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Supermarket Income REIT nudges higher as rent income rises for two supermarkets

Following the upward revisions, total rents from the company's portfolio have increased to £26mln per annum

Supermarket Income Reit PLC - Supermarket Income REIT nudges higher as rents rise for two supermarkets
One of the properties was a Sainsbury’s supermarket in Ashford, Kent

Supermarket Income Reit PLC (LON:SUPR) shares nudged higher on Wednesday as the group saw increased rents for two properties in its portfolio.

The firm said a retail price index (RPI) rent review for its Sainsbury’s supermarket in Ashford, Kent, had resulted in the annual lease payment rising to £4.04mln from £3.93mln per annum.

READ: Supermarket Income REIT acquires Sainsbury's store in Cheltenham

Meanwhile, a similar review for its Tesco superstore in Thetford, Norfolk, will see rents rise to £2.72mln from £2.64mln per annum.

As a result, the company said total rents from its portfolio have increased to £26mln.

“The conclusion of these reviews underlines the attractive, RPI rent reviews that are a feature of all our leases", said the company’s investment advisor Ben Green in a statement.

Supermarket Incone REIT shares rose 0.5% to 107p in early trading.

Quick facts: Supermarket Income REIT PLC

Price: 108.75 GBX

LSE:SUPR
Market: LSE
Market Cap: £367.44 m
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Supermarket Income REIT reports growing rental income as it maintains dividend

Supermarket Income REIT PLC's (LON:SUPR) Ben Green tells Proactive London's Andrew Scott they're maintaining their dividends through the current crisis as well as enjoying growing rental income.  Green adds that they received 100% of its expected rent payments for the March quarter.

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