TIDMVIN
RNS Number : 9291G
Value and Indexed Prop Inc Tst PLC
18 November 2022
VALUE AND INDEXED PROPERTY INCOME TRUST PLC
Unaudited Half-Yearly Financial Report
For the Six Months Ended 30 September 2022
Summary
Value and Indexed Property Income Trust PLC (VIP - previously
Value and Income Trust PLC) 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. OLIM
Property Limited is the Investment Manager.
VIP's dividend per share has risen every year since 1986 when
OLIM's management began. It has risen by 932% over the 36 years,
against the Retail Price Index rise of 232%. 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 3.0p was paid on 28 October 2022 and a second interim
dividend of 3.1p will be paid on 27 January 2023. The targeted
total dividend for the full year is 12.9p (+2.4%).
Lucy Winterburn MRICS was appointed as a non executive Director
on 1 August 2022.
30 September 2022 31 March 2022
PORTFOLIO TRANSITION GBPm % GBPm %
---------------------- ----------- ---------- -------------- --------------
UK Property* 158.6 92.1 155.8 83.0
---------------------- ----------- ---------- -------------- --------------
Cash** 13.5 7.9 5.2 2.7
---------------------- ----------- ---------- -------------- --------------
UK Equities 0.0 0.0 26.9 14.3
---------------------- ----------- ---------- -------------- --------------
172.1 100.0 187.9 100.0
---------------------- ----------- ---------- -------------- --------------
* Plus GBP6.0 million for Alnwick completed 24 October 2022.
** Less GBP6.0 million for Alnwick.
Over the six months ended 30 September 2022, VIP completed its
transition to a direct property investment trust, with timely and
profitable sales of its remaining property shares (including the
industrial REITs at a premium to net asset value) and the
acquisition of an index-linked M&S Simply Food supermarket in
Essex. Five smaller property sales completed in line with
valuation. Completion also took place on 24 October 2022 of the new
Premier Inn development at Alnwick.
BALANCE SHEET 30 September 2022 31 March 2022
----------------------------- ------------------- -------------------
Loan Maturity Years 8.4 6.2
----------------------------- ------------------- -------------------
Total Loans (Loan To Value) GBP50 million (29%) GBP57 million (31%)
----------------------------- ------------------- -------------------
Fixed Interest Rate 3.7% 5.6%
----------------------------- ------------------- -------------------
VIP's balance sheet was also transformed by the early repayment
in June 2022 of the 9 3/8 % debenture (originally repayable in
2026) and the increase and extension to 2033 of an existing
loan.
Over the six months to end September, VIP's weighted average
cost of debt (96% at a fixed rate) fell from 5.6% to 3.7%, its loan
maturity lengthened from 6.2 to 8.4 years and the Loan to Value
(LTV) ratio fell from 31% to 29%. The early repayment also removed
the requirement for VIP to hold a securities portfolio.
30 September
PERFORMANCE 30 September 2022 31 March 2022 2021
----------------------------------- ----------------- ------------- -----------------
Net Asset Value per Share (valuing
debt at par) 294.4p 314.3p 290.5p
----------------------------------- ----------------- ------------- -----------------
Ordinary Share price 191.0p 239.0p 222.0p
----------------------------------- ----------------- ------------- -----------------
Dividend per Share 6.1p 12.6p 6.0p
----------------------------------- ----------------- ------------- -----------------
(first and second (first and second
interims) (total) interims)
----------------------------------- ----------------- ------------- -----------------
Yield (annualised) 6.4% 5.3% 5.4%
----------------------------------- ----------------- ------------- -----------------
In the six months to 30 September 2022, VIP's share price
declined by 20.1%, while the net asset value fell by 6.4%.
Reflecting the benefit of VIP's cheap debt, the net asset value per
share (valuing debt at market) rose slightly from 305.0p to 306.4p.
370,000 shares were bought back for GBP0.9m. VIP's independent
property revaluation declined by 0.2% on a like for like basis over
the six month period, giving a total return of +2.0% against -1.3%
for the MSCI UK Quarterly Property Index.
ENQUIRIES:
Louise Cleary
OLIM Property Limited, Investment Manager
Tel: 020 7846 3252
Website:
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html
Investment Manager's Report
Portfolio Summary
VIP specialises in direct investment in UK commercial properties
with long, strong, index-related income streams to deliver above
average long term real returns.
PORTFOLIO SUMMARY 30 September 2022 31 March 2022
========================================== ======================================= ===================================
Portfolio Value: GBP157,550,000* GBP155,478,000*
========================================== ======================================= ===================================
Contracted Income: GBP8,485,963 GBP8,339,944
========================================== ======================================= ===================================
Contracted income as a % of Portfolio
Value: 5.4% 5.4%
========================================== ======================================= ===================================
Total Number of Properties: 39 43
========================================== ======================================= ===================================
Total Number of Tenants
(the Portfolio is 100% let): 39 43
========================================== ======================================= ===================================
Contracted Indexed Rent: 95.8% 95.8%
========================================== ======================================= ===================================
Weighted Average Unexpired Lease Term 19.3 19.8
(if all tenants exercise break options): (12.0 years) (12.8 years)
========================================== ======================================= ===================================
Annual Total Return March to March: - 20.2% (MSCI:19.6%)
========================================== ======================================= ===================================
Six Months Total Return March to
September: +2.0% (MSCI: -1.3%) -
========================================== ======================================= ===================================
* Savills Valuation - NB: This figure does not include GBP6m
committed to complete the Alnwick Hotel Development. The fair
valuation given by Savills excludes prepaid or accrued operating
lease income arising from the spreading of lease incentives or
minimum lease payments and for adjustments to recognise finance
lease liabilities for one leasehold property, both in accordance
with IFRS 16. For further information see Note 9 to the Financial
Statements in the Annual Report for the year to 31 March 2022.
