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Supermarket Income REIT
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== Summary of H122 results and pro-forma position == Exhibit 8 summarises the reported FY21 financial performance, which demonstrates strong ongoing growth and scale efficiencies. We later show the pro-forma position provided by SUPR to illustrate the full impact of acquisitions made during H122 and subsequently, SUPR has provided a pro-forma analysis, provided later in this section. In brief we highlight: * Strong growth in rental income (+60% y-o-y and +19% versus H221), primarily reflecting acquisitions but also rental uplifts. * Benefiting from economies of scale, a 75% increase in EPRA earnings (+26% versus H221) reflected in a decline in the EPRA cost ratio to 15.8%. * The number of shares increased by 48% y-o-y and the average number by 56%. * EPRA EPS increased by 11% y-o-y to 3.1p and 7% versus H221. DPS was covered 1.13x or 0.87x if the non-cash EPRA income in respect of the JV (rolled up into capital growth until cash distributions commence in 2023) are excluded. * DPS of 2.97p was in line with the 5.94p annual target (FY21: 5.86p). * NAV per share (EPRA NTA) increased 5.0% from 108p at end-FY21 to 113p and including DPS paid the total return was 7.8%. '''Significant uplift on pro-forma basis''' Acquisitions completed since H122 have increased annualised passing rent from Β£70.2m to Β£77.0m and this is included in SUPRβs calculation of the pro-forma results for the six months to 31 December 2021 on an annualised basis (Exhibit 9). The net rental income includes IFRS adjustments, and the EPRA EPS and dividend cover assume that the current number of shares were in place for the full period. Not included is the further deployment of existing debt capital resources.
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