Supermarket Income REIT
Company Notes
Specialist exposure to the UK grocery sector
On 23 September Supermarket Income REIT published its annual results for the year to 30 June 2021. Over the period the fund’s EPRA NTA per share increased by 7% from 101p to 108p. The portfolio saw valuation growth of +8.5% on a like-for-like basis, with the majority of this due to yield shifts, with a much smaller part resulting from rental uplifts.
EPRA earnings per share rose by 12% to 5.6p, compared with 5.0p for the year to 30 June 2020. This increases to 7.0p per share on a pro forma basis including post period-end acquisitions. 100% of grocery rent was collected in the period, with 99.5% of total rent received. Four quarterly dividends totalling 5.9p per share have been declared in respect of the year, up from a total of 5.8p per share in FY 2020. The EPRA dividend cover ratio was 104% for the 12-month period. The fund’s annual dividend target has been increased by 1.4% to 5.94p per share for the year to 30 June 2022, in line with the average inflation-linked increase in passing rents for the period.
A total of £353m of equity was raised during the year, via two upsized and oversubscribed issuances of new shares. These comprised a £200m placing and offer for subscription in September 2020 and a £153m placing in March 2021. Last week the fund announced its intention to raise £100m under a placing and offer for subscription at an issue price of 115p per share, as well as the launch of a 12-month placing programme.
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