Performance and Independent Revaluation
Savills' independent valuation at end September 2022 totalled
GBP157,550,000, with a running yield of 5.4% against GBP155,478,000
at end March 2022. Capital values of the 38 properties held over
the six months had a nominal decrease of GBP100,000 on a
like-for-like basis. Contracted income is now GBP8,485,963 against
GBP8,339,944 at end of March 2022. The average lot size is
GBP4,040,000.
The portfolio's value will have risen until June 2022 and fallen
back since. Three properties rose in value over the six months (the
caravan park and the two bowling alleys), six fell in value (two
industrials, a pub, a petrol station, the library/convenience store
and the development site at Alnwick) and the rest were
unchanged.
The property portfolio has been upgraded with the sale of five
overrented or short-let properties, which completed for GBP8.5
million, with the net sale proceeds reinvested in the purchase of
an M&S Simply Food store in Essex let on a long RPI-linked
lease.
The property portfolio total return on all assets, taking
capital and income together and deducting all costs, was +2.0% over
the six months, against -1.3% for the MSCI UK Quarterly Property
Index.
The portfolio remains well spread across the UK with strong
tenants on long index-linked leases in all sectors except offices.
VIP's portfolio has outperformed through previous turbulent times
as shown by the Property Portfolio Performance Record table in the
Interim Report.
Rent Reviews
The portfolio now has 96% of contracted income (38 out of 39
tenancies) with index-linked or fixed increases. Only one property,
the industrial at Fareham, has three yearly open market upwards
only reviews (the December 2021 sweep up clause completed with a 3%
uplift).
Nine rent reviews completed over the half year with an average
increase of 5.6% on their rents passing, which contributed to a
1.9% increase on income on all held properties. Six were annual
reviews; five were RPI-linked and one with a fixed increase. Two
had five yearly RPI-linked reviews and one with a three yearly
upwards only open market rent review.
38 leases are either RPI-linked (70%), CPI-linked (8%) or with
fixed increases (18%) and there is just one industrial with an open
market review. 9 tenancies representing 31% of indexed rental
income have annual rent reviews and 29 (69%) have five yearly
reviews.
Purchases: Six Months to 30 September 2022
The purchase of a dominant town centre freehold M&S Simply
Food supermarket in Rayleigh, Essex completed in July for a total
of GBP11,270,000 let to Marks & Spencer plc until 20 July 2035
(WAULT just under thirteen years) with five yearly RPI-linked rent
reviews with a minimum of 1% pa and maximum 4% pa. The net initial
purchase yield was 4.8%, which would have already risen to an
RPI-linked 5.3% based on the September RPI 2022 figure.
Sales: Six Months to 30 September 2022
The sale of five overrented or short-let properties completed
for GBP8.5 million: two convenience stores, two pubs and a bingo
hall, in line with their March 2022 valuation at a net sale yield
of 6.6%.
Development
The forward funding of an 80 bedroom Premier Inn hotel and
inhouse Brewers Fayre pub/restaurant at Willowburn Trading Estate,
Alnwick, completed last month (delayed by three months due to
COVID) and is now open and trading. It has been under construction
since August 2021. The property is let to Premier Inn for twenty
five years with a tenant's option to break in 2042, with five
yearly CPI-linked rent reviews to a maximum of 4% p.a.
Rent Collection
100% of all contracted rents due were collected during the six
months. 86% of our tenancies pay rent quarterly in advance and the
balance monthly in advance.
Responsible Impact Based Management
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 and 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,
ESG improvements implemented at appropriate asset management stages
and properties sold where performance may be negatively impacted by
ESG factors.
Energy Performance Certificates (EPCs)
90% of the properties have an EPC rating A-C (up from 64% over
the past six months). We continue to work with our tenants to
upgrade properties and improve EPC ratings.
The Market
The UK property investment weather changed clearly for the worse
between June and September, and suffered further from political
chaos in October. Rents are still rising in most sectors, but
capital values have been falling across the board as the market
realises that valuation yields have been bid down too far (to 40
year historic lows). They should rise further to reflect higher
interest rates, high inflation and the UK's chronic public sector
and trade deficits.
Capital values for institutional property portfolios, as
measured by the MSCI UK Quarterly Property Index, the main UK
property performance benchmark, had risen by 17.9% on average over
18 months post pandemic since December 2020. Taking income and
capital growth together, the total return was 16.3% over calendar
year 2021 and a further 7.8% in the first half of 2022.
Industrial/warehouse property led the way, but all sectors showed
some gains.
Property's total returns, however, will be down over 2022 as a
whole. This year's strong first half total return of 7.8% on the
MSCI UK Quarterly Property Index (with a capital gain of 5.8% and
income of 2.0%) will be reversed in the second half of the year as
rising bond yields and slower rental growth force property
valuation yields up and capital values down. All sectors will be
affected, with offices declining further, retail giving back its
recent gains and the industrial sector suffering worst in the short
term as it had become the most overheated. With consumer confidence
at an historic low, and mortgage rates rising rapidly, stagflation
may be here to stay, for at least as long as the war in Ukraine
lasts.
Property transaction volumes have slowed down markedly since the
summer, especially in the previously strongest sectors such as
industrials and retail warehousing, with many sales only going
through after agreed prices have been "chipped" by buyers and many
more properties having to be withdrawn from the market unsold.
Buyers now are few and far between as they wait to see how far
yields move out. Property unit trusts have become forced sellers to
meet withdrawals, proving yet again that open-ended vehicles are
the wrong way to invest in property. Some pension funds will also
need to sell after they were caught short of cash to meet margin
calls on their dangerous LDI (Liability Driven Investing)
schemes.
Land Securities has just sold a prime long-let London office at
9% below its March valuation, while the market for older or
secondary offices has fallen off a cliff, with some now virtually
unlettable and unsaleable where they do not meet environmental
standards. The deep "brown discount" for properties in all sectors
with non-compliant Energy Performance Certificates (EPCs) is the
clearest evidence so far of the growing market impact of ESG.
Two-thirds of car showrooms, for example, are currently estimated
to have non-compliant EPCs.
