Business
INTERIM RESULTS FOR SIX MONTHS ENDED 31 DEC 2023
INTERIM RESULTS FOR SIX MONTHS ENDED 31 DEC 2023.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n\nSupermarket Income REIT plc\n(the \"Group\" or the \"Company\")\n \nINTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2023\n \nRESILIENT FINANCIAL PERFORMANCE - STRONG BALANCE SHEET PROVIDING OPPORTUNITY FOR FUTURE GROWTH\n \nThe Board of Directors of Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-linked, long income from grocery property in the UK, reports its interim results for the Group for the six months ended 31 December 2023 (the \"Period\").\n \nFINANCIAL HIGHLIGHTS\n \n\n\n\n\n\n\n\nSix months to\n31-Dec-23\n\n\nSix months to\n31-Dec-22\n\n\nChange\n in Year\n\n\n\n\nAnnualised passing rent1\n\n\n£104.7m\n\n\n£95.5m\n\n\n+10%\n\n\n\n\nOperating profit2\n\n\n£45.0m\n\n\n£38.0m\n\n\n+18%\n\n\n\n\nAdjusted Earnings1,3\n\n\n£36.3m\n\n\n£36.4m\n\n\n-\n\n\n\n\nChanges in fair value of investment properties\n\n\n(£57.9m)\n\n\n(£248.1m)\n\n\nn/a\n\n\n\n\nDividend per share declared\n\n\n3.0 pence\n\n\n3.0 pence\n\n\n-\n\n\n\n\nAdjusted EPS1,3\n\n\n2.9 pence\n\n\n2.9 pence\n\n\n-\n\n\n\n\nDividend cover1,4\n\n\n0.97x\n\n\n0.98x\n\n\nn/a\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n31-Dec-23\n\n\n30-June-23\n\n\nChange\nin Period\n\n\n\n\nIFRS net assets\n\n\n£1,125m\n\n\n£1,218m\n\n\n-8%\n\n\n\n\nEPRA NTA1\n\n\n£1,094m\n\n\n£1,156m\n\n\n-5%\n\n\n\n\nEPRA NTA per share1\n\n\n88 pence\n\n\n93 pence\n\n\n-5%\n\n\n\n\nNet Loan to value\n\n\n33%\n\n\n37%\n\n\nn/a\n\n\n\n\nPortfolio net initial yield1\n\n\n5.8%\n\n\n5.6%\n\n\nn/a\n\n\n\n\n \nResilient financial performance\n· 18% growth in operating profit2 to £45.0 million, reflecting:\no 10% increase in annualised passing rent to £104.7 million through acquisitions and contractual rental uplifts\no Continuing 100% rent collection\no Lower EPRA cost ratio 15.1% (six months to 31 December 2022: 16.7%)\no Sainsbury's Reversion Portfolio (\"SRP\") JV earnings replaced via higher yielding acquisitions\n· Adjusted EPS stable at 2.9 pence reflecting lower leverage\n· On track to deliver full-year 2024 dividend target of 6.06p\n· Significant debt capacity for future earnings growth, well positioned to capitalise on current yields\n \nPerformance...