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Supermarket Income REIT (LSE: SUPR)

Last close As at 02/07/2024

GBP0.72

▲ −0.90 (−1.24%)

Market capitalisation

GBP897m

Supermarket Income REIT (SUPR), listed on the premium segment of the LSE, invests in supermarket property, let to leading UK supermarket operators, on long, RPI-linked leases. The investment objective is to provide an attractive level of income, with the potential for capital growth.

Across all main sectors, the market continues to adjust to an increased cost of capital. The company’s supermarket assets have the benefit of visible income from long, mostly indexed, leases, a strong occupier covenant and the non-cyclical nature of grocery retailing. Investment volumes in supermarket property have been significantly more resilient than for the wider market.

Latest Insights

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Real Estate | Outlook

Supermarket Income REIT — Progressive dividend policy remains in place

Real Estate | Update

Supermarket Income REIT — Maintaining returns, with accretive opportunities

Investment Companies | Update

Supermarket Income REIT — Reducing NAV but focusing on income

Real Estate | Update

Supermarket Income REIT — SUPR takes majority interest in indirect portfolio
Supermarket Income REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Chris McMahon

    Investor relations

  • Michael Perkins

    Finance director

  • Rob Abraham

    Managing director

  • Steven Noble

    Chief investment officer

Balance Sheet

Forecast net debt (£m)

544.3

Forecast gearing ratio (%)

45

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.4) (7.2) 0.1
Relative (2.1) (10.5) (9.6)
52 week high/low 88.5p/70.3p

Financials

Although the UK grocery sector is generating strong sales growth, supermarket property yields continued to widen in H124, in line with the broader property market. Combined with the market expectation that interest rates will soon fall, Supermarket Income REIT has identified attractive opportunities to resume accretive portfolio growth. Since H124 it has acquired one store in the UK and has made its first investment in France, acquiring a portfolio of 17 omnichannel stores, operated by Carrefour, for €75m. The acquisition adds another very strong tenant covenant and opens up significant further opportunities for growth in the large European market, with a continued focus on structural growth in online grocery shopping.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 69.7 58.2 57.4 5.9 12.1 11.1
2023A 93.3 79.8 57.2 4.6 15.6 10.6
2024E 103.9 92.6 75.9 6.1 11.7 8.4
2025E 107.5 96.0 77.1 6.2 11.5 9.6

Research

Update

Real Estate

Supermarket Income REIT — Maintaining returns, with accretive opportunities
Supermarket Income REIT_resized

Update

Investment Companies

Supermarket Income REIT — Reducing NAV but focusing on income

Real Estate

Outlook

Supermarket Income REIT — Progressive dividend policy remains in place
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Thematics

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