Last checked at (Sharecast News) - Real estate investment trust NewRiver maintained its third quarter dividend on Wednesday following a "resilient" operational performance during the period.
Over the three months ended 31 December, NewRiver saw continued stability in its operational metrics - with an increase in retail occupancy to 96.1%, footfall outperforming the UK benchmark by 60 basis points and a healthy demand for the group's retail space after signing deals across 152,000 square feet, with long-term deals on terms ahead of previous passing rent and ERVs.
Over at the group's pub unit Hawthorn Leisure, NewRiver said like-for-like earnings before interest, taxes, depreciation and amortisation had risen 4.9% year-to-date, while pub occupancy inched forward to 97.9% from 96.9% at the end of the previous quarter.
As a result of the group's solid performance, NewRiver maintained its quarterly dividend of 5.4p per share, in line with the year before.
Chief executive Allan Lockhart said: "We were pleased with the robust Christmas trading performance of a number of our top 15 tenants, including Sainsbury's, B&M, Primark, Next and Iceland.
"With a clear strategy and a portfolio focused around occupiers providing convenience, value and services, we feel well-positioned to navigate our way through these challenging market conditions."
As of 0840 GMT, NewRiver shares were up 2.88% at 193p.
9 Dec 2020 13:00
Berenberg raises target price on NewRiver REIT
(Sharecast News) - Analysts at Berenberg raised their target price on real estate investment trust NewRiver from 75.0p to 90.0p on Wednesday but noted that prospects for the group's two segments, retail and pubs, remained "materially differentiated".
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