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NewRiver REIT PLC on Thursday reported a solid quarterly performance with growth in retail occupancy amid strong Christmas trading.
The London-based real estate investment trust said that rent collection remained high in the nine months ended December 31 at 97%.
Further, the level of retail occupancy increased to 96.5% in December from 96.3% in September.
The company added that average rent remained ‘affordable ’at £11.58 per square feet, ‘with overall occupational cost affordability to improve.’
‘During the third quarter, we once again delivered consistently resilient operating metrics across leasing, rent collection and occupancy. Our portfolio focused on providing value for money on essential goods and services to customers, is a key strength of our business as evidenced by the strong Christmas trading performance of many of the leading retailers in our portfolio such as B&M, Sainsbury’s, M&S, JD Sports and Poundland,’ Chief Executive Allan Lockhart commented.
NewRiver said that it agreed 673,300 sq ft of new lettings and renewals agreed in financial 2023 to date with long-term transactions.
‘Our focus on resilient retail, alongside our best-in-class operating platform and the strength and flexibility of our balance sheet, means we continue to feel well positioned despite the challenging economic backdrop,’ Lockhart continued.
Shares in NewRiver closed up 3.3% at 93.04 pence in London on Thursday.
By Abby Amoakuh, Alliance News reporter
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