Property void rates rose from 8.2% at the start of the pandemic
in March 2020 to a peak of 10.2% in June 2021 and remain around
10%. As the table below shows, industrial and retail void rates
have fallen markedly from their COVID peaks, but office voids have
shot up from 13% in March 2020 to 19% now, well above the previous
record high of 15% for office voids in 2013.
The downward pressures on the property market are mainly on
capital values rather than rental incomes, which are still rising
in most well-diversified portfolios. But the key to portfolio
outperformance on both the income and total return fronts in a
difficult market will be an even firmer focus on investment in
strong tenants, paying affordable rents for sustainable
buildings.
Property Prospects by Sector
Property valuation yields are now moving out, producing falling
capital values in all sectors, but the market reversal has been so
sudden that this may not show up fully in property valuations for
some time. Properties let on long leases to strong tenants in all
sectors should prove relatively resilient, unless they have been
valued at too low a yield for their income growth prospects.
Warehouse/Industrials - An Overheated Market - Capital Values
Falling Further
Warehouse and industrial property delivered most of commercial
property's total capital growth in 2021 and early 2022 as fierce
demand in both the investment and occupational markets forced rents
up and capital valuation yields down. Driven by the explosion of
online retailing, 70 million square feet of logistics "big box"
space was taken up over 2020 and 2021, over 70% above previous
averages. However, sentiment cooled fast in the second quarter of
2022 after Amazon halted their UK expansion programme. Online sales
penetration is now slipping back in many sectors, and the
previously fastest growing online retailers like ASOS and Boohoo in
the UK are in serious trouble. Tenant demand is holding up better
for smaller units and on multi-let industrial estates, but here
vacancies are now starting to grow as smaller tenants struggle.
Industrial rental growth may, therefore, tail off across the board
next year.
The industrial property investment market was running white hot,
with yields having been bid down to unsustainably low levels by
panic buyers, who had to make unrealistic rental growth projections
to justify the prices they paid. But that party is now over. The
share prices of the leading industrial property REITs plummeted
over the past few months with the prices of Segro and Tritax Big
Box down by two-fifths.
Rapidly rising costs and supply chain problems, together with a
weakening economy and rock bottom consumer confidence, are already
putting pressure on many occupiers. Industrial site values may get
some support from the conversion of older and lower value sites to
residential and other alternative uses, especially in southern
England. But average industrial yields need to rise further from
their historic mid year low levels of below 4%, to properly reflect
slower rental growth and the reality of rising interest rates and
other pressures on occupiers' businesses.
Offices - Locked in Long Term Decline - Negative Net Demand for
Office Space
There is never going to be a general return to the office in the
UK. The five day office week is dead, and hybrid working is here to
stay. Investors' long overdue focus on ESG is hitting office values
harder than in most other sectors, because so many older office
buildings, especially around London, cannot be upgraded at any
reasonable cost. Occasional headline-grabbing investment or letting
deals for the very best office space are just a sign of a flight
from quantity to quality, with tenants usually downsizing at the
same time, giving owners of their old space a hospital pass.
Office capital and rental values will come under sustained
downward pressure for several years. HSBC have announced they may
leave their iconic world headquarters building at Canary Wharf in
2027 and are already trying to shift a quarter of their space.
Mid and back-office work is now being done far more from home,
or partly at low cost, non- city centre locations. Unnecessary
offices are one cost businesses can now cut, with break clauses
exercised in most cases and tenants demanding considerable capital
expenditure from landlords to renew leases, even in part.
The public and local authority sector, the largest UK office
tenant, has clearly now adopted a long- term hybrid working model.
Many UK private sector businesses are following suit, with some
closing their head office altogether and taking less temporary
space nearby instead. The few office employers still requiring
full-time attendance will find staff recruitment and retention ever
more difficult in a tight labour market with the balance of power
shifting to talented employees.
Retail - Supermarkets and Retail Warehouses Repricing, High
Streets Bottoming Out
Supermarkets and convenience stores (including petrol filling
stations), are still hanging on to some of their turnover gains
during COVID, with many more people working on average nearer home.
Aldi (who have now overtaken Morrisons to be the fourth largest
supermarket chain), Lidl, and their older-established grocery
competitors are still seeking new stores under 15,000 - 20,000 sq.
ft. But profits are now under pressure across the whole food retail
sector, with even Aldi's profits well down from their peak.
Capital values of larger supermarkets, in particular, are now
falling. Sainsbury's had agreed a GBP550 million sale and leaseback
deal, which aborted after the buyer could not raise the money in
late September and Morrisons is struggling on sale and leasebacks
to improve its debt-laden balance sheet after a private equity
takeover. Supermarkets' margins are now squeezed between rising
costs and falling customer incomes, with traditionally loyal
customers trading down or going to cheaper competitors. Food prices
will be pushed up even faster by sterling's recent devaluation.
Britain imports almost half its food, and food retailers will have
to share some of their hard-hit customers' pain in their profit
margins this winter and next year. Supermarket yields were forced
down too far in the summer after an Aldi traded at a 3% yield and
they are now reverting to more sensible levels. Realistically
rented and priced smaller supermarkets and convenience stores are
starting to offer good long term investment value again at yields
well above gilts.
Retail warehousing, the sector's most recent "star performer",
had its moment in the sun over the past year but that has ended.
Pricing started to cool over the summer when the reality of
consumer pressures started to bite, with valuation yields rising
and investors realising many rents have still not bottomed out.
High street retail and shopping centres have suffered a torrid
few years of underperformance, with the steepest falls in capital
value of any sector. With consumers so squeezed, values are still
drifting down, but they may prove more resilient than low-yielding
investments in other sectors. Rebased retail rents are now more
affordable, with most retailers enjoying short, flexible leases.
Savvy high street occupiers who have not over expanded in recent
years, have taken advantage of lower rents and higher vacancy rates
to secure favourable high street positions in more prosperous
areas. High street and in-town shopping centre properties have
suffered so badly from unfair business rates that the revaluation
coming into effect next April could be a game-changing lifeline so
long as they get the full benefit immediately with no downward
phasing.
