Vipera Regulatory News (VIP)

13 APRIL 2022

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

31 MARCH 2022 - HALF YEARLY PROPERTY PORTFOLIO VALUATION

Value and Indexed Property Income Trust PLC ("VIP" or "the Company"), the long, strong, indexed property income specialists, announces an increase in its direct commercial property portfolio to £155.478m as at 31 March 2022, up from £110.05m at Savills' previous independent half-yearly valuation at 30 September 2021. The increase was driven both by net acquisitions and valuation uplift. VIP is now almost fully invested after its transition to a predominantly Property Trust.

· VIP's property portfolio has delivered a total return of 8.8% over the past six months and 20.2% over the past year. This growth was driven by a valuation uplift of 8.5% on the properties held over the 6 months (leisure 16.1%, industrials 12.4%, supermarkets 8.1%, other 7.1%, hotels 5.4%, pubs 4.1% and roadside 2.0%). These properties showed a total return of 11.0%, against a return of 8.8% on the whole portfolio reflecting substantial purchase costs on new acquisitions.

· The asset split is now 83.3% property, 14.5% UK equities and 2.2% cash.

· The portfolio's Weighted Average Unexpired Lease Term is 12.8 years and 95.8% of the rental income is indexed or fixed. The portfolio running yield is 5.4% (from 5.7% as at end-December 2021). The portfolio remains well-spread with a focus on industrials (33%) and supermarkets (27%) and no offices.

· One property was purchased over the last quarter; a Sainsbury's supermarket located in Garstang, Lancashire on a lease to June 2035, for £10.62m (including costs) reflecting a Net Initial Yield of 4.5% with five yearly RPI linked rent increases (1.5% minimum and 4% maximum). Three properties were sold during the quarter; two Co-op stores and a Buzz Bingo, for £5.588m in total, 18.9% ahead of their combined September 2021 valuations. One of these sales completed and two exchanged in March 2022, and all transactions are reflected in the 31 March 2022 reported valuation.

· The three largest holdings in VIP's property-backed equity portfolio at 31 March 2022 were BMO Real Estate Investments, Urban Logistics REIT and Tritax Big Box REIT.

The property portfolio aims to deliver long term above average real returns (benchmark MSCI Quarterly Property Index) from a well spread portfolio mainly of commercial properties.

The Company is in advanced negotiations to raise further long-term fixed rate debt.

END

Enquiries:

OLIM Property Limited, Investment Manager

Tel: 020 7846 3252

Matthew.oakeshott@olimproperty.co.uk

Louise.cleary@olimproperty.co.uk