses paid (893) (798) (1,694)
Taxation paid - - -
Net cash inflow from operating activities 2,775 2,066 7,534
Cash flows from investing activities
Purchase of investment properties (17,511) (7,300) (11,363)
Sale of investment properties 9,849 15,158 12,633
Net cash inflow/(outflow) from investing activities (7,662) 7,857 1,270
Cash flow from financing activities
Drawdown of loan 15,000 - -
Fees paid on new loan (172) - -
Interest paid on loans (1,036) (969) (1,962)
Finance cost of leases (8) (40) (80)
Payments of lease liabilities (9) (5) (9)
Dividends paid (2,893) (2,925) (5,661)
Buyback of Ordinary Shares for Treasury (364) (451) (670)
Net cash outflow from financing activities 10,518 (4,389) (8,382)
Net increase/decrease in cash and cash equivalents 5,631 5,535 422
Cash and cash equivalents at the start of the period 2,695 2,273 2,273
Cash and cash equivalents at the end of the period 8,326 7,808 2,695
The Notes to these Financial Statements can be found in the Half-Yearly
Report.
The financial information contained in the Half Yearly Report does not
constitute statutory accounts as defined in sections 434 - 436 of the
Companies Act 2006.
The financial information for the six months ended 30 September 2024 and 30
September 2023 has not been audited.
The information for the year ended 31 March 2024 has been extracted and
abridged from the latest published audited financial statements and do not
constitute the statutory accounts for that year. Those Financial Statements
have been filed with the Registrar of Companies and included the Report of the
Independent Auditor, which contained no qualification or statement under
section 498 of the Companies Act 2006.
The Half-Yearly Report was approved by the Board on 25 November 2024.
Other information
The 2024 Half Yearly Report and Financial Statements will be submitted to the
National Storage Mechanism and will be available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
Neither the content of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Company Secretary
0141 306 7400
25 November 2024
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