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(Alliance News) - NewRiver REIT PLC on Thursday reported a wider interim loss amid a period of "unprecedented" disruption.
The UK-based real estate investment trust that specialises in retail and leisure assets posted a widened pretax loss of GBP93.2 million in the six months to September 30 from GBP20.9 million a year prior. The loss widened to a negative net valuation movement of GBP92.9 million, versus just GBP40.4 million in 2019.
NewRiver REIT saw its revenue decrease 20% to GBP56.0 million from GBP70.0 million the year before.
The group's EPRA net tangible assets per share decreased to 171 pence from 201 pence on March 31 due to a non-cash reduction in portfolio valuation.
NewRiver REIT said its overall portfolio on a proportionally consolidated basis was valued at GBP1.06 billion at September-end, compared to GBP1.20 billion at March 31.
Chief Executive Allan Lockhart said: "The first half of the year was a period of unprecedented disruption and yet our operational performance has proved to be resilient. We have seen a significant increase in leasing activity, with over half a million square feet of transactions completed, which has led to occupancy in our retail portfolio increasing to more than 96% during the period. This reflects both our affordable rents and focus on essential and convenience retail."
Looking ahead, NewRiver REIT said it is confident that, once lockdown restrictions have ended, its pub business will return to growth.
NewRiver REIT said that given the resilient operational performance in the first half of the year and the confidence it has in its portfolio, it plans to reinstate a covered dividend at the end of the financial year.
Shares in NewRiver REIT were up 3.4% at 82.60 pence in London on Thursday midday.
By Zoe Wickens; zoewickens@alliancenews.com
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