Business
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2023
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2023.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n\nSUPERMARKET INCOME REIT PLC\n(the \"Group\" or the \"Company\")\nAUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2023\nGROCERY SECTOR STRENGTH UNDERPINS DEMAND FOR MISSION CRITICAL SUPERMARKETS\nSupermarket Income REIT plc (LSE: SUPR), the UK supermarket real estate investment trust providing secure, inflation-linked, long income from grocery property in the UK, reports its audited consolidated results for the Group for the year ended 30 June 2023 (the \"Year\").\nFINANCIAL HIGHLIGHTS\n \n\n\n\n\n\n\n\n12 months to\n30-June-23\n\n\n12 months to\n30-June-22\n\n\n \nChange in Year\n\n\n\n\nAnnualised passing rent1\n\n\n£100.6m\n\n\n£77.6m\n\n\n+30%\n\n\n\n\nOperating profit2\n\n\n£79.8m\n\n\n£58.2m\n\n\n+37%\n\n\n\n\nAdjusted earnings1,3,4\n\n\n £72.4m\n\n\n£57.4m\n\n\n+26%\n\n\n\n\nChanges in fair value of investment properties\n\n\n(£256.1m)\n\n\n£21.8m\n\n\nn/a\n\n\n\n\nDividend per share declared\n\n\n6.00 pence\n\n\n5.94 pence\n\n\n+1%\n\n\n\n\nAdjusted EPS1,3\n\n\n5.8 pence\n\n\n5.9 pence\n\n\n-2%\n\n\n\n\nDividend cover1,5\n\n\n0.97x5\n\n\n1.08x\n\n\nn/a\n\n\n\n\n\n\n\n30-June-23\n\n\n30-June-22\n\n\nChange in Year\n\n\n\n\nIFRS net assets\n\n\n£1,218m\n\n\n£1,432m\n\n\n-15%\n\n\n\n\nEPRA NTA1\n\n\n£1,156m\n\n\n£1,427m\n\n\n-19%\n\n\n\n\nEPRA NTA per share1\n\n\n93 pence\n\n\n115 pence\n\n\n-19%\n\n\n\n\nEPRA LTV1\n\n\n35.2%\n\n\n22.2%\n\n\nn/a\n\n\n\n\nDirect Portfolio net initial yield1\n\n\n5.6%\n\n\n4.6%\n\n\nn/a\n\n\n\n\n \nResilient financial performance with strong income growth\n· 30% increase in annualised passing rent to £100.6 million\no 100% occupancy\no 100% of rent collected\no 4.1% average rental uplift\n· 26% increase in adjusted earnings to £72.4 million\n· FY 2023 dividend of 6 pence per share, target dividend of 6.06 pence per share for FY 2024\n \nGrocery sector strength and resilience driving elevated property investment volumes\n· UK grocery market grew 11% during the period6\n· 30% increase in UK grocery market since IPO to £242 billion7\n· Supermarket store revenues growing much faster than rents, improving affordability and rental values\n· UK supermarket property investment volumes exceeded £1.7 billion during the year8\n \nActive portfolio management - accretive...