Full Year 2024 Supermarket Income REIT PLC Earnings Call Transcript

Sep 18, 2024 / 07:30AM GMT
Ben Green - Supermarket Income REIT plc - Principal

Good morning. Welcome to Supermarket Income REIT's full-year results for the 12 months to June 30, 2024. I'm Ben Green, and I'm joined this morning by Mike Perkins, who's the Finance Director for Super; Isabelle Smith, who's our Head of Sustainability; and Rob Abraham, who is the Fund Manager for Super.

Before handing over to the team, I'd like to try to summarize the year for you. So it's been a year of strong operational performance. We've made accretive acquisitions in the UK and France, and we're delivering earnings growth for shareholders.

Taking each of the circles in turn, the underlying grocery markets continue to deliver strong growth. Our core tenants are outperforming those markets. And the stores that we focus on are capturing an outsized share of that growth.

Moving to the middle circle, with improving market confidence, we've moved from a cautious strategy in the first half of the year, where we ran lower leverage, to now making selective, accretive acquisitions. These include our first strategic transaction

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