Source - SMW
Property investor NewRiver REIT said its rent collection continued to improve, with 80% of second-quarter rent having either been collected or had alternative payment terms agreed.

Of the remainder, for the period from 24 June to 1 August, 1% had been waived and the other 19% was outstanding.

As for rents collected in the period from 25 March to 1 June, rents collected or alternative payment terms had been agreed for 84% of money due, up from 75% reported on 18 June.

NewRiver REIT said that across its retail portfolio, 93% of occupiers by gross income were now open.

The remainder comprised stores that were expected to reopen in the coming weeks as occupiers progressed phased reopening plans.

'Since the easing of lockdown, footfall has continued to improve across our retail portfolio,' the company said.

'In the week prior to this announcement, commencing 3 August, footfall was 132% higher than the week commencing 8 June, the last week before non-essential stores were allowed to reopen, and 32% below the same week in 2019.'

'This year-on-year performance is a 7% outperformance of the UK benchmark.'

'We continue to have limited exposure to the structurally challenged retail sub-sectors that have been particularly impacted by Covid-19.'

NewRiver REIT said it had no department stores in its portfolio, minimal exposure to mid-market fashion and no exposure to casual dining operators such as Byron, Carluccio's, or any of the brands owned by The Restaurant Group or The Big Table Group.




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