Operator
Good afternoon, and welcome to the Supermarket Income REIT plc Full Year Results Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question received in the meeting itself. However, the company can’t review all questions submitted today and publish responses where it’s appropriate to do so.
Before we begin, I’d like to submit the following poll. I’d now like to hand you over to Rob Abraham. Good afternoon to you, sir.
Rob Abraham
CEO & Director
Thanks, Alessandro. Good afternoon, everyone. Thank you for dialing in for our results presentation. You can see on the page here, the headline we’ve been running with is it’s been a transformational year. And I think we’ve got a really positive story that we’ll take you through. I’m Rob Abraham, CEO of Supermarket Income REIT. I’m joined by Mike Perkins, CFO. And let me first just take you through some of those highlights. from the year that, as I say, has been transformational.
We’ve demonstrated alignment with shareholders. We’ve been demonstrating asset values, and we’ve been demonstrating affordable rents. And those 3 items have really helped us to drive value for shareholders, and we’ve seen a corresponding reaction in the share price. So that really has been achieved by delivering on our key strategic objectives.
Firstly, lease renewals. These were done 13% above our value as ERV. Internalization and the cost savings — material cost savings from internalizing the management means that we’re now targeting an EPRA cost ratio of below 9% and materially improved dividend cover. A strategic joint venture. That’s a GBP 403 million partnership with Blue Owl Capital, and that has released proceeds for
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