Supermarket Income REIT has doubled the value of its portfolio in the past year to £1.15bn.
The supermarket specialist also boosted pre-tax profit from £32.8m to £82m.
In its annual results, published today (23 September), the REIT said it had added more than £540m to its portfolio through the acquisition of 20 properties, while valuation growth added £67.8bn. On a like-for-like basis the direct portfolio valuation grew by 8.5%.
Since its results the REIT has added a further five supermarket sites for £94.6m, providing a blended NIY of 4.8%.
Earlier this month it picked up a 25.5% stake in Sainsbury’s Reversion Portfolio through its joint venture with British Airways Pensions at a cost of £57.5m.
During the year, its direct portfolio has benefited from an 8.5% like-for-like increase in valuation, delivering an EPRA NTA of 108p per share as at 30 June 2021.
The REIT delivered an 11% return to shareholders over the year.
Chairman Nick Hewson said: “Since our initial listing in 2017 we have delivered a 40% total shareholder return and continue to offer our investors stable, long-term, inflation-protected income that is backed by one of the most compelling real estate asset classes in the UK investment market.”
Over the year Supermarket Income REIT raised £353m through two upsized and oversubscribed share issues.
It has increased its dividend target for the year by 1.4% to 5.94p per share, in line with the average increase in passing rents.
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