NewRiver REIT maintains Q3 dividend after 'resilient' performance
By Iain Gilbert
Date: Wednesday 22 Jan 2020
(Sharecast News) - Real estate investment trust NewRiver maintained its third quarter dividend on Wednesday following a "resilient" operational performance during the period.
Over the three months ended 31 December, NewRiver saw continued stability in its operational metrics - with an increase in retail occupancy to 96.1%, footfall outperforming the UK benchmark by 60 basis points and a healthy demand for the group's retail space after signing deals across 152,000 square feet, with long-term deals on terms ahead of previous passing rent and ERVs.
Over at the group's pub unit Hawthorn Leisure, NewRiver said like-for-like earnings before interest, taxes, depreciation and amortisation had risen 4.9% year-to-date, while pub occupancy inched forward to 97.9% from 96.9% at the end of the previous quarter.
As a result of the group's solid performance, NewRiver maintained its quarterly dividend of 5.4p per share, in line with the year before.
Chief executive Allan Lockhart said: "We were pleased with the robust Christmas trading performance of a number of our top 15 tenants, including Sainsbury's, B&M, Primark, Next and Iceland.
"With a clear strategy and a portfolio focused around occupiers providing convenience, value and services, we feel well-positioned to navigate our way through these challenging market conditions."
As of 0840 GMT, NewRiver shares were up 2.88% at 193p.
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