NewRiver Retail Limited AGM Statement (1595L)
02 Luglio 2014 - 8:01AM
UK Regulatory
TIDMNRR
RNS Number : 1595L
NewRiver Retail Limited
02 July 2014
NewRiver Retail Limited
("NewRiver" or the "Company")
AGM Statement
At today's Annual General Meeting of NewRiver Retail (AIM: NRR),
Chairman Paul Roy will make the following statement:
"NewRiver Retail has continued its progress as a specialist REIT
focused on the UK retail market and in less than five years has
become the leading value-creating retail property investment
platform in the sector. The Company is now the UK's third largest
shopping centre/manager by number and grew assets under management
by 50% during the financial year to GBP600 million. The portfolio
comprises 24 UK-wide shopping centres, 18 high street units, one
supermarket and a portfolio of 202 pubs for retail conversion. At
the year end, the portfolio totalled 4.6 million sq ft, hosting
1,118 tenancies, an occupancy rate of 95% and enjoyed a total
footfall of more than 100 million.
As announced at the Company's full year results on 15 May 2014,
NewRiver Retail delivered an impressive fourth consecutive year of
profit growth with EPRA adjusted profit increasing by over 80% to
GBP9.5 million. Importantly, the full dividend for the year was 98%
covered and maintained at 16 pence per share on a share capital
base that was significantly enlarged following the successful issue
of new equity in two separate fund raisings which were very well
supported by both new and existing shareholders. The Company is
pleased that in line with its intention to maintain a progressive
dividend policy, it will commence a quarterly dividend policy with
the first quarterly payment expected in October 2014.
NewRiver Retail's key objective is to strengthen its position as
the UK's leading value-creating property company whilst continuing
to deliver strong returns for our shareholders. Management
delivered the first element of this strategic objective through
acquisitions, active asset management and risk-controlled
development programme. The second element was achieved and
demonstrated with the Company producing a Total Shareholder Return
for the year of 55% compared to 27% for the FTSE 350 Real Estate
Index.
We were delighted to deliver EPRA NAV of 240 pence which would
have been 261 pence excluding payment of the special interim
dividend of 10 pence on 28 March 2014 and exceptional costs of 11
pence related to the fund raisings.
In the period two fundraisings totalling GBP152 million of new
equity capital through the issue of 65 million new ordinary shares
were completed, strengthening our financial position and allowing
us to move quickly on acquisition opportunities. As a result,
NewRiver Retail completed acquisitions worth GBP200 million,
including JVs, with an average initial yield of 11%. The Company
also delivered on its proven business strategy successfully
re-cycling capital via disposals of two properties for GBP9
million. Our BRAVO joint venture grew substantially during the year
to over GBP350 million.
A distinctive highlight of the year was the purchase of 202
public houses from Marston's plc in November 2013, through which
the team saw an opportunity to offer well-located convenience store
space to major food store operators. Subsequently, the Company
announced that The Co-operative Group had signed a conditional
agreement for lease on 54 of these properties. The Board is
confident that further similar agreements will be completed in due
course, and that this portfolio acquisition will achieve its highly
profitable potential.
Our active asset management programme has continued with great
success delivering a total of 141 leasing events, 99 of which were
new lettings and lease renewals at an average of 1.7% above ERV.
The portfolio continues to attract high quality national retailers
and our strategy to enhance the food, beverage and leisure
positioning of our assets is progressing well.
We are committed to driving forward our portfolio-wide risk
controlled development programme and successfully completed three
significant projects during the period, extending to over 142,500
sq ft.
The Company took steps to strengthen its capital structure
reducing its net LTV to 25% while maintaining a low cost of debt at
3.9%. Our financing strategy was further enhanced during the year
by re-negotiating terms on bank debt facilities which now carry an
average maturity of 4.5 years.
We have developed a profitable growth platform with a strong
management team focused on driving income returns and delivering
long-term shareholder value. The wider economic recovery continues
to support our business model and enhance the NewRiver Retail
investment proposition. The Company is well-positioned and
well-capitalised to take advantage of market opportunities and
continue its growth."
NewRiver Retail has today also announced its quarterly portfolio
update detailing all recent transactions and asset management
initiatives for the first quarter ending 30 June 2014.
-Ends-
For further details contact:
NewRiver Retail Limited Tel: 020 3328 5800
David Lockhart, Chief Executive
Mark Davies, Finance Director
Bell Pottinger Tel: 020 7861 3232
David Rydell/Guy Scarborough/David
Bass
Liberum Tel: 020 3100 2000
Tim Graham/Simon Atkinson/Jamie
Richards
This information is provided by RNS
The company news service from the London Stock Exchange
END
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