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NRR Newriver Reit Plc

-0.40 (-0.56%)
13 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Newriver Reit Plc LSE:NRR London Ordinary Share GB00BD7XPJ64 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -0.56% 71.40 71.20 71.70 72.50 71.30 71.50 689,472 16:35:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 73.6M -16.8M -0.0537 -13.33 223.82M
Newriver Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker NRR. The last closing price for Newriver Reit was 71.80p. Over the last year, Newriver Reit shares have traded in a share price range of 67.70p to 92.00p.

Newriver Reit currently has 312,603,487 shares in issue. The market capitalisation of Newriver Reit is £223.82 million. Newriver Reit has a price to earnings ratio (PE ratio) of -13.33.

Newriver Reit Share Discussion Threads

Showing 3726 to 3748 of 4350 messages
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Analysts at Berenberg raised their target price on real estate investment trust NewRiver from 75.0p to 90.0p on Wednesday but noted that prospects for the group's two segments, retail and pubs, remained "materially differentiated".

Berenberg said although NewRiver's first-half results highlighted the "operational resilience of the business", despite building headwinds across the retail sector and Covid-19 pandemic impacts, the group's performance was likely to deteriorate further before any recovery materialises.

The German bank, which reiterated its 'hold' rating on the stock, stated that NewRiver's retail portfolio would "remain challenged", with further tenant insolvency events likely to reduce passing income, while high and growing national retail vacancy rates and little occupational demand looked set to leave rents and valuations "depressed".

Turning to Hawthorn, NewRiver's community pub business, although the performance of the wet-led pubs was "materially affected" by the spring lockdown, the first tiered restrictions system, then lockdown 2.0 and now the tougher second tier system, Berenberg said there was still "cause for optimism".

I agree. 1.20.....Might be a hurdle to overcome and take time but eventually should be higher than that too. And by then will be collecting quarterly dividends again while we wait.
2 broker buy today JEFF 100 p and 90 p BY B BERG
Chucko .. I think you and I share the same outlook ..I recommended to HOLD on Fri 27th November at promptly fell to 70p on Monday but thankfully bounced back and took off.. The pace of upward moment now taking place suggests more share price increases to new announcements by NRR expected, to burst the bubble and on the face of it no more desperate sellers or anyone shorting the stock ...I will be holding out for £1.20 before selling. I think this is the point where the risk of holding further exceeds the potential of further gains..
candid investor
Sold some today. I have too many and the rises lately have doubled my UK exposure. Great for the bottom line but too much money in stuff I don't really like and only bought because it was money on the pavement
Perhaps one or two have begun to see it from my point of view!! All this needs is a fair wind.
Chucko agree with that and its a fools paradise to work out currently where NAV will end up as there are pulls in both directions on NAV. We can be sure that most of the estate is probably over rented as well so NRI will be depleted for many years to come but that will still support 8-10p divi imv.

Some other positives can be seen in the fact the big supermarkets, well 3 so far, are paying there rates and that has read across to other essential retailers being in good shape. Theres always a queue outside our local CoOp whatever the time of day and remember online for supermarket is hardly a money spinner.

No doubt more bad news will emerge but quite frankly the likes of BonMarche have been on a slow death for years anyhow. I also don't see Debenhams as that big a risk in terms of collateral damage to NRR many other retailers will pick up trade foregone. Also given the store size of most of the estate it will lend itself to conversion to RESI, flexible offices or even gyms and other community style operations. Debenhams paid low rents as well so wouldn't be surprised to see some landlords benefitting from having them out of long leases anyhow.

In respect of Arcadia my shopping centre had three outlets but they were consolidated into one unit a few years back and the vacancies quickly picked up by other operators as they tend to be in reasonable locations.

totally agree chuck01

As per its latest presentation, it said, after Sprucefield disposal, "BRAVO JV has made acquisitions totalling £143.7 million (NewRiver share: £38.5 million) "

hopefully, the company can begin to make some (good)acquisitions, either directly or through the JV, can take advantage of the still depressed price of some assets. At least partially offset the loss of the income of the Sprucefield disposal.

That it isnow a going up stock?
dhoult, it is pretty clear to me (at least) that the future price of NRR is likely to be determined by factors which have changed radically over the past year. Most importantly, perhaps, is the factor relating to those who had to sell - often for reasons entirely uncorrelated to how many pairs of knickers or bottles of perfume which are sold at Debenhams. There appear to be no meaningful sellers left, absent a further calamity, whatever that might be.

The recovery of wet pubs associated with a minor third virus wave is likely underpriced. Many community wet pubs will manage to find a way to the other side of this, as the community will often time move to assist them. It goes beyond merely commercial. Shops and rents seem pretty solid and it was useful to get further clarity on how these have been performing over the various phases of distress thrown at them.

There are unknown positives to play out - though they may take some time to crystalise; the asset management gains relative to NAV converting parts of their portfolio is likely to far exceed the losses to March NAV from sales to strengthen the balance sheet. We see the near term pain more clearly than the longer term potential especially as this potential involves a few unknowns. As and when this changes, I see us nearer to 100p and rather higher than this once rent collection rates move north of 90% and some of the development unknowns become clearer.

