21st Jan 2021 11:00
(Alliance News) - NewRiver REIT PLC on Thursday said it continued to make strong progress on rent collection, cash and liquidity in the third quarter.
"Our rent collection for the first three quarters of the financial year continues to improve following key agreements made with retailers," NewRiver said.
It added: "Retail rent collection in respect of the fourth quarter, due on December 25, 2020, is currently tracking ahead of the levels seen at the same point in the third quarter. As in previous quarters, we expect the the fourth quarter figure will continue to improve in the coming weeks."
By January 15, collected rent for the fourth quarter of financial 2021 is at 70%, with 5% deferred, and 16% outstanding. For the third quarter of financial 2021 collected rent is at 82%, the second quarter is 83% and the first quarter is 78%.
NewRiver - which focuses primarily on retail and leisure property - said it is on course to meet its target to dispose GBP80 million to GBP100 million of assets in financial 2021.
"In the third quarter, we continued the strong leasing momentum seen in the first half, completing 291,900 square feet of new lettings and renewals across our retail portfolio, representing GBP1.2 million of annualised rent. This compares favourably to the 152,000 square feet of new lettings and renewals signed in the same quarter last year," the company added.
NewRiver noted 52% of its occupiers by gross income are currently open and trading, despite the current lockdown restrictions across the UK.
It continued: "Our retail portfolio remained well-diversified, with our top tenant, B&M, representing 2.5% of our gross income. Our average rent remained broadly stable at GBP11.70 per square feet, versus GBP11.85 in Septembe, and our occupancy remained high at 96.0% versus 96.2% in September 2020: 96.2%."
It noted it held GBP138 million in cash at December 31, up 68% from the end of March 2020.
Shares in NewRiver REIT were 1.1% higher in London on Thursday at 85.70 pence each.
By Paul McGowan; [email protected]
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