reports
- Sarah Godfrey
UK REITs: Building back better
UK commercial property has been a cornerstone asset for many income-seeking investors (both retail and institutional) in recent decades, particularly since the global financial crisis of 2007/8 and the resulting ultra-low interest rate environment. However, since rates began to rise in 2022 to tackle surging inflation, meaningful returns have once more become available on lower-risk assets such as cash and government bonds, which has led to a retrenchment from alternative income assets such as p...
Supermarket Income Reit: 1 director
A director at Supermarket Income Reit bought 41,130 shares at 78p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Martyn King
Supermarket Income REIT - Progressive dividend policy remains in place
With its focus on high-quality omnichannel supermarkets, Supermarket Income REIT (SUPR) is very well positioned to benefit from strong growth trends in the grocery sector, supportive of its income proposition and capital values. The company is confident that the targeted FY24 DPS of 6.06p (+1%) will be fully covered as adjusted earnings benefit from rental growth, cost efficiency and fixed debt costs.
- Martyn King
Supermarket Income REIT - Maintaining returns, with accretive opportun...
Supermarket Income REIT (SUPR) reported strong H123 results and expects to meet its full year dividend target on a fully covered basis. Earnings are fully protected from interest rate increases in the near term and we forecast rent growth to offset the eventual roll-off from hedging. The balance sheet is liquid and in this note we discuss the relative merits of debt repayment, reinvestment and share repurchases.
- Liberum Research Team
- Liberum Research Team
- Shonil Chande
- Liberum Research Team
- Bjorn Zietsman
- Chris Spearing
LIBERUM: Supermarket Income REIT - H1'23 results
Supermarket Income REIT’s (SUPR) H123 results show EPRA NTA declined -20% to 92p, which is 6.7% below our consensus forecasts of 98p. Property values declined 13.3% on a LfL basis as previously reported in the Feb valuation update, driven by outward yield shift. EPRA EPS decreased -5% to 2.9p (cons. 3.5p) with like-for-like rental income up 1.6%. The outlook statement remains optimistic, citing strong operator performance, and that supermarket yields now fully reflect current economic conditions...
- Shonil Chande
LIBERUM: Alternatives Daily: DGI9 | PEY | SUPR | TMI
Digital 9 Infrastructure - Upbeat CMD highlights strengths of portfolio companiesPrincess Private Equity - Liquidity position solid for 2023Supermarket Income REIT - Debt refinancing updateTaylor Maritime - TMI CEO appointed CEO of Grindrod Shipping
- Liberum Research Team
- Liberum Research Team
- Shonil Chande
LIBERUM: Alternatives Daily
GCP Infrastructure Investments - Share buyback announcedSDCL Energy Efficiency Income Trust - Company update ahead of CMDSequoia Economic Infrastructure Income - Monthly NAV updateTriple Point Energy Transition - RCF term extendedSupermarket Income REIT - Sale of Sainsbury’s Reversion Portfolio (SRP) interestLiteracy Capital - Portfolio realisation with +3.7% NAV impact
- Liberum Research Team
- Liberum Research Team
- Martyn King
Supermarket Income REIT - Reducing NAV but focusing on income
Ahead of interim results for the six months ended 31 December 2022 (H123), Supermarket Income REIT (SUPR) has reported its externally assessed property valuation. The like-for-like 13.3% decline is below the broad market decline of c 19% but above our assumption. We have reduced our FY23e EPRA NTA per share by c 10% to 91p but our forecasts for EPRA earnings, dividends and dividend cover are unchanged.
- Shonil Chande
- Liberum Research Team
SRP SERCO GROUP PLC
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TRCS TRACSIS
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AAL ANGLO AMERICAN
A2DVHX SUPERMARKET INCOME REIT PLC
HONY HONEYCOMB INVESTMENT TRUST
TRR TRIDENT ROYALTIES
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WISE WISE PLC
BYIT BYTES TECHNOLOGY GROUP PLC
AA4 AMEDEO AIR FOUR PLUS LTD
- Liberum Research Team
- Martyn King
Supermarket Income REIT - SUPR takes majority interest in indirect por...
Supermarket Income REIT (SUPR) has acquired an additional 25.5% beneficial interest in the Sainsbury’s Reversion Portfolio (SRP) from its joint venture (JV) partner. It now has a 51% interest with 49% held by Sainsbury’s. SUPR’s positioning in the winding up of the SRP structure is strengthened, its relationship with Sainsbury’s, operator of the stores, is deepened, and it expects to further enhance the return on its SRP investment. Separately, reflecting widespread expectations that yields will...
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