Newriver Reit Share Discussion Threads

[hugepants] 24/11/2022 13:42

Last year's H1 dividend included a contribution from the pub business Hawthorns. This was disposed of last year.

[feddie] 24/11/2022 13:22

@marksp2011

Unfortunately, there was no dividend catch-up. The dividend policy announced in June 2021 was that they would pay out 80% of UFFO. The dividend corresponding to the period ending 30/09/21 was 4.1p which follows the policy. The new dividend announced today of 3.5p follows the same calculation. The unfortunate thing is that the UFFO has dropped from 5.5p in Sep 2021 to 4.4p in Sep 2022. All data taken from:

Dividend policy:

2021 UFFO and interim dividend:

2022 UFFO and interim dividend:

[blackbear] 24/11/2022 11:56

Look at the chart can move 10p on a good day.

[gbjbaanb] 24/11/2022 11:49

I bought at 56p when everyone was screaming the end of the high street, retail and people going outside their homes ever again. So I think I'm at 12 or 13%. Feels good to buy when everyone else is fearful.

Now, lets see about those Russian funds...

[marksp2011] 24/11/2022 11:49

@Feddie

No that was a catch up dividend not 6 months

[lord gnome] 24/11/2022 11:44

I am estimating that the final will also be 3.5p giving a total of 7p and a 10% yield near as damn it. It will grow from that base.

[hugepants] 24/11/2022 11:40

Splitting hairs maybe but I reckon underlying yield is about 9%. There was an exceptional car parks insurance claim of £1.4M in the 6 month period. Discount 46.5%.

[feddie] 24/11/2022 10:54

The dividend announced in December 2021 was 4.1p, so they effectively cut the dividend.

[giltedge1] 24/11/2022 10:38

NRR results read well, with tenants mainly robust lower price end B&M, TK Maxx, Aldi etc. occupancy excellent & since large writedowns in Assets, in previous years, NAV unlikely to fall much. Management Income rising added a few % to EPS in future years. As a REIT forced to distribute 90%, Rental EPS a nice problem if an investor. I would like to buy but short of cash at moment. Fill your boots 10% yield.

[lord gnome] 24/11/2022 09:53

Oh, I missed out the near 10% yield.

[lord gnome] 24/11/2022 09:52

Pleased with those numbers. Very pleased with the way the company is currently set up. Reasonable LTV. No funding required until 28. Low and secure interest rates. High occupancy and the rents are being paid. Big, very big discount to NAV.I think I have talked myself into buying more. If only I had some spare cash.

[chucko1] 24/11/2022 09:35

"strong", if on a relative basis! But pretty decent nonetheless considering the stock's valuation.

Dividend run rate of 7p at 1.25x cover. £95mn cash implies an adjusted discount rising to 60% (from about 45% unadjusted). 60% discount on their property (recession-resistant) is riddled with fear.

They have a heck of a lot of cash relative to market cap, which at the very least, will earn them 3.5% pa over the coming months (post next BoE raise on Dec 15th).

[hugepants] 24/11/2022 08:11

Strong set of results imo. NAV 133p. 3.5p interim dividend.

[hugepants] 22/11/2022 22:05

17 Nov 22
SHORE CAPITAL

NRR NewRiver REIT+ (NRR, House Stock, 71p) New operational management agreement signed NewRiver REIT, a leading real estate group focused on essential and convenience retail, has announced it has been appointed to manage a retail portfolio of 16 retail parks and one shopping e based on the rental income of the portfolio, while no capital is to be committed by NewRiver. The investor, fees and locations have not been disclosed. Following on from the addition of The Moor, Sheffield last year and the expansion of the asset management agreement with Canterbury City Council for Whitefriars Shopping Centre, we see this larger portfolio in a capital light manner. Furthemore, it is consistent with NewRivers medium term target to generate £3-5m of annual management fee income. Although no financials were disclosed (we estimate less than £1m based on its own portfolio), we expect the incremental income from this income stream to be modestly accretive to FFO and, over time, help to narrow the discount to NAV.

NewRiver is set to issue issue interim results for the six months to September on Thursday 24th November. The Q1 update highlighted further underlying progress and we were encouraged by recent commentary from Land Securities and British Land on the resilience of shopping centres and retail parks during the period. NAV based on the March 2022 valuation stands at c133p per share and we forecast a FY23F dividend of 6p per share. At 72p per share, NewRiver trades at 0.5x historic book value, with a dividend yield of 8.4% (80% payout ratio). With the ongoing repositioning of the estate towards resilient retail, we see NewRiver as well positioned in an uncertain sector, with starting property yields high, a broad and diverse tenant base focused on the value end of retail and balance sheet metrics improving, with the March 2022 LTV at 34%

[cwa1] 17/11/2022 07:22

17 November 2022

NewRiver REIT plc

("NewRiver" or the "Company" or the "Group")

New operational management agreement signed

NewRiver is pleased to announce that it has been appointed by a leading real estate investor to manage a retail portfolio including 16 retail parks and one shopping centre in the UK.

The appointment for a term of three years will include leasing and property management responsibilities in return for a fee calculated with reference to the rental income of the portfolio. NewRiver will not be required to commit any capital under this agreement.

The appointment is aligned with NewRiver's strategic aim to use its specialist retail platform to enhance earnings in a capital light way by working in partnership with institutions and other capital providers. It follows the expansion and extension of the Canterbury City Council asset management agreement for Whitefriars Shopping Centre and The Riverside, and the addition of The Moor, Sheffield, to the Joint Venture with BRAVO during the last financial year.

This additional portfolio comprising predominately retail parks has an occupier profile aligned with NewRiver's portfolio and increases its retail parks under management to 31.

Allan Lockhart, Chief Executive of NewRiver, said: "We are delighted to be selected as an operating partner to manage this portfolio of resilient retail assets . In doing so, we have achieved another milestone in our strategic focus to expand our capital partnerships and enhance recurring revenue streams in a capital light way. NewRiver's selection demonstrates our unique combination of scale, expertise, relationships and governance, which means we are well placed to provide best-in-class management expertise."

[hugepants] 08/11/2022 13:24

Positive update from Hammersons today.

[belgraviaboy] 28/10/2022 17:46

Interesting comments in the CT Property trading update today where valuers have taken a red pen to much of the portfolio:

"The Company’s high street retail holdings saw a relatively limited valuation decline of 1.0 per cent over the quarter as an already attractive yield profile was supported by a number of leasing successes, maintaining near-full occupation."

[nickrl] 21/10/2022 17:24

@huge if they had shifted anything im sure we would have had an RNS and suspect changed mkt circumstances over last qtr have stalled them whilst new price agreed.

[hugepants] 21/10/2022 16:06

CREI announced profit on a shopping centre disposal today,


Still waiting a progress update on the work out shopping centres disposals. This is what they announced on 26th July;

"90% of planned Work Out asset disposals currently under offer at pricing consistent with March 2022 valuations..."

So hopefully they have completed on at least some of these. 24th November is date for preliminary results on their website albeit they say this is provisional.

[hugepants] 17/10/2022 13:25

Agree I don't see NRR properties falling in value by too much. I think most of the damage was done during covid. The LTV covenants are at 50% so NRR have plenty of cover. Goldman Sachs is predicting a 15%-20% fall for UK commercial property over the next few years. If values did drop 20% then LTV would only be 42.5%.

[hugepants] 07/10/2022 15:58

surely covid was as bad as it can get for NRR