Non-Traditional Alternatives - Index-Linked Leases to Strong Survivors are Key
Property in the "Alternatives" sector - i.e. everything except
office, industrial or retail - has been growing rapidly in
importance for institutional investors in recent years and now
accounts for about one fifth of the MSCI UK Quarterly Property
Index. It covers a wide range of property types and tenants, often
with long, index-linked leases. With the RPI now rising at an
annual rate of over 14% and the CPI over 11%, these index-linked
leases hold the key to sustained outperformance so long as the
individual property rents are well covered by operating profits and
paid by strong multiple tenants, as trading becomes more
challenging again and energy bills rise. In all these sub- sectors,
valuation yields are still moving out to reflect higher gilt
yields.
Alternative investments should continue to outperform the
traditional property sectors again and grow their market share, but
with strong survivor bias and variations within and between
different sub-sectors, as outlined below.
Alternatives - Leisure and Hotels - Strong Tenants Trading Well
Outside City Centres
COVID transformed the pub and restaurant trade in Britain. Many
weaker individual operators and most private-equity based
restaurant chains went out of business altogether or closed many
sites. But the survivors have prospered, especially in suburban and
country locations, with far better use of outside and pavement
space for a much greater part of the year.
The leading pubcos, like Greene King, as well as traditional
regional brewers like Shepherd Neame and Youngs, have strong
balance sheets with good freehold assets and borrowing capacity.
Spacious, especially food-led pubs with outside space, in suburban,
smaller town and rural locations have been trading well, usually
above pre-pandemic levels. They will remain long-term winners but
serious shortages, especially of kitchen staff, and rising energy
prices will hit all hospitality businesses over the next year.
Meanwhile, nimble restaurant and pub operators are taking advantage
of retailers' woes to open new sites, at low, affordable rents.
Hotel occupancy and capital values have recovered well since
2020. Modern hotels in prosperous smaller towns and rural areas,
serving British staycationers, workers and businesses, continue to
perform really strongly and are a safer investment than large city
centre and airport hotels dependent on international business
travel. Zoom, Teams, business cost pressures and ESG have all cut
expensive corporate travel. Meanwhile tourist flights remain below
pre-COVID levels. Covenant strength will remain crucial for hotels'
investment value - for example, a Premier Inn is worth much more to
investors than an identical Travelodge, because long-term investors
hate CVAs (Company Voluntary Arrangements). Caravan parks are also
booming and are well placed to weather economic storms.
Health and Fitness clubs on prosperous suburban sites have seen
some benefit from the move to hybrid working at the expense of city
centre gyms, but capital values are now coming under pressure right
across the sector as they use so much energy, and membership
renewals may suffer from the cost of living crisis.
The two main ten pin bowling companies, who dominate the market,
are trading strongly and offer a sensibly priced family treat which
cannot be replicated online. But bingo halls and cinemas face a
hard future; as Cineworld's collapse into administration and Vue's
refinancing show, only cinemas trading at low, genuinely affordable
rents will survive.
Alternatives - Residential Investments and Care Homes - Covenant
Strength Key
Student numbers are rising and investments on long leases to
well-established universities have been in great demand. But
valuation yields on student housing, as on other residential
investment types, now look too low in comparison with safe, indexed
investments across the commercial property market as a whole.
Care homes remain challenged and values are under downward
pressure. Bed vacancy rates are rising rapidly because of more
deaths, slower admissions and acute staff shortages due to both
Brexit and severe competition from other employers.
The Economy
The UK is the only country in the G7 group of free world
economies whose Gross Domestic Product is still below its pre-COVID
level. It also has the worst overseas trade deficit, running at a
record 8.3% of GDP, its highest since the Second World War and
double its level in 1976 when we needed an emergency loan from the
International Monetary Fund.
Although the absolute level of our national debt, at almost 100%
of GDP, is not especially high by international standards, the
credibility of UK economic policy is still critical because we
depend on foreign investors to keep investing hundreds of billions
in UK gilts and other UK assets to fund our rising public sector
and trade deficits.
The UK's growth has been at the bottom of the main international
league tables since the Global Financial Crash in 2008-9 (partly
because our banking system was far too large when it hit and was,
therefore, far too slow to start lending again, especially to small
businesses). UK productivity only grew by 0.2% a year from 2008 to
2019, and real average earnings, excluding bonuses, have not risen
since 2008, after rising by 3% a year on average since 1970. But
markets, and almost all expert economic opinion, did not believe
the short-lived Truss Government's unfunded tax cuts would have
worked in the short term, and took fright at the deficit. They were
also concerned about the lack of any independent assessment of the
measures and the economic outlook from the Office of Budget
Responsibility and the perception of the Treasury and Bank of
England as pulling in opposite directions.
The Bank of England raised Bank Rate from 2.25% to 3% on 3
November. It will have to be raised further soon. The UK is now
stuck with higher interest rates for some time as an effectively
forced seller of both conventional and index-linked gilts. This is
partly because a political risk premium is now necessary and partly
because Quantitative Easing went far too far for far too long, with
over half of all gilts issued since 2009 effectively bought back by
the Bank of England, which is only just starting to sell them
again.
All our major competitors suffered as we did from COVID and now
from massive increases in energy, food and commodity prices
stemming from Russia's invasion of Ukraine. International investors
are now especially sceptical about the UK, unlike in 2020/21 when
economic policy was decisive and effective. The gilt market's
convulsions from pension funds' complex LDI (Liability-Driven
Investing) strategies should be overcome by regulators limiting
their borrowing ratios. After all, rising gilt yields should help
push most UK pension funds into healthy actuarial surpluses. But
the shock from the mortgage market almost drying up will be more
long-lasting, highlighting how house prices have been driven far
above their normal sensible long-term affordability ratios by
artificially and dangerously low interest rates. House prices at a
national average of seven times average earnings are simply
unaffordable and unsustainable. Only 27% of people born in the UK
between 1981 and 1985 were homeowners by the age of 30, against 55%
25 years ago.
