(Alliance News) - Supermarket Income REIT PLC on Friday said it has boosted rental income following two reviews, and reaffirmed its intention to pay a third-quarter dividend.
The grocery property investor said annual rent from a Tesco PLC site in Bristol was raised by 2.5% to GBP1.6 million. At WM Morrison Supermarkets PLC site in Sheffield, rent was boosted by 13% to GBP2.9 million.
Its total rental income has been raised by 1.3% to GBP28.4 million.
Supermarket Income said: "As a result of the above, the company reaffirms its intention to pay its third-quarter interim dividend in line with expectations and as per the normal timetable."
Many London-listed firms have suspended dividends, in a bid to save cash during the Covid-19 outbreak.
Supermarket Income added: "While it is too early to fully understand the long-term implications of the ongoing health crisis, the company has a robust balance sheet and is in a strong position to continue operating as usual despite the wider uncertainty."
The company said it will have cash balances of GBP32 million after paying a third-quarter dividend.
Shares in the company closed 4.4% higher at 103.90 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Tesco (TSCO)
Supermarket Income (SUPR)