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(Alliance News) - Retail property investor NewRiver REIT PLC on Friday said it is slowly making gains as Covid-19 restrictions ease with emphasis put on maintaining a strong cash flow with disposals.
The real estate investment trust said 60% of its rent for the second quarter of the financial year ending September 30 has been collected with a further 20% expected under alternative payment terms.
NewRiver said its first quarter, ended June 30, was in line with its revised expectations.
The company reported that for the period from March 25 to June 1, rent collected and rent under alternative payment terms agreed has increased to 84% from 75%, as reported in mid-June.
NewRiver is making headway with disposals, having sold GBP52.5 million in assets, with the target GBP80 million to GBP100 million by the end of the financial year on March 31, 2021. It said it currently has GBP87 million in cash and GBP45 million in undrawn revolving credit facilities.
NewRiver said 93% of occupiers by gross income are now open, and the remaining 7% are expected in the coming weeks. Retail occupancy is at 93%, 1% less than in March.
Footfall has continued to improve across NewRiver's retail portfolio since the easing of lockdown measures in the UK.
"We continue to have limited exposure to the structurally challenged retail sub-sectors that have been particularly impacted by Covid-19, with no department stores in our 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," NewRiver noted.
Over 90% of NewRiver's community pubs are now open and trading.
NewRiver shares were up 5.2% at 64.30 pence each on Friday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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