First Quarter Company Update
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.
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)
+44 (0)20 7251 3801
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
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.