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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Value And Indexed Property Income Trust Plc | VIP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 3.50 | 2.01% | 178.00 | 16:35:08 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 177.00 | 177.00 | 177.00 | 178.00 | 174.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 08/09/2023 | Interim | GBP | 0.032 | 28/03/2024 | 02/04/2024 | 26/04/2024 |
| 08/09/2023 | Interim | GBP | 0.032 | 28/12/2023 | 29/12/2023 | 26/01/2024 |
| 08/09/2023 | Interim | GBP | 0.032 | 28/09/2023 | 29/09/2023 | 27/10/2023 |
| 22/09/2022 | Final | GBP | 0.036 | 06/07/2023 | 07/07/2023 | 04/08/2023 |
| 22/09/2022 | Interim | GBP | 0.032 | 30/03/2023 | 31/03/2023 | 28/04/2023 |
| Interim | GBP | 0.031 | 29/12/2022 | 30/12/2022 | 27/01/2023 | |
| 15/06/2022 | Interim | GBP | 0.03 | 29/09/2022 | 30/09/2022 | 28/10/2022 |
| 23/09/2021 | Final | GBP | 0.036 | 30/06/2022 | 01/07/2022 | 29/07/2022 |
| 23/09/2021 | Interim | GBP | 0.03 | 31/03/2022 | 01/04/2022 | 29/04/2022 |
| 23/09/2021 | Interim | GBP | 0.03 | 30/12/2021 | 31/12/2021 | 28/01/2022 |
| 23/09/2021 | Interim | GBP | 0.03 | 30/09/2021 | 01/10/2021 | 29/10/2021 |
| 10/09/2020 | Final | GBP | 0.036 | 01/07/2021 | 02/07/2021 | 30/07/2021 |
| 10/09/2020 | Interim | GBP | 0.029 | 01/04/2021 | 06/04/2021 | 30/04/2021 |
| 10/09/2020 | Interim | GBP | 0.029 | 31/12/2020 | 04/01/2021 | 29/01/2021 |
| 10/09/2020 | Interim | GBP | 0.029 | 01/10/2020 | 02/10/2020 | 30/10/2020 |
| 11/09/2019 | Final | GBP | 0.034 | 30/07/2020 | 31/07/2020 | 28/08/2020 |
| 11/09/2019 | Interim | GBP | 0.029 | 26/03/2020 | 27/03/2020 | 24/04/2020 |
| 11/09/2019 | Interim | GBP | 0.029 | 02/01/2020 | 03/01/2020 | 31/01/2020 |
| 11/09/2019 | Interim | GBP | 0.029 | 26/09/2019 | 27/09/2019 | 25/10/2019 |
| 11/09/2018 | Final | GBP | 0.034 | 27/06/2019 | 28/06/2019 | 26/07/2019 |
| Top Posts |
|---|
Posted at 03/4/2024 15:28 by ygor705 Topvest.... I agree with your thought process here. In my view, VIP is a well diversified, high yielding tiddler which could easily get swallowed up by a bigger property fish if interest rates and sentiment starts to turn. I note that buybacks have dried up over the last couple of weeks so management are clearly being canny about how many they buy and when. The only thing that disappoints me here is share price performance! |
Posted at 03/4/2024 10:03 by topvest I've added a few more. Rationale for me is a possible £2 floor on net asset value and an 8% dividend yield whilst you wait. Asset base is high quality and probably conservatively valued. There is the promise of an exit at just below NAV in a couple of years time. Relative cost base is high, but property management skills are top class.Just a thought, but there is always the chance this trust could roll-over into SAINTS at some point given they have a property portfolio also managed by OLIM. What happens when the current major holder retires or wants an exit is the key question for both SAINTS and VIP, I suppose. |
Posted at 02/4/2024 13:34 by jellypbean Portfolio valued at a net initial yield of 6.6% vs SUPR on 5.8% (311223). Is the valuation of VIP more conservative, or does the type of property / lease justify the difference.I've noticed this in some of the infra trusts too; 3IN is valued using at a substantially higher discount rate than many if the others. Is the UK commercial property market functioning 'properly' yet, or do we still have instutes such as DB funds selling for regulatory reasons (in favour on bonds etc). |
Posted at 02/4/2024 11:41 by topvest Hi SpectoAcc. No, they are probably not the best property play, but I like it for dividend, exit opportunity in a couple of years, reliable owner/management with aligned interests. Unfortunately, they switched to property 2 years too early, so have suffered a decline in valuation on pretty much everything acquired in the last 2/3 years. I was attracted to the Hollywood Bowl additions 8.5% from May...that's quite good. Much better than Stonegate Pubs that they have been exiting probably due to the weaker covenant. There is another pub sale at a lower yield due to complete in July above book value.The debt is well fixed. I am not convinced that interest rates are going to stay "high" to be honest, but they will hopefully not get back to the zirp stupidity. I still think a global recession is coming and then the pivot will be well and truly on. They are out-performing the index most years and in the long-term. Matthew Oakeshott has out-performed the IPD Index 2 years out of every 3 on average. I like it, but am underwater so far! |
