Supermarket Income Hikes Rent Following Reviews; To Make Payout

(Alliance News) - Supermarket Income REIT PLC on Friday said it has boosted rental income ...

Alliance News 27 March, 2020 | 6:45PM
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(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

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Supermarket Income REIT Ord 108.50 GBX -0.23 -
Morrison (Wm) Supermarkets PLC 186.70 GBX 0.38
Tesco PLC 228.30 GBX -2.48

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