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VIP

VALUE AND INDEXED PROPERTY INCOME TRUST PLC

DECLARATION OF FIRST QUARTERLY DIVIDEND

The Board of Value and Indexed Property Income Trust PLC (“the Company”) declares a first quarterly dividend of 3.6p per Ordinary Share in respect of the year to 31 March 2026, payable on 31 October 2025 to Shareholders on the register at close of business on 3 October 2025. The ex-dividend date is 2 October 2025. This dividend will be designated as a Property Income Distribution (PID).

The Board will announce in due course the proposed further quarterly dividend payments for the year to 31 March 2026, which will be paid on or around 30 January 2026, 24 April 2026 and 31 July 2026.

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RGL

Resilient operations underpinning fully covered dividend; Total Shareholder Return +9.6%

·    Dividend declared of 5.0p (H1 24: 3.4p*) fully covered

·    EPRA EPS 5.2pps (H1 24: restated 13.5 pps*)

*On 19 July 2024 the shares in issue increased by 1,105,149,821 shares to 1,620,886,404. On 29 July 2024 the shares were consolidated on a 1 for 10 share basis.

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SDV
Chelverton UK Dividend Trust plc

Declaration of Interim Dividend

The Company has today declared a first interim dividend in respect of the year 1 May 2025 to 30 April 2026 of 2.5p per share (2024: 3.25p).

This dividend will be paid on 10 October 2025 to the holders of Ordinary shares on the register at 26 September 2025, with an ex-dividend date of 25 September 2025.

It is the Board’s intention that this payment will be the first of four equal core dividend payments of 2.5p each, being a total of 10.00p, for the year ending 30 April 2026.

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SEIT

SDCL Efficiency Income Trust plc

(“SEIT” or the “Company”)
Interim Dividend Declaration

SDCL Efficiency Income Trust plc is pleased to announce the first quarterly interim dividend in respect of the year ending 31 March 2026 of 1.59 pence per Ordinary Share, covered by net operational cash received from investments.

The shares will go ex-dividend on 11 September 2025 and the dividend will be paid on 29 September 2025 to shareholders on the register as at the close of business on 12 September 2025.

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RMII

RM Infrastructure Income Plc

Dividend Declaration

The Directors of the Company, an investment trust specialising in secured debt investments, have declared an interim dividend of 0.625 pence per ordinary share in respect of the period from 1 January 2025 to 30 June 2025:

Ex-Dividend Date – 11 September 2025

Record Date -12 September 2025

Payment Date – 26 September 2025

The Company has elected to designate the interim dividend for the period as an interest distribution to its ordinary shareholders.

Tax disclosure update

As an update to previous disclosures relating to the ongoing discussions with the French Tax authority, the Group has received a payment demand from the French Tax Authority amounting to c.€14.2 million, including interest and penalties. The Group considers that this amount is not due and intends to file an appeal against the decision. Nevertheless, the Board considers it prudent to ring-fence the amount demanded from its other cash reserves, and is considering its options, including making a payment of tax on account in line with French judicial procedures. Having taken professional advice, the Board remains of the opinion that the Group’s position is ultimately more likely than not to prevail, such that a net outflow is not probable, and hence no tax provision has been recognised.

Interim dividend

Announcement of a third quarterly interim dividend of 1.48 euro cps, which is 90% covered by adjusted EPRA earnings, reflecting the sale of the Frankfurt DIY asset in the previous quarter and higher than normal exceptional items. Annualising the dividend provides investors with a dividend yield of c.7.6%, based on the share price as at 10 September 2025⁽¹⁾.

Total dividends declared relating to the nine months of the current financial year are 4.44 euro cps, 96% covered by adjusted EPRA earnings.

The interim dividend payment will be made on Friday 7 November 2025 to shareholders on the register on the record date of Friday 3 October 2025. In South Africa, the last day to trade will be Tuesday 30 September 2025 and the ex-dividend date will be Wednesday 1 October 2025. In the UK, the last day to trade will be Wednesday 1 October 2025 and the ex-dividend date will be Thursday 2 October 2025.

The Company has a total of 133,734,686 shares in issue on the date of this announcement (including those held in treasury). The dividend will be distributed by the Company (UK tax registration number 21696 04839) and is regarded as a foreign dividend for shareholders on the South African register. In respect of South African shareholders, dividend tax will be withheld from the amount of the dividend noted above at the rate of 20% unless the shareholder qualifies for the exemption. Further dividend tax information for South African shareholders will be included in the exchange rate announcement to be made on Tuesday 30 September 2025.

Property portfolio

The direct property portfolio was independently valued at €193.9 million (30 June 2024 €196.5 million on a like-for-like basis), reflecting stable values across the period. Robust valuations within the industrial portfolio, along with a positive revaluation of the Berlin asset, helped to offset declines in other sectors, which were primarily driven by shortening lease terms.

During the period a new 12-year lease extension with Hornbach, at the Berlin investment, was successfully agreed, resulting in a €1 million valuation increase. This transaction has further strengthened both the portfolio’s income security and the weighted average lease expiry, which has risen by approximately 1.3 years.

Management is also actively advancing discussions regarding lease re-gears in Stuttgart, Rumilly, Nantes, and Cannes. Completion of these initiatives will positively impact the portfolio value and income and the weighted average unexpired lease term.

KPN is still expected to vacate the Apeldoorn asset at the end of December 2026. As a result, we are assessing options including sourcing a replacement tenant, or securing planning approval for alternative uses. Should KPN vacate as expected, and as previously announced, there may be an impact on the Company’s ability to maintain its current dividend level. However, management is taking steps to mitigate any potential effects.

Comments are now open for moderation, the 1,801 unmoderated comments have been deleted. An update tomorrow.

Thursday 4 September

Derwent London PLC ex-dividend date
Empiric Student Property PLC ex-dividend date
European Assets Trust PLC ex-dividend date
Foresight Environmental Infrastructure Ltd ex-dividend date
Globalworth Real Estate Investments Ltd ex-dividend date
Hammerson PLC ex-dividend date
Henderson European Trust PLC ex-dividend date
Utilico Emerging Markets Trust PLC ex-dividend date

The above xd dates have been published early as I will be on holiday until September the 11th.

Please do not make any comments as all comments will be deleted on my return.

It could be a good time to review your plan to see if it will meet your end destination. GL until then.

The proof of the pudding is in the eaten.

2025 Update.

Dividends received plus dividends currently xd

£7,910.00

Do not scale to reach the figure for the year as the amount includes a special dividend from VPC.

The figures in the table compound annually, whereas the Snowball received income monthly and is re-invested back into the market when around 1k has been received, which gives the Snowball a small edge.

Current cash for re-investment £1,437.00

For any new readers, welcome. There are only three rules.

Rule 1.

Buy Investment Trusts/ETF’s that pay a high dividend and re-invest those dividends into Investment Trusts/ETF’s that pay a high dividend.

Rule 2.

Rule 3.

Remember the rules. GL

Not a good week for the Watch List shares, unless you are a dividend hunter when it’s good news week.