Posted at 02/4/2024 10:57 by spectoacc "...Index-related income". Hope the others adopt similar wording, but really - the latest acquisitions are capped at 3% pa, collared at 2% pa, at a time when we've just had 11%. Either there's an heroic belief in the BoE hitting a consistent 2%, or the different between 2% and 3% barely qualifies even as "-related".VIP's problem is surely its scale - £73m market cap, at a time when even larger ITs are getting abandoned by wealth managers. They've bought at 7.8%, sold at 7.5%, but agree the purchases are much better than the sales. "VIP has no empty properties and no offices. 29% of the portfolio is in supermarkets, 28% is in warehouses/industria The average interest rate payable on VIP's debt is 4.0% (93% fixed), with an average maturity of 6.9 years and a 36% Loan to Value ratio." If I was going to quibble, I'd say that for all the good dealing/lack of voids/strong tenants/fake inflation linkage, they're still seeing valuation declines and failing to outperform the index. And that any IT with low debt cost is going to eventually hit a bump as debt costs ratchet up - ZIRP is over. Income rises at the same time, but EPS may not. They're not expensive - but are they the best property pick out there currently? |
Posted at 02/4/2024 10:38 by topvest Update out today. Fairly positive overall. About another £4-5m off the valuation. I think that makes net asset value about 217p. I would guess that c200p (c7-7.3% yield, maybe versus the current 6.6%) will be a cyclical low, before recovery. What do others think? The portfolio is certainly very well positioned now and the dividend is fully covered. Some nice Hollywood Bowl acquisitions - look at the yield on what they have bought versus what they have sold! |
Posted at 22/2/2024 10:07 by ygor705 This one has been bouncing about a bit of late, although the underlying trend still seems to be very gently down. With both property prices and interest rates possibly on the turn, that trend should start to change. The high coupon debentures have now gone which should help cash flow. A good and reliable dividend plus the possibility of redemption at par should also be supporting the shares. |
Posted at 28/11/2023 17:37 by jellypbean You can see in the numbers in the annual report.However basically it's 0.6% of gross assets that go to the investment manager (OLIM), via a company that is a subsidiary of VIP (required for regulatory reasons (AFAIK). On top of that there are expenses at the VIP company level that come to a bit less than the management charges. These include fees for the board, secretariat etc. I'll admit there is a reasonably sized 'other' in there as far as I can remember. Of course for management fees, gross assets are 40-50% higher than net assets, so that 0.6% becomes 0.8-0.9% of NAV. The above is consistent with the KID published on HL which says management costs 0.88% and other costs 0.6%. Then the KID will also include interest costs. I think they've got about 7 years fixed debt at 3.5% ish. To me this is a big positive, so why it would be included as a cost I don't know. There is also portfolio transaction costs on the KID. There have been quite a lot of these recently as the trust had restructured to property only, so I expect these might reduce going forward? I also noted that the NAV is given with debt at par, though you can see somewhere in the report that if it's valued at fair it will be a bit higher (I tend to look at fair for ITs, though most normally show both). Any how, these numbers are from memory, so check annual report for details, and compared to KID to see how one becomes the other. Main thing I don't really get with this is the tax treatment, as this isn't a REIT (I have it in an ISA). Chair is Prof. John Kay, who was instrumental in tranforming the finances of one of the richest Oxford Uni colleges (with a large property portfolio) whilst he was chair of economics there. So that seems a positive to me. Oh yes, there is a mandate to return investors cash at NAV minus costs in 2026, if they want FWIW. |
Posted at 27/10/2023 20:01 by topvest The dividend yield on the shares is nearly 8% and growing. It's very tempting, but I am not buying anything more at the moment until shares have bottomed and new uptrends start. I will miss the bottom, but there could be further falls if the US crashes and that spills over to everywhere else. I wouldn't compare with the 6.2% NS&I personally as you are locked in on that. Cash is c4.5-5% on a short-term gilt. TN24 is my favourite and its 4.8% tax free with cash back in January to reinvest in equities. Much better! |
Posted at 31/8/2023 16:48 by jellypbean There was some chat on here last year regarding VIPs holding of CTPT, and having to sell it at a loss (CTPTs shares went to a discount, but then so did VIPs, and they were then able to buy VIP shares back to some extentLooking back, this related to the debentures, which they bought back early in mid 2022. Having the debentures meant they needed to have some equity holdings, which they could only dispose of when debentures were paid off. It's in the 2022 half year report. Anyway, I did have some CTPT back then (sold after the London Metric offer), and have a decent chunk of VIP as a core holding. Half wondering if there would be any (tax) advantages for VIP to convert to a REIT, I don't think it is one currently? |
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