A sharp fall in real house prices will help reduce rising
inter-generational inequality between Britain's young and old, a
toxic legacy of Quantitative Easing (QE) lasting far too long. A
realistic range for short to medium-term sterling interest rates
over the next two years would be between 4% and 6% as in the
2000-2008 period pre-QE.
UK GDP is essentially flat at present, with the latest official
GDP estimates teetering on the edge of recession. Business
investment remains very weak and well below pre-pandemic levels,
business confidence is falling and consumer confidence is at an all
time low, with real wages under extreme pressure - private sector
earnings have risen by 6.2% and public sector earnings by only 2.2%
over the past year.
The October CPI increase of 11.1% (the RPI rise was 14.2%) is
above inflation in the Eurozone at 10.7% and the USA's 7.7%. It may
not be too far from its short term peak after the Government's
intervention to cap household and business energy bills. But with
serious shortages and wage pressures in so many parts of Britain's
labour market post-Brexit, inflation may only slip slowly and
painfully in 2023. It will not fall back to the Bank of England's
2% target for the foreseeable future, even if peace returns to
Ukraine.
The UK's problems of low investment, productivity and inadequate
training and skills, compared to our major competitors, are
deep-seated and long term. After COVID, the long-term trend of
increasing labour force participation, particularly by women and
older people, has been partially reversed. Over half the 640,000
people of working age who have become inactive are long-term sick,
mainly older people. Increased public spending on the NHS, social
care and childcare is urgently needed to get more of the so-called
"sandwich" generation, often with multiple caring responsibilities,
back to work.
The economic and inflation outlook for the UK and the developed
world could improve fast if the war ends soon in Ukraine and the
extreme strains in the world financial system, especially for
emerging markets, can be overcome. But the risks are high and more
stagflation remains most likely for the UK, for next year at
least.
Conclusion - Stick to Safety, Avoid Unsustainably Low Yields and
High Rents
After a strong recovery across most sectors of the UK commercial
property market since COVID struck in 2020, the investment weather
has changed markedly for the worse since the summer. Valuation
yields had been forced down too far to 40 year lows and need to
rise, until they are properly repriced to reflect the UK's risky
mix of stagflation and overseas trade and public sector
deficits.
The COVID crisis taught UK property investors a stark lesson:
stay on the right side of structural change, avoid offices, and
focus firmly on properties let to strong tenants at affordable
rents on long, preferably index-linked, leases - provided they are
valued at realistic yields.
Secure, index-linked, UK property still offers better long term
investment value at lower risk than UK conventional or index-linked
gilts, which only offer long-term investors negative or negligible
real yields and a painfully bumpy ride.
Louise Cleary & Matthew Oakeshott
OLIM Property Limited
Investment Manager
18 November 2022
Interim Board Report
Management and Administration of VIP
Value and Indexed Property Income Services Limited (VIS), a
wholly owned subsidiary of the Company, is the Company's
Alternative Investment Fund Manager (AIFM). As AIFM, VIS has
responsibility for the overall portfolio management and risk
management of the assets of the Company. VIS has delegated its
portfolio management responsibilities for the property portfolio to
OLIM Property Limited (OLIMP) (the Investment Manager). The
delegation by VIS of its portfolio management responsibilities is
in accordance with the delegation requirements of the Alternative
Investment Fund Managers Directive (AIFMD). The Investment Manager
remains subject to the supervision and direction of VIS. The
Investment Manager is responsible to VIS and ultimately to the
Company in regard to the management of the investment of the assets
of the Company in accordance with the Company's investment
objective and policy. VIS has a risk committee which reviews the
effectiveness of the Company's internal controls and risk
management systems and procedures and identifies, measures, manages
and monitors the risks identified as affecting the Company's
business.
BNP Paribas Trust Corporation UK Limited 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 2022 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 2022 Interim 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
18 November 2022
Group Statement of Comprehensive Income
For the 6 months ended 30 September 2022
6 months ended 6 months ended Year ended
30 September 2022 30 September 2021 31 March 2022
(Unaudited) (Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
INCOME
Rental income 2 4,053 - 4,053 3,133 - 3,133 5,647 - 5,647
Investment
income 2 168 - 168 1,096 - 1,096 1,682 - 1,682
Other income 2 33 - 33 - - - - - -
4,254 - 4,254 4,229 - 4,229 7,329 - 7,329
GAINS AND
LOSSES ON
INVESTMENTS
Realised gains
on held-at-fair-value
investments
and investment
properties - 1,355 1,355 - 7,280 7,280 - 10,440 10,440
Unrealised
(losses)/gains
on held-at-fair-value
investment
properties - (4,432) (4,432) - 1,465 1,465 - 8,797 8,797
TOTAL INCOME 4,254 (3,077) 1,177 4,229 8,745 12,974 7,329 19,237 26,566
--------- --------- ========= === ========== ========= ========= === ========== -------- --------
EXPENSES
Investment
management
fees (515) - (515) (529) - (529) (1,088) (2) (1,090)
Other operating
expenses (412) - (412) (526) - (526) (870) - (870)
FINANCE COSTS (1,197) (6,269) (7,466) (1,513) - (1,513) (3,177) - (3,177)
TOTAL EXPENSES (2,124) (6,269) (8,393) (2,568) - (2,568) (5,135) (2) (5,137)
--------- --------- ========= === ========== ========= ========= === ========== -------- --------
PROFIT/(LOSS)
BEFORE TAXATION 2,130 (9,346) (7,216) 1,661 8,745 10,406 2,194 19,235 21,429
TAXATION (395) 1,648 1,253 (200) 1,083 883 (321) 3,154 2,833
PROFIT/(LOSS)
ATTRIBUTABLE
TO EQUITY
SHAREHOLDERS
OF PARENT
COMPANY 1,735 (7,698) (5,963) 1,461 9,828 11,289 1,873 22,389 24,262
========= ========= ========= === ========== ========= ========= === ========== ======== ========
EARNINGS
PER ORDINARY
SHARE (Pence) 3 3.99 (17.71) (13.72) 3.35 22.57 25.92 4.30 51.40 55.70
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.
