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Supermarket Income REIT enjoys solid first half

"We remain on track to deliver an annualised dividend of 5.8 pence per ordinary share for the financial year," said Nick Hewson, the chairman of Supermarket Income REIT.

Supermarket Income REIT plc -

Supermarket Income REIT plc (LON:SUPR) generated a 7% total return for its shareholders in the six months to the end of December.

The company paid out two dividends totalling 2.9p each in the reporting period – up from 2.8p a year earlier – and is on track to deliver its targeted full-year dividend of 5.8p.

Total net assets at the end of December stood at £328.0mln, up 42% from £230.5mln at the end of June, while the European Public Real Estate Association (EPRA) net asset value (NAV) per share remained stable at 97p.

The real estate investment trust's (REIT) investment properties were independently valued at £490.4mln at the end of 2019, up from £368.2mln at the end of June; the valuation was up 1.6% on a like-for-like basis.

The annualised passing rate rose 59% to £26.1mln from £16.5mln in the corresponding period of 2018, while EPRA earnings jumped 53% to £7.2mln from £4.7mln.

“The contracted RPI [retail price index] rental uplifts in all our leases continues to provide inflation-protected income and allows us to deliver on our inflation-linked dividend growth targets,” said Nick Hewson, the chairman of Supermarket Income REIT.

“Since our IPO, we have delivered a total shareholder return of 24% for our shareholders,” Hewson noted.

The company also announced the appointment of property lawyer Cathryn Vanderspar as a non-executive director of the company.

“Her significant real estate and funds experience will be invaluable to the company,” Hewson said.

Quick facts: Supermarket Income REIT PLC

Price: 108.75 GBX

Market: LSE
Market Cap: £515.06 m

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