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(Correcting that net asset value had risen rather than stayed the same between the end of December and March)
LONDON (Alliance News) - Supermarket Income REIT PLC said Monday that it has invested GBP210.5 million in four supermarkets in the UK, that have physical and online representation, in the three months to March 31.
The trust declared a dividend of 1.375 pence per share, in line with its previous dividend. The company claims it is on track to deliver an annualised 5.5p per share dividend.
The net asset value per share as at March 31 stood at 96.00 pence, up 2p from 94p per share at the end of December.
The investment properties benefit from "highly attractive leases", according to the trust. The current weighted average unexpired lease terms of 18 years with no break options. The annualised passing rent roll is GBP10.8 million.
An average rent review uplift of 3.9% was achieved on two properties during the period from January to March. This is because it has upward only retail price index-linked rent reviews.
Supermarket Income's investment properties were independently valued on March 31 at GBP210.5 million, representing an increase of 4.5% above the aggregate acquisition price.
It has a net loan to value ratio of 44% and it will continue to target 30%-40% in the medium term which the company considers "conservative" given the "low risk nature" of the portfolio.
Ben Green of Atrato Capital, Investment Advisor to Supermarket Income REIT said: "Since IPO in July 2017, Supermarket Income REIT has rapidly built a portfolio of high quality UK supermarket property generating attractive inflation linked income for shareholders."
"During the quarter, we concluded two rent reviews with increases of 3.9%, demonstrating the value of the contracted RPI linkage in our leases."