- Supermarket Income Reit
- 18 September 2024 08:01:42
Source: Sharecast
Supermarket Income REIT, who generates 75% of its rental income from Tesco and Sainsbury's alone, owns a portfolio of 73 stores including 17 Carrefour stores in France.
The company, which achieved 100% occupancy and 100% rent collection, predicted strong grocery market growth across the UK and France over 2024, where industry sales are forecast to grow by 5.8% and 2.1% respectively.
Annualised passing rents increased by 12% over the 12 months to 30 June to £113.1m, reflecting a 4% average like-for-like rental uplift and the £135.8m of accretive acquisitions made during the year.
Adjusted earnings per share were up 4% at 6.1p, while the company lifted its dividend to 6.1p, just 1% higher than last year.
"The company's operational performance has been resilient with 100% occupancy and 100% rent collection despite the broader market and macro-economic challenges of the past years," said chair Nick Hewson.
"Looking ahead, we remain optimistic that the improving interest rate environment should provide positive tailwinds for the company."