Announcement • Jun 05
Newriver Reit plc Declares Final Dividend for the Year Ended 31 March 2026, Payable on 7 August 2026 The Board of NewRiver REIT plc announced that the board has declared a final dividend of 3.6 pence per share for the year ended 31 March 2026. The dividend payment date will be 7 August 2026 and the dividend will be paid to shareholders on the register at close of business on 19 June 2026. The ex-dividend date will be 18 June 2026. Declared Dividend • Jun 04
Final dividend increased to UK£0.036 Dividend of UK£0.036 is 2.9% higher than last year. Ex-date: 18th June 2026 Payment date: 7th August 2026 Dividend yield will be 8.9%, which is higher than the industry average of 4.7%. Announcement • Mar 10
An undisclosed buyer acquired Cuckoo Bridge Retail Park, Dumfries from NewRiver REIT plc (LSE:NRR) for £26.5 million. An undisclosed buyer acquired Cuckoo Bridge Retail Park, Dumfries from NewRiver REIT plc (LSE:NRR) for £26.5 million on March 9, 2026. A cash consideration of £26.5 million will be paid by the buyer. As part of consideration, £26.5 million is paid towards assets of Cuckoo Bridge Retail Park, Dumfries. NewRiver announced that it has completed the sale of Cuckoo Bridge Retail Park, Dumfries, to an institutional investor, reflecting a net initial yield of 6.9%, and in-line with the terms and timelines announced within the Company's Third Quarter Update in January 2026.
An undisclosed buyer completed the acquisition of Cuckoo Bridge Retail Park, Dumfries from NewRiver REIT plc (LSE:NRR) on March 9, 2026. Recent Insider Transactions Derivative • Dec 12
Founder exercised options and sold UK£69k worth of stock On the 9th of December, Allan Stevenson Lockhart exercised options to acquire 96k shares at no cost and sold these for an average price of UK£0.72 per share. This trade did not impact their existing holding. For the year to March 2019, Allan Stevenson's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Allan Stevenson has owned 726.28k shares directly. Company insiders have collectively sold UK£214k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 05
NewRiver REIT plc Declares Interim Dividend in Respect of the Six Months Ended 30 September 2025, Payable on 30 January 2026 NewRiver REIT plc’s Board has declared an interim dividend of 3.1 pence per share in respect of the six months ended 30 September 2025. This dividend will be paid as a Property Income Distribution (PID). The dividend payment date will be 30 January 2026 and the dividend will be paid to shareholders on the register at close of business on 12 December 2025. The ex-dividend date will be 11 December 2025. Declared Dividend • Dec 04
First half dividend increased to UK£0.031 Dividend of UK£0.031 is 3.3% higher than last year. Ex-date: 11th December 2025 Payment date: 30th January 2026 Dividend yield will be 9.0%, which is higher than the industry average of 4.7%. Announcement • Nov 26
Newriver Reit plc Announces Changes to Its Board and Committee, Effective from November 24, 2025 NewRiver REIT plc announced that Alastair Miller, reached nine years of service at NewRiver in June 2025. He will now however step down from his roles as Remuneration Committee Chair, Senior Independent Director and Non-Executive Director responsible for Workforce Engagement effect from November 24, 2025. The company also announced that Colin Rutherford, independent Non-Executive Director, is to be appointed Senior Independent Director of the Company with effect from November 24, 2025 and announced that Charlie Parker, independent Non-Executive Director, will be appointed as Chairman of the Remuneration Committee and Non-Executive Director responsible for Workforce Engagement at the Company effective from November 24, 2025. Announcement • Nov 11
NewRiver REIT plc to Report First Half, 2026 Results on Dec 02, 2025 NewRiver REIT plc announced that they will report first half, 2026 results on Dec 02, 2025 Price Target Changed • Nov 06
Price target increased by 7.2% to UK£1.00 Up from UK£0.93, the current price target is an average from 6 analysts. New target price is 41% above last closing price of UK£0.70. Stock is down 10% over the past year. The company is forecast to post earnings per share of UK£0.12 for next year compared to UK£0.063 last year. Announcement • Oct 14
Newriver Announces Appointment of Rajat Dhawan as Independent Non-Executive Director and Member of the Nomination Committee and Remuneration Committee, Effective October 13, 2025 NewRiver announced the appointment of Rajat Dhawan ('Raj') as Independent Non-Executive Director and a member of the Nomination Committee and Remuneration Committee with immediate effect October 13, 2025. Raj is an experienced technology and digital transformation leader with proven expertise in developing innovative digital platforms and leveraging data-driven insights to enhance customer engagement and operational efficiency. Raj is currently Group Chief Technology Officer for NYSE Listed Soho House & Co. Buy Or Sell Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to UK£0.74. The fair value is estimated to be UK£0.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to decline by 3.3% per annum. Earnings are forecast to grow by 16% per annum over the same time period. New Risk • Jun 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (104% cash payout ratio). Announcement • Jun 30
