NewRiver REIT PLC Q3 Company Update (0556A)
18 Janvier 2024 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 0556A
NewRiver REIT PLC
18 January 2024
NewRiver REIT plc
("NewRiver" or the "Company")
Third Quarter Company Update
Continued strong operational performance
Allan Lockhart, Chief Executive, commented : "Our strong
operational performance continued into the third quarter,
reflecting that our occupational market is, in our opinion, in its
best shape for five years. This view is endorsed by the Christmas
trading results reported to date by NewRiver's top 10 retailers,
including B&M, M&S, Boots, Superdrug and Sainsburys, which
have been excellent. The continued importance of the physical store
is becoming increasingly clear to best-in-class retailers, be they
omni-channel operators with a clear understanding of the role of
the physical store in the fulfilment of online orders, or retailers
operating right-sized store-based models.
We delivered another quarter of positive leasing performance, a
further expansion of our Capital Partnerships and have seen an
increase in potential acquisition opportunities delivering
attractive returns which we believe will be supportive of the
future growth of our business. In the meantime, our activities
continue to be underpinned by our clear strategy, well-positioned
portfolio and the strength of our balance sheet."
Strong operational metrics underpinning growth potential
-- Record occupancy maintained at 97.9%
-- Continued strong leasing performance during Q3 with 222,900 sq
ft of leasing transactions; long-term transactions +2.6% vs previous
rent and +1.6% vs ERV; year to date in FY24 we have completed
587,500 sq ft of leasing transactions; long-term transactions
+6.8% vs previous rent and +1.5% vs ERV
-- Maintained consistently high leasing retention rate of 97%
-- Average rent remains affordable at GBP11.70 per sq ft
-- Rent collection stable at 97% vs 97% at the equivalent point in
FY23
-- Capital Partnerships expanded further in Q3: appointed to manage
an additional large retail park taking the total number of assets
managed on behalf of M&G Real Estate to 17 retail parks and two
shopping centres
-- Major regeneration planning application submitted in Grays to
redevelop the shopping centre for a high-density residential-led
redevelopment of up to 850+ homes
-- Further progress made with Work Out disposal programme: of the
four assets identified for disposal by the end of FY24, one disposal
has now completed, one disposal has exchanged and one is under
offer
-- GRESB score improved to 72 from 70 and maintained Gold Level for
EPRA Sustainability Best Practice Recommendations
Balance sheet strength maintained and Investment Grade Credit
Rating reaffirmed by Fitch Ratings
-- Refinanced GBP100 million undrawn Revolving Credit Facility to
extend maturity to November 2026 at reduced cost
-- Fully unsecured balance sheet with interest rate fixed at 3.5%
on drawn debt and no maturity on drawn debt until March 2028
-- Cost of drawn debt compares favourably to portfolio Net Initial
Yield of 7.9% as at 30 September 2023, one of the highest spreads
in the real estate sector
-- Strength of balance sheet position recognised in December 2023
when Fitch Ratings reaffirmed our Long-Term Issuer Default Rating
(IDR) at 'BBB' with a Stable Outlook, senior unsecured rating
(relating to GBP300 million unsecured 2028 bond) at 'BBB+' and
Short-Term IDR at 'F2'
For further information
+44 (0)20 3328
NewRiver REIT plc 5800
Allan Lockhart (Chief Executive)
Will Hobman (Chief Financial
Officer)
+44 (0)20 7251
FGS Global 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 GBP0.6 billion UK wide portfolio covers 6.4 million sq ft
and comprises 25 community shopping centres and 12 conveniently
located retail parks occupied by tenants predominately focused on
essential goods and services. In addition we manage 18 retail parks
and 5 shopping centres on behalf of Capital Partners, taking our
total Assets Under Management to GBP1.3 billion. 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 long-term attractive recurring
income returns and capital growth for our shareholders.
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 environment, 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 announcement. 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 announcement 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.
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