Supermarket Income REIT reports portfolio growth to £2.2 billion and secures long-term financing, targeting a minimum 2% dividend increase while aiming to double its asset base to £4 billion.
Supermarket Income REIT reported portfolio growth to £2.2 billion and reaffirmed a minimum 2% dividend increase despite EPRA EPS falling 4%, with dividend cover expected to normalize by fiscal 2027.
Tesco is cited as a key tenant with a 28% UK market share and a store in Edinburgh, but the article is not company-specific news for Tesco.
Sainsbury's is mentioned as a tenant with a logistics warehouse and a lease renewal, but no company-specific financial impact is detailed.
Marks & Spencer is referenced as an anchor tenant in a retail park and as signing new lease units, with no direct impact on its own equity.
Blue Owl is named as the joint venture partner in Supermarket Income REIT's £855 million vehicle, but the article provides no financial details for Blue Owl itself.
Supermarket Income REIT has expanded its gross asset value to £2.2 billion, supported by 140 fully occupied properties and a robust debt maturity profile extending to 2028. Despite a 4% dip in EPRA earnings, the firm reaffirmed a minimum 2% dividend increase, with management projecting full dividend cover by fiscal 2027 as capital deployment normalizes.
The company reaffirmed a minimum 2% dividend increase for the coming year, with a current yield of approximately 7.5%, despite a temporary 93% dividend cover.
The company completed £1 billion in debt financings, including a debut public bond, fixing or hedging 98% of its debt through June 2028.