Highlights

  • NewRiver REIT achieved UFFO of GBP 15.1m in HY26, up 31% from HY25.
  • EPRA NTA per share increased to 104p, reflecting share buyback and portfolio valuation.
  • Total Accounting Return reached +5.4%, compared to -5.0% in HY25.

NewRiver REIT PLC (LSE:NRR) reported UFFO of GBP 15.1m (3.3p per share) for HY26, up 31% from GBP 11.5m (3.7p per share) in HY25. This increase reflects the integration of Capital & Regional, partially offset by disposals completed over the last 18 months and seasonal impacts from Snozone. The H1 dividend was increased by 0.5p to 3.1p per share, representing 94% of H1 UFFO per share. The full-year dividend is expected to be based on 80% of FY26 UFFO per share, adjusted for the H1 dividend.

In August 2025, the company completed a buyback of 47.7m shares from Growthpoint Properties at 75p per share, representing 10% of NewRiver’s issued share capital. This resulted in Growthpoint fully exiting its shareholding, supported by both new and existing shareholders.

Portfolio Performance and Leasing Activity
The like-for-like portfolio valuation grew by +0.5%, although the disposal of three shopping centres, including the Abbey Centre in Newtownabbey, reduced total portfolio value to GBP 834.7m from GBP 897.5m at 31 March 2025. EPRA NTA per share increased to 104p from 102p, primarily due to the share buyback and valuation uplift, partially offset by disposals.

Occupancy remained stable at 95.3%, while tenant retention improved to 96% from 90%. Average rent was largely steady at GBP 12.83 per sq ft. During HY26, the company completed 416,300 sq ft of new leasing and renewals, with long-term transactions showing +11.3% versus ERV and +24.2% versus previous rent. The average CAGR on long-term transactions increased to +1.0% (HY25: -0.2%). Total in-store and connected online spend rose by +5.4%, exceeding the Lloyds Bank Retail and Supermarket benchmark of +4.6%. The portfolio Occupational Cost Ratio remained at an affordable 8.2%.

GRESB sustainability performance improved to 87 from 80, maintaining Gold Level for EPRA Sustainability Best Practice Recommendations.

Financial Position and Leverage
NewRiver maintained a stable LTV of 42.3% at 30 September 2025, with cash holdings increasing to GBP 89.1m from GBP 62.1m. Net debt to EBITDA was 6.5x, with interest cover of 5.1x. Fitch Ratings reaffirmed the company’s Long-Term IDR at ‘BBB’, senior unsecured rating at ‘BBB+’, and Short-Term IDR at ‘F2’, reflecting the balance sheet’s stability.

IFRS profit after tax rose to GBP 14.4m from GBP 8.2m in HY25, largely driven by the acquisition of Capital & Regional and improved valuation performance. Total Accounting Return reached +5.4%, compared with -5.0% in HY25, reflecting dividends paid and changes in EPRA NTA per share.
Share Price Snapshot
NRR was trading 0.56% Higher at GBX 72.50 per share as of 02 December 2025.