A first quarterly dividend of 3.00p per share (2022 - 3.00p) was
paid on 28 October 2022 to all Shareholders on the register on 30
September 2022 (with an ex-dividend date of 29 September 2022). A
second quarterly dividend of 3.10p per share (2022 - 3.00p) will be
paid on 27 January 2023 to those Shareholders on the register on 30
December 2022 (with an ex-dividend date of 29 December 2022).
The Notes form part of these Financial Statements.
Group Statement of Financial Position
As at 30 September 2022
As at As at As at
30 September 30 September
2022 31 March 2022 2021
(Unaudited) (Audited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
NON CURRENT ASSETS
Investment properties 158,572 155,838 110,085
Investments held at
fair value through profit
or loss 0 26,871 30,304
8 158,572 182,709 140,389
Deferred tax asset 5,344 4,091 2,141
Receivables 2,161 2,238 2,695
166,077 189,038 145,225
CURRENT ASSETS
Cash and cash equivalents 13,519 5,153 42,665
Receivables 433 4,709 1,140
--------- --------- -----------
13,952 9,862 43,805
TOTAL ASSETS 180,029 198,900 189,030
CURRENT LIABILITIES
Payables (621) (2,423) (2,898)
(621) (2,423) (2,898)
TOTAL ASSETS LESS CURRENT
LIABILITIES 179,408 196,477 186,132
NON-CURRENT LIABILITIES
Payables (2,849) (2,854) (2,890)
Borrowings (49,430) (56,723) (56,701)
(52,279) (59,577) (59,591)
NET ASSETS 127,129 136,900 126,541
=========== ========= ===========
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 6 104,128 113,899 103,540
----------- --------- ===========
TOTAL EQUITY 127,129 136,900 126,541
=========== ========= ===========
NET ASSET VALUE PER ORDINARY
SHARE (Pence) 294.37p 314.30p 290.52p
These Financial Statements were approved by the Board on 18
November 2022 and were signed on its behalf by:
John Kay, Chairman
The Notes form part of these Financial Statements.
Group Statement of Changes in Equity
For the 6 months ended 30 September 2022
6 months ended 30 September 2022
(Unaudited)
Share Retained
Share capital premium earnings Total
Notes GBP'000 GBP'000 GBP'000 GBP'000
Net assets at 31 March 2022 4,555 18,446 113,899 136,900
Loss for the period - - (5,963) (5,963)
Dividends paid - - (2,875) (2,875)
Buyback of Ordinary Shares for Treasury 4 - - (933) (933)
============= ======== ========= =======
Net assets at 30 September 2022 4,555 18,446 104,128 127,129
============= ======== ========= =======
Year ended 31 March 2022
(Audited)
Net assets at 31 March 2021 4,555 18,446 95,082 118,083
Profit for the period - - 24,262 24,262
Dividends paid 4 - - (5,445) (5,445)
============= ======== ========= =======
Net assets at 31 March 2022 4,555 18,446 113,899 136,900
============= ======== ========= =======
6 months ended 30 September 2021
(Unaudited)
Net assets at 31 March 2021 4,555 18,446 95,082 118,083
Profit for the period - - 11,289 11,289
Dividends paid 4 - - (2,831) (2,831)
============= ======== ========= =======
Net assets at 30 September 2021 4,555 18,446 103,540 126,541
============= ======== ========= =======
The Notes form part of these Financial Statements.
Group Statement of Cash Flows
For the 6 months ended 30 September 2022
6 months ended 6 months ended Year ended
30 September 30 September
2022 2021 31 March 2022
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
CASH FLOWS FROM OPERATING
ACTIVITIES
Rental income received 2,950 2,089 5,970
Dividend income received 168 1,320 1,835
Interest received/(paid) 33 2 (1)
Operating expenses paid (1,238) (1,182) (1,914)
NET CASH INFLOW FROM OPERATING
ACTIVITIES 1,913 2,229 5,890
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of investments
held at fair value through
profit or loss (7,215) (21,224) (30,132)
Purchase of investment
properties (11,376) (22,492) (63,412)
Sale of investments held
at fair value through
profit or loss 35,720 22,681 32,042
Sale of investment properties 8,399 - 3,445
NET CASH INFLOW/(OUTFLOW)
FROM INVESTING ACTIVITIES 25,528 (21,035) (58,057)
CASH FLOW FROM FINANCING
ACTIVITIES
Repayment of debenture
stock (26,380) - -
Drawdown of loan 13,000 - -
Interest paid on loans (1,844) (1,620) (3,113)
Finance cost of leases (39) (39) (78)
Payments of lease liabilities (4) (4) (9)
Dividends paid (2,875) (2,831) (5,445)
Buyback of Ordinary Shares
for Treasury (933) - -
--------- ---------- ----------
NET CASH OUTFLOW FROM
FINANCING ACTIVITIES (19,075) (4,494) (8,645)
NET INCREASE/DECREASE
IN CASH AND CASH EQUIVALENTS 8,366 (23,300) (60,812)
Cash and cash equivalents
at the start of the period 5,153 65,965 65,965
--------- ------------ ----------
CASH AND CASH EQUIVALENTS
AT THE OF THE PERIOD 13,519 42,665 5,153
========= ============ ==========
The Notes form part of these Financial Statements.
Notes to the Financial Statements
1. Accounting policies
The Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) which comprise
standards and interpretations approved by the International
Accounting Standards Board (IASB) together with interpretations of
the International Accounting Standards and Standing Interpretations
Committee approved by the International Accounting Standards
Committee (IASC) that remain in effect, and to the extent that they
have been adopted by the European Union.
The functional and presentational currency of the Group is
pounds sterling because that is the currency of the primary
economic environment in which the Group operates. The Financial
Statements and the accompanying notes are presented in pounds
sterling and rounded to the nearest thousand pounds except where
otherwise indicated.
