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(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 GBP73.7 million from GBP73.1 million a year ago. NewRiver swung to a pretax profit of GBP7.0 million from a GBP123.4 million loss a year earlier. This was helped by the firm reducing its loss on net property valuation movements to GBP12.3 million from GBP131.5 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.
By Tom Budszus; tombudszus@alliancenews.com
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