If you try and analyse NRR minute to minute from today's news flow, you are missing the investment prospectus here completely.

dhoult I know a Debs next door to a B&M in the exact same retail park.... so it DOES happen.

gbj - my post acknowledged that NRR are not likely to have any DEBS - it matters not - as I said what matters is the glut of empty retail property.

That brings down the market rent and all will have to fall with it.

Thomas they have low exposure to Arcadia at 0.3% of rent roll (June 19 update) and no exposure to Debenhams. Also whilst Debenhams maybe a car crash they still have hundreds millions spent in there shops every year this cash even if reduced by a recession will go somewhere and will benefit many of NRRs tenants.

Wet lead pubs in Tier 2&3 are getting a 1k cash grant can't see that making it to NRRs coffers. Of course they could buy a few scotch eggs!!

Erm.. how many Debenhams have you seen in a cheap centre with a B&M home bargains and bargain booze?
How many arcadia and debenhams units in the portfolio

Deloitte will take landlord legs off

Does anyone know the form of this wet pub grant?

Obviously helpful for the next few months

Fenners, how many high street superstores does NRR own?


It's like saying McLaren had sold few cars so Kia will suffer just as much. The stores are in different brackets, different areas, different sectors. This is why Shaftesbury and British land had suffered so much, they do own the big dept stores, and not the community shopping blocks and pubs.

We all know the issues facing the retail sector. You can stop now, go post on a share you have a positive interest in instead.

I still think this is an extremely compelling opportunity that may well double your money in 3years or so, even here 50% above lows of a few weeks ago.
Bloomberg saying Debenhams will close if there is no alternative offer.

That's another what 100+ stores looking for tenants.

It could be said they are not the same stores - does not matter - if the landlords slash rents to accommodate new tenants why pay more.

i do wonder how you value the shopping centres given that there's no investment market for them. you cant place any value really on the valuations. especially as alternative use is well below even depressed values, unlike retail parks and pubs. and obviously, to keep up a moderate LTV with falling capital values, they are selling their best quality assets for which there is a liquid market, which further concentrates the portfolio's shopping centres %. there may be an arbitrage opportunity with the shares still at a low valuation, but going forwards, management have a poor track record of capital allocation which is a major determinent of returns. they've mostly got away with it in recent years, but any downtown exposes their mistakes.
Yes, I think 2021 will go down as ‘annus horribilis’ not just for NRR but for the whole commercial property sector in particular...patience will be rewarded though, because one day soon a vaccine will eliminate the effects of Covid and things will largely but not wholly return back to normal,. The reassuring thing is that even under this once in a lifetime pandemic , NRR will still make a profit which when you think about it is a huge advantage when compared to other investments..shareholders in particular benefit from the REIT regime which makes all profits tax free and requires at least 90% of those profits returned back to us as dividends...I like dividends because once they have been given, they can never be taken away...any capital growth can be seen as a bonus. Speaking candidly though I do think the levels of dividends will diminish in the future for several reasons, firstly, they are selling off 10% of their assets this year and probably nearly as much next year, this reduces the size of the business which will equate to a 10-20% drop in income, secondly rents are falling which will reduce income (and dividends) further...also, for several years they have paid out dividends which were not affordable from UFFO ..this combined with having to redistribute 90% of future cash profits leaves no funds for new acquisitions (don’t rule out a new fundraise in the future) and finally the redevelopments assets that they do have are mostly being sold off in one off transactions with no future revenue streams from them...yes they could be recycled into new assets but debt and LTV would remain an issue... I don’t see NRR as a ‘buy and hold forever’ share but I do see more financial returns in future which makes the share a worthwhile holding for the medium term..
candid investor
NRR will be better off in 2022 when real recovery can be measured. For now, it's a little bit of guesswork, but should reward the medium-termers here.
There slide on ERV forecast is a bit optimistic I would suggest given the report tells us that this years lease and rent reviews are below current ERV. Anyhow even allowing for some slippage on NRI when we get back to normalcy they ought to be able to generate 10-12p UFFO although be surprised for them to get any better than 6-7p FY21 given there pub estate is heavily impacted by tier restrictions til Spring and CVAs/administrations are still washing through the retail rent roll.
NewRiver’s H1 results are c.2% ahead of our expectations. EPRA NTA fell 15% to 171p, reflecting an 8% LfL valuation decline, but this is once again an outperformance vs peers. LTV nudged up 1ppt to 48% thanks to c.£50m of disposals (ahead of target) reducing net debt. Retail rent collection continues to improve, with c.80% of Q1-Q3 cash collected. The Board intends to reinstate a covered dividend at the FY. We prudently leave forecasts unchanged, with possible upside risk to earnings. Proof of execution and lowering LTV should drive the shares higher. A 53% spot discount to NAV and 7% DPS yield on a trough payout that could double next year looks attractive. BUY.

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