Supermarket Income REIT
Company Notes
FY23 Results: Attractive yield and strong balance sheet
On 20 September, Supermarket Income REIT (SUPR) published its annual results for the year to 30 June 2023. Highlights include:
- EPRA NTA per share -19% to 93p, with decline concentrated in H1 (H2: +1%).
- Property portfolio valued at £1.7bn at 30 June, -14% YoY on LFL basis. Portfolio net initial yield (NIY) increased from 4.6% to 5.6% due to rise in market interest rates.
- 100% of rent due for FY collected. Average rental growth +4.1%. Adjusted EPS 5.8p, -2% vs FY22. DPS 6.00p, in line with target at +1% YoY. Adjusted dividend cover 97%. FY24 dividend target +1% to 6.06p. Board confident in delivering fully covered dividend.
- Net LTV ratio at 30 June was 37%, reducing to 34% post year-end. 100% of drawn debt is hedged with weighted average fixed finance cost of 3.1%. Next refinancing requirement FY26.
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