REG - NewRiver REIT plc - First Quarter Company Update

Newriver ReitAnnouncement

26/07/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220726:nRSZ6873Ta&default-theme=true

RNS Number : 6873T  NewRiver REIT PLC  26 July 2022

 

NewRiver REIT plc

("NewRiver" or the "Company")

 

First Quarter Company Update

 

Resilient operational metrics, clear strategy and strong balance sheet

 

NewRiver will hold its Annual General Meeting ("AGM") at 10:00am today and is
providing the following trading update in respect of the first quarter ended
30 June 2022.

 

Highlights include:

 

 ●    Fourth consecutive quarter of positive leasing spreads to ERV, with Q1 leasing
      achieved +1% vs March 2022 ERV
 ●    Strong Q1 rent collection of 96% which is tracking in line with Q4 FY22
      (currently at 98%)
 ●    Occupancy increased to 96.5% from 95.6% at 31 March 2022
 ●    90% of planned Work Out asset disposals currently under offer at pricing
      consistent with March 2022 valuations
 ●    Balance sheet strength maintained with interest rate fixed on drawn debt and
      no maturity on drawn debt until March 2028
 ●    Cash position improved to £93m at 30 June 2022 from £88m at 31 March 2022
 ●    Completed head office relocation to net zero carbon building unlocking £0.5m
      of annual admin cost savings

 

Allan Lockhart, Chief Executive, commented: "First quarter trading is in-line
with our expectations and is underpinned by resilient operational metrics. We
continue to make progress on our Work Out disposals, and we are seeing high
occupancy, strong cash collection and consistent leasing outperformance
despite the more challenging economic backdrop.

 

Our balance sheet and debt maturity profile have never been better and we are
well placed for a period of economic uncertainty. Given our portfolio
positioning, clear strategy and good execution to date, we are confident in
our ability to deliver our strategic aim of a consistent 10% total accounting
return."

 

For further information

 

 NewRiver REIT plc                                            +44 (0)20 3328 5800
 Allan Lockhart (Chief Executive)

 Will Hobman (Chief Financial Officer)
 Lucy Mitchell (Communications & Investor Relations)

 

 FGS Global             +44 (0)20 7251 3801
 Gordon Simpson

 James Thompson

 

About NewRiver

 

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust
specialising in buying, managing and developing resilient retail assets
throughout the UK.

 

Our £0.65 billion portfolio covers 8 million sq ft and comprises 28 community
shopping centres and 15 conveniently located retail parks. We have hand-picked
our portfolio to focus on occupiers providing essential goods and services and
to support the development of thriving communities across the UK, while
deliberately avoiding structurally challenged sub-sectors such as department
stores and mid-market fashion. Our objective is to own and manage the most
resilient retail portfolio in the UK, focused on retail parks, core shopping
centres, and regeneration opportunities in order to deliver stable income and
capital growth to our investors.

 

NewRiver has a Premium Listing on the Main Market of the London Stock Exchange
(ticker: NRR). Visit www.nrr.co.uk for further information.

 

LEI Number: 2138004GX1VAUMH66L31

 

Forward-looking statements

 

The information in this announcement may include forward-looking statements,
which are based on current projections about future events. These
forward-looking statements reflect the directors' beliefs and expectations and
are subject to risks, uncertainties and assumptions about NewRiver REIT plc
(the 'Company'), including, amongst other things, the development of its
business, trends in its operating industry, returns on investment and future
capital expenditure and acquisitions, that could cause actual results and
performance to differ materially from any expected future results or
performance expressed or implied by the forward-looking statements.

None of the future projections, expectations, estimates or prospects in this
announcement should be taken as forecasts or promises nor should they be taken
as implying any indication, assurance or guarantee that the assumptions on
which such future projections, expectations, estimates or prospects have been
prepared are correct or exhaustive or, in the case of the assumptions, fully
stated in the document. As a result, you are cautioned not to place reliance
on such forward-looking statements as a prediction of actual results or
otherwise. The information and opinions contained in this announcement are
provided as at the date of this document and are subject to change without
notice. No one undertakes to update publicly or revise any such forward
looking statements. No statement in this document is or is intended to be a
profit forecast or profit estimate or to imply that the earnings of the
Company for the current or future financial years will necessarily match or
exceed the historical or published earnings of the Company.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFELLLLDLLBBK