Supermarket Income REIT (SUPR) H2 2026 earnings summary

Executive summary

• Gross asset value increased to £2.2 billion as of 16 September 2026, up 37% year-over-year, including joint ventures and post-period transactions.

• £676 million of earnings-accretive acquisitions since July last year and £1 billion in debt financings, including a debut public bond.

• Proceeds from a £100 million equity raise were fully deployed within two months, acquiring nine grocery properties valued at £222 million.

• Strategic focus on omnichannel and large-format grocery stores, with 83% of rent roll from UK foodstores and ~90% of income from grocery tenants.

• Portfolio consists of 140 supermarkets, 90% in the UK, with 100% occupancy and 83% inflation-linked income.

Financial highlights

• Net rental income reached £122 million, up 6% year-over-year as of 30 June 2026.

• EPRA cost ratio reduced to 9.2%, down 380 bps from prior year and among the lowest in the sector.

• EPRA earnings per share at 5.7p, down 4% year-over-year.

• EPRA NTA per share increased 0.4% to 87.5p; total accounting return at 7.5%.

• Passing rent grew 23% post-JV, with 100% occupancy and rent collection, and 99.5% investment grade exposure.

Outlook and guidance

• Minimum 2% dividend growth target, with full dividend cover expected from FY 2027.

• Ambition to double portfolio size to £4 billion in 2–3 years, with increased exposure to European foodstores and grocery distribution, if market conditions allow.

• Dividend policy aims to pass through inflationary top-line growth over time.

• On track to deliver an EPRA cost ratio below 9% in FY27.