| NewRiver REIT plc – Q3 Company |
NewRiver REIT plc
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 £11.70 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 £100 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 £300 million unsecured 2028 bond) at ‘BBB+’ and Short-Term IDR at ‘F2’ |
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