NewRiver collects 77pc of rent due amid pandemic

(Sharecast News) - NewRiver updated the market further on its retail portfolio on Tuesday, which mainly comprises community shopping centres and retail parks.
The London-listed real estate investment trust said the portfolio was focussed on occupiers in the food and grocery, health and beauty, discounter and essential services sub-sectors, with almost two-thirds of its retail assets anchored by a major food and grocery brand.

As a result, 36% of its retail occupiers by gross income were currently still trading, following the UK government order on 23 March that all non-essential retail premises must close.

As at close of business on 30 March, NewRiver said it had received 60% of quarterly retail rents relating to the first quarter of the financial year ending 31 March 2021.

That comprised quarterly rents due on 25 March for its assets in England, Wales, and most of its tenancies in Scotland, and, for the remainder, quarterly rents due on 28 February.

In total, those quarterly rents represented 77% of NewRiver's retail rent due, with the remainder being monthly rents, for which the next collection date was 1 April.

"The company continues to work constructively with occupiers who have yet to pay, to either recover late payments or agree alternative payment solutions, including deferment and transition to monthly payments," the board said in its statement.

"It is too early to assess the overall impact of [the] coronavirus [pandemic] on the business, and therefore NewRiver is suspending all previous guidance on forecasts that it has provided.

"Given the fast-changing situation, the company will provide the market with further updates in due course."