Supermarket Income REIT Lifts Portfolio to £2.2 Billion, Eyes £4 Billion

MarketBeat··GB·Read original
3▲0 ▼0Impact / 5
Summary · why it matters

Supermarket Income REIT said its gross asset value, including its 50% share of a joint venture, reached £2.2 billion, up from £1.6 billion a year earlier, as it completed £676 million of accretive acquisitions and reaffirmed a minimum 2% dividend increase for the coming year. The portfolio now holds 140 fully occupied supermarkets with an average lease length of 11 years, about 83% of income linked to inflation and roughly 75% from investment-grade tenants, and management aims to double the portfolio to £4 billion, a target it said could take as little as two to three years in a favorable environment. Chief Financial Officer Mike Perkins reported net rental income of £122 million, up 6% year over year, EPRA earnings of 5.7 pence per share, down 4%, net asset value per share of 87.5 pence versus 87.1 pence, and a total accounting return of 7.5%. The company completed about £1 billion of debt financings, including its debut public bond, extending average debt maturity to 3.6 years from 2.8 years with no refinancing needs until June 2028, at an average cost of debt of about 4.4% and with 98% of borrowings fixed or hedged through that date. Dividend cover was 93% for the year on temporary cash drag and higher financing costs, which Perkins called largely one-off, and he said analyst consensus points to near-full cover in fiscal 2027 and full coverage thereafter, with the shares offering an approximately 7.5% yield.

Impact on assets 1

Real Estate▲ · 1 stocks
© 2026 MarketIVNews