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NewRiver REIT plc - Operational update

RNS Number : 4641S
NewRiver REIT PLC
09 July 2020
 

NewRiver REIT plc

("NewRiver" or the "Company")

Operational update

 

NewRiver is today providing an update on its retail portfolio and Hawthorn Leisure pub business following the easing of lockdown restrictions across parts of the UK.

 

Retail portfolio

 

Across our retail portfolio, 81% of occupiers by gross income are now open. This figure will increase as lockdown restrictions are eased further across the UK, and as occupiers progress their phased store reopening plans.

 

Of the total quarterly rent due on 24 June 2020, 71% has either been collected or had alternative payment terms agreed with occupiers.

 

Retail rent due on 24 June 2020

Status

% retail rent due

Collected

46%

Deferred

12%

Re-gear

13%

Total collected or alternative payments agreed

71%

Waived

1%

Rent outstanding

28%

Total (%)

100%

 

We have also made further progress in collecting rents for the period from 25 March to 1 June, which we last reported on in our Full Year Results. Rent collected for this period has increased to 57%, from the 52% previously reported, and rent outstanding has improved to 18%, from 21%.  

 

We continue to engage with occupiers with rent outstanding, to either recover late payments or agree other arrangements. We are confident that rent collection rates for this period will improve further as normal trading conditions resume and the UK Government's moratorium on forfeiture of commercial leases ends on 30 September 2020.

 

In the week commencing 29 June 2020, footfall across our shopping centres in England was 105% ahead of footfall for the week commencing 8 June 2020, the last week before non-essential retailers were allowed to reopen, and 59% of the level seen for the same week last year. This performance reflects the nature of our assets, which are local and easily accessible on foot, and focused on providing essential goods and services.

 

Hawthorn Leisure

 

Over 90% of our community pubs in England have now reopened, following the lifting of restrictions by the UK Government on 4 July 2020. We have plans in place to reopen our pubs in Scotland and Wales over the next two weeks.

 

The Hawthorn team collectively visited 192 of our community pubs in England over the reopening weekend, providing support to our tenants and pub partners as they welcomed back customers in a safe and socially responsible way.

 

Trading in our pubs has been encouraging so far, with our operator managed pubs delivering like-for-like sales growth of +4% over the reopening weekend, compared to the equivalent weekend last year. This performance reflects our focus on wet-led community pubs, and the fact that over 70% of our sites have outside space.

 

We were pleased with the Chancellor's announcement yesterday of further support for the hospitality sector, which will be beneficial to our tenants and pub partners, and also recognises the vital role that hospitality plays in the UK economy.

 

For further information

 

NewRiver REIT plc



+44 (0)20 3328 5800

Allan Lockhart (Chief Executive)

Mark Davies (Chief Financial Officer)




Tom Loughran (Head of Investor Relations)




 

Finsbury




+44 (0)20 7251 3801

Gordon Simpson

James Thompson




 

 






This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation. This announcement has been authorised for release by the Board of Directors.

 

About NewRiver

 

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

 

Our £1.2 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 25 conveniently located

retail parks and over 700 community pubs. We hand-picked our assets to deliberately focus on occupiers providing

essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market

fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.5 million sq ft

development pipeline provide further opportunities to extract value from our portfolio.

 

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


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 or visit www.rns.com.
 
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Price: 46.05

Market: AIM
Market Cap: £142.26 m
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