Newriver Reit Share Discussion Threads

[hugepants] 25/11/2021 09:17

Great results. I don't think anyone expected a 4.1p interim dividend.

[lord gnome] 25/11/2021 08:50

Fly fisher - almost certainly a JV partner. That project would be too big for then imv.

[mindthestash] 25/11/2021 08:47

finally management back on right strategy. KISS 'manage up' the assets and pay the divi.

[flyfisher] 25/11/2021 08:36

Re, Cowley and Burgess hill planning consents.

The 465,000 sq ft scheme will have reduced retail, 142 residential units, a 63-bed Travelodge hotel, a 10-screen Cineworld cinema and bowling alley.

The 236,000 sq ft scheme will include 226 residential units, a 71-bed Travelodge hotel and two restaurants.

Is it likely that nrr will develop them or will they be seeking a j/v partner?

[lord gnome] 25/11/2021 08:07

In at the bell for my purchase. Very happy. Lots of buyers coming in and while there will be a lot of stale bulls selling in to strength, I think this will be a watershed moment. Onwards and upwards from here.

[lord gnome] 25/11/2021 07:29

NAV at 131p is slightly less than the 140 I was looking for but still provides a wide safety margin with the shares at 75p. I can see these returning to 100p in short order.

[lord gnome] 25/11/2021 07:15

4.1p interim dividend! Better than I dared to hope for. Looks a much better investment now. I will be adding a few more today.

[cwa1] 25/11/2021 07:07

ebuilding earnings with a significantly strengthened balance sheet

Allan Lockhart, Chief Executive commented: "We are pleased to report that in the first half of FY22 our operational and financial metrics have improved significantly. Underlying Funds From Operations have increased by 67% and we have declared an interim dividend of 4.1 pence which compares favourably to the 3.0 pence per share paid in respect of the entire FY21. We have strengthened our balance sheet with LTV reduced from 51% at year end to 39% as a result of stabilising valuations and GBP236 million of disposals in the first half, including the disposal of Hawthorn. Following GBP335 million of debt repayment during the period we currently have no refinancing obligations on drawn debt until March 2028.

We have sustained the resilient operational performance achieved during the pandemic. Rent collection is moving to a normalised position and we have maintained our leasing momentum with average pricing exceeding valuers' ERVs over the last twelve months.

We end the first half of the year in a stronger position and, with the benefit of an improving market backdrop and our clear strategic plan, we are well positioned to achieve our medium term target of a consistent 10% total accounting return."

EPRA NTA per share down 13% to 131p; 11p reduction as a result of Hawthorn disposal

[mindthestash] 24/11/2021 21:22

If we're heading in the right direction with nrr then uffox80% should give an int divi circa 3p. Its the only reason I'm holding. If not they don't think they are through the bottom then I'm out. They have no direction otherwise.

[mindthestash] 24/11/2021 21:22

If we're heading in the right direction with nrr then uffox80% should give an int divi circa 3p. Its the only reason I'm holding. If not they don't think they are through the bottom then I'm out. They have no direction otherwise.

[nickrl] 24/11/2021 21:16

Seeing as Hawthorn didn't provide much of a contribution in FY21 results its not unreasonable to forecast that 3p is sustainable over this year again from UFFO. Rental income ought to have improved as despite moratorium which retailers have been exploiting we've seen a number of those, who are clearly able to, have payed up voluntarily so income may get flattered from that as well. My forecast is NAV in 135-140 window.

[grahamburn] 24/11/2021 17:51

The policy on future dividends was clearly stated in the statement on 3 June

[lord gnome] 24/11/2021 17:21

Rather looking forward to tomorrow's numbers. Hoping / expecting the restoration of an interim dividend. Another 3p isn't too much to expect. Hoping for clarification on future dividends and if we get it I shall immediately add to my position. Confirmation of NAV at around 140p would also help.

[bondholder] 15/11/2021 21:50

According to p27 of the 2021 full year presentation lettings/renewals 1.15m sqft for 6.5m income. That's around 5.65 per square ft. Less than half of the previous year average rent of 12.66 per square ft.

[hugepants] 15/11/2021 16:32

Yep declining still although NRR say not by much more. Thing about the likes of Next is they are often seen as anchor tenants. If they leave the centre may become unviable which means they have a lot of bargaining power. I think it was Sports Direct (or maybe Frasers) who were arguing with Intu that they shouldn't be paying any rent!

[bondholder] 15/11/2021 14:09

HP I'd be more concerned with rental income than short term valuation estimates. In 2020 average retail rents for the co were 12.66psf. By 2021 that had dropped to 11.51psf. Around 9 percent decline. Assuming a four year average review cycle that suggests a 30/40 percent decline in rents as leases come up to expiry. This looks unsurprising based on outcome of the Next plc rental negotiations.

[hugepants] 11/11/2021 12:44

I don't expect Next to be the typical profile of an NRR tenant.
Shopping centre valuations have been falling for years. How much lower can they go!
fyi retail parks are rising in value by 5%+ per quarter now.

1st Oct 2021

"..In the shopping centre sector, Lockhart says valuations are close to stabilising. Indicative valuations for its shopping centre portfolio at September 2021 endorse this view, he states, as does market evidence that transactions levels are comparable to 2015 (by volume if not value).

The group’s retail portfolio values fell by 9.4% in the first half of its 2021 financial year (March – September 2020), and then again by 6.1% in the second half (September 2020 – March 2021). It forecasts a circa 3% fall in the six months to September 2021 – but mainly from its ‘work out’ shopping centre portfolio, which it said it would dispose of by 2023.."

[bondholder] 11/11/2021 11:56

Minus 58 percent is not a typo

[bondholder] 11/11/2021 11:55

    Managing our occupancy costs down to levels that can be supported by Retail sales.  Last year 80 leases expired; we closed 18 branches and renegotiated rents in 62 stores, achieving an average reduction in rent of -58%.Next PLC 2021 results.

[vow] 11/11/2021 08:17

Been sitting on the sidelines but positive news from M&S and Pets at home must be indicative of shed retailing doing better than we all expected.

The shopping centres are still a worry but glad the pub disaster is behind them.

[mindthestash] 22/10/2021 16:13

Thanks HP and bondholders.
My guess is Suburbs and out of town sheds have a future, changes of use around most Town centre retail mean negative for me.

When planners say 'quality' what does it mean. It might mean they don't like it but can't find a reason in planning terms to refuse. Who knows? Resi is a different game and appeal/CIL negotiation always take forever.

[hugepants] 22/10/2021 15:16

fyi BREI announced a 5.1% increase in retail warehouse valuations for 3rd quarter. Compares with a 0.7% decline for their "standard" retail portfolio.

[hugepants] 22/10/2021 15:13

Oct 22


South Kesteven District Council officers will try to block plans to build more than 200 new homes in Stamford.

The authority’s planning committee will be asked to consider an application from Vistry Partnerships, Cross Keys Developments, Wm Morrisons and New River Retail to build 213 homes on land north of Uffington Road on Thursday