Supermarket Income REIT (LSE: SUPR)

Currency in GBP

Last close As at 27/09/2023


−1.20 (−1.50%)

Market capitalisation


Supermarket Income REIT (SUPR), listed on the premium segment of the LSE, invests in supermarket property, let to leading UK supermarket operators, on long, RPI-linked leases. The investment objective is to provide an attractive level of income, with the potential for capital growth.

All main UK commercial property sectors are showing increased stability following the sharp repricing in late 2022, in response to higher bond yields and economic uncertainty. SUPR’s supermarket assets have the benefit of visible income, from long mostly indexed leases, a strong occupier covenant and the non-cyclical nature of grocery retailing.

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Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Chris McMahon

    Investor relations

  • Haffiz Kala

    Finance director

  • Rob Abraham

    Managing director

  • Steven Noble

    Chief investment officer

Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.7 6.9 (18.6)
Relative 2.6 5.2 (24.7)
52 week high/low 108.5p/70.3p


Annualised passing rent of £95.5m in December 2022 (end-H123) was up by 36% y-o-y and 23% versus H222, reflecting acquisitions and indexed rent uplifts. As this feeds more fully into H223, and with all debt fixed/hedged, we expect full-year DPS now paid of 6.0p to have been fully covered. During H1, the portfolio value reduced by c 13% on a like-for-like basis as the topped-up net initial yield increased from 4.6% to 5.5%. EPRA NTA per share was 92p (end-FY22: 115p). Since end-H123, the sale of SUPR’s highly successful JV interest has completed, generating total gross proceeds of £431m. The proceeds have been partly used to repay debt and to fund acquisitions. In addition to the £38m acquisition of an omnichannel store at a net initial yield of 6.0%, SUPR has exercised its option to acquire the four remaining stores from the JV portfolio for £28.3m, net of its existing 54% interest. Based on the last published end-FY22 portfolio valuation, pro forma LTV reduced to c 33%.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 47.9 38.7 36.8 5.6 14.0 12.0
2022A 72.1 58.2 57.4 5.9 13.3 12.2
2023E 96.9 82.6 74.0 6.0 13.1 11.3
2024E 106.1 92.5 75.8 6.1 12.9 10.9


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