Real estate investment firm Supermarket Income REIT (SUPR), the UK’s largest omnichannel grocery store landlord, acquired £454m in new properties in the year to 30 June 2026.
Its portfolio of more than 130 stores – including supermarkets operated by Tesco, Sainsbury’s, Asda, Morrisons, M&S, Waitrose and Aldi – grew 24% in value to just over £2bn, according to its annual results.
However, European Public Real Estate Association earnings per share – a measure of operational performance used by real estate investment trusts – fell by 4.1% to 5.7 pence.
SUPR said the reduction in earnings primarily reflected the timing of the redeployment of proceeds received in a joint venture with US asset manager Blue Owl. It entered the JV in November last year to buy 10 Asda supermarkets for £200m. Funds managed by the JV have since been scaled from £403m to £855m.
SUPR said the earnings reduction also reflected a one-off increase in interest costs associated with a decision to refinance and extend the term of its debt.
As well as the 10 Asda’s, SUPR further expanded into France with 20 additional Carrefour supermarkets during the financial year, while diversifying into convenience with 10 Sainsbury’s Local in the UK.
Earlier this week it snapped up six more major grocery assets for £104m, including a 74,000 sq ft Sainsbury’s supermarket in Macclesfield, an 80,000 sq ft Morrisons in Leeds, and a 10,000 sq ft M&S in Glasgow.
“Over the past 18 months, we have transformed SUPR into a more efficient, scalable platform that is fully aligned with our shareholders and built to achieve long-term sustainable growth,” said SUPR CEO Rob Abraham.
“In the year, we acquired £454m of earnings enhancing assets, further diversified our portfolio, achieved one of the lowest EPRA cost ratios in the sector and introduced a minimum dividend growth target of 2% per annum from FY27.
“Since year-end, we have continued to execute our strategy at pace. Following our successful equity raise in July 2026, we have already made £222m of accretive acquisitions and have ambitions to grow the portfolio to £4bn and beyond.
“The fundamentals of the grocery market remain compelling and, as the leading landlord in the sector, we believe we are best placed to deliver on our clear strategy and the significant opportunities that exist.”
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