Business
VALUATION UPDATE AND NOTICE OF HALF YEAR RESULTS
VALUATION UPDATE AND NOTICE OF HALF YEAR RESULTS.
About this update from Supermarket Income Reit Plc
[{"type":"text","content":"\n \n \n 23 February 2023\n \n \n \n \n \n \n \n \n SUPERMARKET INCOME REIT PLC\n \n \n \n \n (the \"Company\") \n \n \n LEI: 2138007FOINJKAM7L537 \n \n \n \n Valuation update and notice of half year results\n \n \n \n \n \n \n Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-linked, long income from grocery property in the UK, announces an update to the Company's unaudited valuation of its Direct Portfolio1 as at 31 December 2022.\n \n \n \n \n \n ·\n The\n Direct Portfolio has been independently valued as at 31 December 2022 at £1,625\n million\n , representing a decline of 13.3% on a like-for-like basis over the six month period.\n \n \n ·\n The valuation reflects a net initial yield of 5.5% as at 31 December 2022 (30 June 2022: 4.6%)\n \n 2\n \n .\n \n \n \n \n \n The decline in valuation reflects the outward shift in property yields applied by valuers as a result of higher interest rates and the overall macroeconomic environment. However, the valuation decline has been partially mitigated by our contractual inflation-linked rental uplifts. The average increase in rent from rent reviews performed during the six month period to 31 December 2022 was 3.7%3.\n \n \n \n \n \n Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, said: \n \n \n \n \n \n \n \"Supermarket property has been less volatile than the broader UK property market but has not been immune to the outward yield shift experienced across investment markets.\n \n \n We have the advantage of operating in the non-discretionary spend grocery sector which continues to outperform the wider economy.\n \n \n Our high quality, future proof, omnichannel supermarket property portfolio will continue to deliver stable, long term, inflation-linked income for our shareholders.\"\n \n \n \n \n \n \n Notice of Results\n \n \n \n \n \n \n The Company will announce its half year results for the six month period ended 31 December 2022 on 30 March 2023. An in-person presentation for sell-side analysts and investors will be held at 8.30 a.m. on the day of the results. The presentation will also be viewable via a webcast with a Q&A function for those unable to attend in-person.\n \n \n \n \n \n Those wishing to attend in-pers...