Source - Alliance News

NewRiver REIT PLC on Tuesday said its net asset value fell annually and it underperformed its benchmark.

The real estate investment trust’s net asset value per share fell 10% to 135 pence at its March 31 year end, from 150p a year ago.

Total return for the year stood at 7.5%, below the MSCI All Retail benchmark which returned 15%.

NewRiver invests in sites such as shopping centres and retail parks.

Revenue inched up 0.8% to £73.7 million from £73.1 million a year ago. NewRiver swung to a pretax profit of £7.0 million from a £123.4 million loss a year earlier. This was helped by the firm reducing its loss on net property valuation movements to £12.3 million from £131.5 million a year ago.

‘It is clear that UK economic growth is slowing due to high inflation and monetary and fiscal tightening,’ NewRiver cautioned, however.

The London-based real estate investment trust declared a final dividend of 3.3p, bringing the total to 7.4p per share, compared to a total dividend of 3.0p in its financial year 2021.

NewRiver REIT shares were 5.6% lower at 94.06 pence each in London on Tuesday morning.

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