(a) Basis of preparation
The Financial Statements have been prepared on a going concern
basis and on the historical cost basis, except for the revaluation
of certain financial assets. Where presentational guidance set out
in the Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the SORP)
issued by the Association of Investment Companies (AIC) in April
2021 is consistent with the requirements of IFRSs, the Directors
have sought to prepare the Financial Statements on a basis
compliant with the recommendations of the SORP.
The Board has considered the requirements of IFRS 8, 'Operating
Segments'. The Board is charged with setting the Group's investment
strategy. The Board has delegated the day to day implementation of
this strategy to the Investment Manager but the Board retains
responsibility to ensure that adequate resources of the Group are
directed in accordance with its decisions. The Board is of the view
that the Group is engaged in a single segment of business, being
investment in UK commercial properties. The view that the Group is
engaged in a single segment of business is based on the fact that
one of the key financial indicators received and reviewed by the
Board is the total return from the investment portfolio taken as a
whole. A review of the investment portfolio is included in the
Investment Manager's Report in the Interim Report.
All expenses and finance costs are accounted for on an accruals
basis. Expenses are presented as capital where a connection with
the maintenance or enhancement of the value of investments can be
demonstrated. In this respect, and in accordance with the SORP, the
investment management fees are allocated 100% to income, in line
with the general practice of property companies.
The Group's Financial Statements have been prepared using the
same accounting policies as those applied for the Financial
Statements for the year ended 31 March 2022, which received an
unqualified audit report.
(b) Going concern
The Group's business activities, together with the factors
likely to affect its future development and performance, are set
out in the Interim Report. The financial position of the Group as
at 30 September 2022 is shown in the Statement of Financial
Position. The cash flows of the Group for the half year to 30
September 2022, which are not untypical, are set out in the Group
Statement of Cash Flows. The Group had fixed debt totalling
GBP49,430,000 as at 30 September 2022; none of the borrowings is
repayable before 2026. As at 30 September 2022, the Group's total
assets less current liabilities exceeded its total non current
liabilities by a factor of over 3.
The assets of the Group consists of investment properties that
are held in accordance with the Group's investment policy, as set
out in the Interim Report. The Directors, who have reviewed
carefully the Group's forecasts for the coming year and having
taken into account the liquidity of the Group's investment
portfolio and the Group's financial position in respect of cash
flows, borrowing facilities and investment commitments (of which
there is none of significance) are not aware of any material
uncertainties that may cast significant doubt upon the Group's
ability to continue as a going concern. Accordingly, the Directors
believe that it is appropriate to continue to adopt the going
concern basis in preparing the Group's Financial Statements.
(c) Basis of consolidation
The consolidated Financial Statements incorporate the Financial
Statements of the Company and the entity controlled by the Company
(its subsidiary). An investor controls an investee when it is
exposed, or has rights, to variable returns from its involvement
with the investee and has ability to affect those returns through
its power over the investee. The Company consolidates the investee
that it controls. All intra-group transactions, balances, income
and expenses are eliminated on consolidation.
Value and Indexed Property Income Services Limited is a private
limited company incorporated in Scotland under company number
SC467598. It is a wholly owned subsidiary of the Company and has
been appointed to act as the Alternative Investment Fund Manager of
the Company.
(d) Presentation of Statement of Comprehensive Income
In order to reflect better the activities of an investment trust
company and in accordance with guidance issued by the AIC,
supplementary information which analyses the Statement of
Comprehensive Income between items of a revenue and capital nature
has been presented alongside the Statement of Comprehensive Income.
In accordance with the Company's Articles, net capital returns may
be distributed by way of dividend.
(e) Dividends payable
Interim dividends are recognised as a liability in the period in
which they are paid as no further approval is required in respect
of such dividends. Final dividends are recognised as a liability
only after they have been approved by Shareholders in general
meeting.
(f) Investments
Investment properties
Investment properties are initially recognised at cost, being
the fair value of consideration given, including transaction costs
associated with the investment property. Any subsequent capital
expenditure incurred in improving investment properties is
capitalised in the period incurred and included within the book
cost of the property.
After initial recognition, investment properties are measured at
fair value. Gains and losses arising from changes in fair value are
included in net profit or loss for the period as a capital item in
the Statement of Comprehensive Income and are ultimately recognised
in retained earnings.
The Group leases out all of its properties on operating leases.
A property held under an operating lease is classified and
accounted for as an investment property where the Group holds it to
earn rental, capital appreciation or both. Any such property leased
under an operating lease is carried at fair value. Fair value is
established by half-yearly professional valuation on an open market
basis by Savills (UK) Limited, Chartered Surveyors and Valuers, and
in accordance with the RICS Valuation - Global Standards January
2020 (the 'RICS Red Book'). The determination of fair value by
Savills is supported by market evidence.
Leases
The Group leases properties that meet the definition of
investment property. These right-of-use assets are presented as
part of Investment Properties in the Statement of Financial
Position and held at fair value.
2. Income
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Other operating income
Rental income 4,053 3,133 5,647
Interest receivable on short
term deposits 33 - -
Investment income
Dividends from listed investments
in UK 168 1,096 1,682
===================== ===================== ===============
Total income 4,254 4,229 7,329
===================== ===================== ===============
3. Return per Ordinary Share
The return per Ordinary Share is based on the following
figures:
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Revenue return 1,735 1,461 1,873
Capital return (7,698) 9,828 22,389
Weighted average Ordinary
Shares in issue 43,447,217 43,557,464 43,557,464
Return per share - revenue 3.99p 3.35p 4.30p
Return per share - capital (17.71p) 22.57p 51.40p
=============== =============== ==== ================
Total return per share (13.72p) 25.92p 55.70p
=============== =============== ==== ================
4. Dividends paid
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Dividends on Ordinary Shares:
Third quarterly dividend of
3.00p per share (2022 - 2.90p)
paid 29 April 2022 1,307 1,263 1,263
Final dividend of 3.60p per
share (2022 - 3.60p) paid
29 July 2022 1,568 1,568 1,568
First quarterly dividend of
3.00p per share paid 29 October
2021 * - - 1,307
Second quarterly dividend
of 3.00p per share paid 28
January 2022 * - - 1,307
==================== ===================== =============
Dividends paid in the period 2,875 2,831 5,445
==================== ===================== =============
* First and second quarterly dividends for the year to 31 March
2023 have been declared with pay dates falling after 30 September
2022. These have not been included as liabilities in these
financial statements. See Note 5.
