NewRiver REIT PLC on Thursday reported ‘resilient’ high occupancy and higher rent for the financial year ended March 31.

The London-based real estate investment trust said in financial 2023, the occupancy rate remained high and stable at 96.7% as at March 31, up slightly from 96.3% as at September 30.

Average rent rose 3.5% to £11.98 per square foot from £11.58 over the six-month period to March 31.

NewRiver REIT said it expects its EPRA net asset value per share to be in line with the current analyst consensus, at 123p each as at March 31, down 6.8% from 132p as at September 30. The analyst range for EPRA NTA is between 113p and 131p.

Further, it anticipated underlying funds from operations per share to be in line with the analyst consensus at 8.1p per share, or £25.0 million and up sharply from 4.4p per share and £13.6 million at September 30.

The company will release its full year results in June.

NewRiver REIT shares were 0.7% higher at 84.38 pence each on Thursday afternoon in London.

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