LONDON (Alliance News) - NewRiver REIT PLC said Wednesday it hiked its third quarter dividend despite a decline in footfall in its shopping centre portfolio.
The FTSE 250-listed real estate investment trust said its dividend for its financial third quarter to the end of December 2016 was increased by 5.3% to 5.00 pence from 4.75p the prior financial year.
The quarterly dividend increase brings NewRiver's dividend for its first three financial quarters up 9.1% year-on-year to 15.0p from 13.75p.
NewRiver said its underlying performance in the quarter was "robust". Footfall in its shopping centre portfolio was down 0.8% on a like-for-like basis from the prior financial year but outperformed the UK benchmark, said the company.
Occupancy rates in NewRiver's portfolio remained stable in the quarter at 97%, compared to 96% in the prior quarter. The average retail rent was maintained at GBP12.70 per square foot.
"Looking ahead to the final quarter of our financial year and beyond, we remain confident that with the convenience-led profile of our portfolio, affordable rents, conservative balance sheet and risk controlled development pipeline, our proven business model is well equipped to continue to deliver secure and sustainable cash returns to our shareholders," said David Lockhart, chief executive of NewRiver.
By Adam Clark; adamclark@alliancenews.com
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NewRiver (NRR)