5. Interim dividend
A first quarterly dividend of 3.00p per share was paid on 28
October 2022 to Shareholders registered on 30 September 2022, with
an ex dividend date of 29 September 2022 (2022 - 3.00p). A second
interim dividend of 3.10p per share will be paid on 27 January 2023
to Shareholders registered on 30 December 2022, with an ex dividend
date of 29 December 2022 (2022 - 3.00p).
6. Retained earnings
The table below shows the movement in retained earnings analysed
between revenue and capital items.
Revenue Capital Total
GBP'000 GBP'000 GBP'000
At 31 March 2022 (3,476) 117,375 113,899
Movement during the period:-
Profit/(loss) for the period 1,735 (7,698) (5,963)
Dividends paid (see Note 4) (2,875) - (2,875)
Buyback of Ordinary Shares for Treasury (933) - (933)
========= =========== ==========
At 30 September 2022 (5,549) 109,677 104,128
========= =========== ==========
7. Transaction costs
During the period, expenses were incurred in acquiring and
disposing of investments classified as fair value through profit or
loss. These have been expensed through capital and are included
within gains and losses on investments in the Statement of
Comprehensive Income.
The total costs are as follows:-
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2022 2021 2022
GBP'000 GBP'000 GBP'000
Purchases 9 84 95
Sales 32 23 32
=============== =============== ===========
41 107 127
=============== =============== ===========
8. Fair value hierarchy disclosures
The table below sets out fair value measurements using the IFRS
13 Fair Value hierarchy:-
Level 1 Level Level Total
2 3
At 30 September 2022 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000
Investment properties - - 158,572 158,572
- - 158,572 158,572
Borrowings - (44,219) - (44,219)
--------- --------- --------- ---------
- (44,219) 158,572 114,353
========= ========= ========= =========
Level 1 Level Level Total
GBP'000 2 3 GBP'000
At 31 March 2022 (audited) GBP'000 GBP'000
Equity investments 26,871 - - 26,871
Investment properties - - 155,838 155,838
26,871 - 155,838 182,709
Borrowings - (61,064) - (61,064)
--------- --------- --------- ---------
26,871 (61,064) 155,838 121,645
========= ========= ========= =========
Level 1 Level Level Total
GBP'000 2 3 GBP'000
At 30 September 2021 (unaudited) GBP'000 GBP'000
Equity investments 30,304 - - 30,304
Investment properties - - 110,085 110,085
30,304 - 110,085 140,389
Borrowings - (61,795) - (61,795)
--------- --------- --------- ---------
30,304 (61,795) 110,085 78,594
========= ========= ========= =========
Fair value categorisation within the hierarchy has been
determined on the basis of the degree to which the inputs to the
fair value measurements are observable and the significance of the
inputs to the fair value measurement in its entirety as
follows:-
Level 1 - inputs are unadjusted quoted prices in an active
market for identical assets
Level 2 - inputs, not being quoted prices, are observable,
either directly (i.e. as prices) or indirectly (i.e. derived from
prices)
Level 3 - inputs are not observable
The fair value of the debenture is determined by comparison with
the fair values of equivalent gilt edged securities, discounted to
reflect the differing levels of credit worthiness of the borrowers.
The fair values of the loans are determined by a discounted cash
flow calculation based on the appropriate inter-bank rate plus the
margin per the loan agreement. These instruments are therefore
considered to be Level 2 as defined above. There were no transfers
between Levels during the period. All other assets and liabilities
of the Group are included in the Balance Sheet at fair value.
In June 2022, the 2026 debenture was repaid early at a premium
of GBP6,380,000 and a balance of GBP111,000 unamortised premium
from the issue of the debenture was expensed.
9. Relationship with the Investment Manager and other Related
Parties
Matthew Oakeshott is a Director of OLIM Property Limited which
has an agreement with the Group to provide investment management
services.
OLIM Property Limited receive an investment management fee of
0.60% of the capital assets that it manages.
OLIM Property Limited received an investment management fee of
GBP515,000 (half year to 30 September 2021: GBP529,000 and year to
31 March 2022: GBP1,090,000). At the period end, the balance owed
by the Group to OLIM Property Limited was GBP86,000 (31 March 2022:
GBP103,000) comprising management fees for the month of September
2022, subsequently paid in October 2022.
Value and Indexed Property Income Services Limited is a wholly
owned subsidiary of the Value and Indexed Property Income Trust PLC
and all costs and expenses are borne by Value and Indexed Property
Income Trust PLC. Value and Indexed Property Income Services
Limited has not traded during the period.
10. Half Yearly Report
The financial information contained in this Half Yearly
Financial 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 2022 and 30
September 2021 has not been audited.
The information for the year ended 31 March 2022 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.
This Half-Yearly Report was approved by the Board on 18 November
2022.
Other information
A full copy of the 2022 Interim Report and Financial Statements
will be printed and issued to Shareholders. In due course, a copy
will be available on the Company's website at:
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html.
The 2022 Interim 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.
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
18 November 2022
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 or visit 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.
END
IR FLFLILDLTLIF
(END) Dow Jones Newswires
November 18, 2022 05:19 ET (10:19 GMT)
Value And Indexed Proper... (LSE:VIN)
Historical Stock Chart
From May 2024 to Jun 2024
Value And Indexed Proper... (LSE:VIN)
Historical Stock Chart
From Jun 2023 to Jun 2024