Supermarket Income REIT will continue to press ahead with its strategic initiatives launched late last year until its portfolio hits “appropriate value”.
Its latest financial report showed its portfolio value stood at £1.8bn as of the end of 2024, up by 3.3% when compared with mid-2024. On a year-on-year basis, portfolio values increased by 9.5%.
On a like-for-like basis, there was a revaluation gain of £8.4m during the period equivalent to 0.5%.
The REIT gained £7.2m in fair value of investment properties, having lost £57.9m last year, resulting in a pretax profit of £36.2m compared with a £54.2m loss reported for 2023.
The move also comes amid a 13% increase in annualised passing rent to £118.5m, thanks to the acquisitions and contractual rental uplifts. In addition, the average annualised increase in rent from reviews performed during 2024 was 3%.
NAV per share remained unchanged year-on-year at 90p, with NTA climbing up slightly to 88p from 87p.
Looking ahead, the REIT intends to continue exploring opportunities to recycle capital through individual asset sales and potential joint ventures.
Nick Hewson, chair of Supermarket Income REIT, said: “I look forward to another busy period focused on delivering on our strategic objectives, which we believe will help encourage the market to assign appropriate value to the quality of our portfolio.”
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