25th Jul 2019 11:33
(Alliance News) - NewRiver REIT PLC said Thursday that it is progressing in its strategy of delivering underlying funds from operations growth following a good first quarter of its financial year.
In the period to June 30, the real estate development company saw its retail occupancy rise slightly to 95.4% from 95.2% in March, the end of its financial year. Part of the occupancy rise was attributed it to the lease renewals of 29 Amazon.com Inc click and collect lockers which secured GBP52,000 of rent.
Average retail rent during the period was GBP12.58 per square foot from GBP12.52.
Pub occupancy however, fell slightly to 97.6% from 97.9% across 661 of its community pubs. NewRiver also said it is aiming to extract "further value through risk-controlled development" of its pub portfolio.
The company said it will redevelop its Sea View Inn in Poole, Dorset, in order to deliver a scheme consisting of 10 apartments a Co-Operative Group convenience store.
The company's ordinary dividend for the quarter stayed flat year-on-year at 5.40 pence.
Shares in NewRiver were up 1.2% at 172.80 pence each in London on Thursday afternoon.
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