Newriver Reit Share Discussion Threads

[fidra] 01/12/2021 13:29:52

Ex div next Thursday.9th December.

[cwa1] 25/11/2021 16:48:09

Solid volume today on the rise as well

[riverman77] 25/11/2021 11:28:15

I agree NRR still looks decent value but have quite a bit of property and see better risk adjusted value in things like EPIC, BREI and HWG.

[fidra] 25/11/2021 11:20:28

Looks like a possibility of say 9p in a year of dividends.would be a good yield.

Also the asset value at 131p per share is a large premium 43p over where the share price is even now.

So over 12 months 9p income possible and maybe another 20p on the share price.

All things being equal.ie they don’t get any worse.

That’s a possible return of 29p or about 34% over the year.

Looks pretty decent on that scenario.

[alan pt] 25/11/2021 10:44:05

The expenses always worried me a bit and I always disliked the fact that they refuse to publish a KIID, saying that it is not required for a REIT. You can argue the usefulness of the costs section for REITs but still, everyone else does it

Was on a 48% discount, which felt too high. Now on 35%, which might be a little low, given the continuing uncertainties?

[marksp2011] 25/11/2021 10:21:48

Well e sharing with the wife

riverman. I dont think we will know the truth of it until things stabilise. They must be paying out a fortune chasing rents and dealing with the fallout

No choice but to include hawthorn. When the accounts were drawn up there was no guarantee they were going to get it sold

[riverman77] 25/11/2021 10:06:30

A bit cheeky including the Hawthorn contribution in the UFFO - this will obviously drop out and cut this figure by half so hardly underlying. Also slightly concerned over the level of the property operating and admin expenses which effectively eat up half of the rent. The portfolio may yield around 9% but half of that goes in expenses! Took the opportunity to sell out after this rise.

[nickrl] 25/11/2021 10:00:48

Huge my take had been 2p divi but nav around 135-140 so got that wrong way round divi was up more and nav was down more. In part though UFFO does have a Hawthorn contribution that will drop out in 2nd half and that in itself was also flattered by an insurance claim. That said there will be a lower finance costs following Hawthorn disposal which will neutralise that and if covid recover in rents continues they ought to be able to pay another 4p in H2.

[hugepants] 25/11/2021 09:17:08

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

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

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

[mindthestash] 25/11/2021 08:47:44

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

[flyfisher] 25/11/2021 08:36:38

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 08:07:06

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 07:29:10

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 07:15:58

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 07:07:43

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 21:22:49

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 21:22:36

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 21:16:27

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 17:51:21

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

[lord gnome] 24/11/2021 17:21:35

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 21:50:09

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 16:32:03

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!