NewRiver REIT plc, Annual General Meeting, Jul 31, 2025 NewRiver REIT plc, Annual General Meeting, Jul 31, 2025. Location: cms cameron mckenna nabarro olswang llp, cannon place, 78 cannon street, london ec4n 6af United Kingdom Announcement • Jun 20
Newriver Reit plc Appoints Lynn Fordham as Chair, with Effect from 20 June 2025 NewRiver REIT plc appointed Lynn Fordham Chair of Pollen Street Group Limited with effect from 20 June 2025. Upcoming Dividend • Jun 12
Upcoming dividend of UK£0.035 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 08 August 2025. Trailing yield: 7.9%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (5.4%). Announcement • Jun 04
The Herbert Group acquired Abbey Centre Shopping Centre from NewRiver REIT plc (LSE:NRR) for £58.8 million. The Herbert Group acquired Abbey Centre Shopping Centre from NewRiver REIT plc (LSE:NRR) for £58.8 million on June 3, 2025. A cash consideration of £58.8 million will be paid by The Herbert Group. As part of consideration, £58.8 million is paid towards common equity of Abbey Centre Shopping Centre. NewRiver expects to reinvest the capital into opportunities with superior income and capital growth potential. In the meantime, the sales proceeds will be used to reduce NewRiver's LTV as at 31 March 2025 by c.4% bringing it well within LTV guidance of <40%.
The Herbert Group completed the acquisition of Abbey Centre Shopping Centre from NewRiver REIT plc (LSE:NRR) on June 3, 2025. Announcement • Jun 03
NewRiver REIT plc Proposes Final Dividend for the Year Ended 31 March 2025, Payable on 8 August 2025 The Board of NewRiver REIT plc announced that in-line with this policy, in December 2024 the Board declared an interim dividend of 3.0 pence per share in respect of the six months ended 30 September 2024, based on 80% of UFFO per share of 3.7 pence. The board has declared a final dividend of 3.5 pence per share in respect of the year ended 31 March 2025, taking the total FY25 dividend declared to 6.5 pence, equivalent to 80% of UFFO per share of 8.1 pence. The final dividend of 3.5 pence per share in respect of the year ended 31 March 2025 will, subject to shareholder approval at the 2025 AGM, be paid on 8 August 2025. The ex-dividend date will be 19 June 2025 with an associated record date of 20 June 2025. The dividend will be payable as a REIT Property Income Distribution (PID). Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Non-Executive Chairman Lynn Fordham was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 29
NewRiver REIT plc to Report Fiscal Year 2025 Results on Jun 03, 2025 NewRiver REIT plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Jun 03, 2025 New Risk • Dec 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (162% cash payout ratio). Large one-off items impacting financial results. Recent Insider Transactions Derivative • Dec 20
Founder exercised options and sold UK£68k worth of stock On the 17th of December, Allan Stevenson Lockhart exercised options to acquire 86k shares at no cost and sold these for an average price of UK£0.79 per share. This trade did not impact their existing holding. For the year to March 2018, Allan Stevenson's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Allan Stevenson's direct individual holding has increased from 525.17k shares to 630.54k. Company insiders have collectively sold UK£103k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Dec 17
Price target increased by 8.7% to UK£0.94 Up from UK£0.86, the current price target is an average from 4 analysts. New target price is 19% above last closing price of UK£0.79. Stock is down 3.6% over the past year. The company posted earnings per share of UK£0.0096 last year. Reported Earnings • Dec 16
First half 2025 earnings released: EPS: UK£0.026 (vs UK£0.008 loss in 1H 2024) First half 2025 results: EPS: UK£0.026 (up from UK£0.008 loss in 1H 2024). Revenue: UK£31.8m (up 19% from 1H 2024). Net income: UK£8.20m (up UK£10.8m from 1H 2024). Profit margin: 26% (up from net loss in 1H 2024). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 1.0% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Dec 15
First half dividend reduced to UK£0.03 Dividend of UK£0.03 is 12% lower than last year. Ex-date: 19th December 2024 Payment date: 28th January 2025 Dividend yield will be 7.7%, which is higher than the industry average of 4.7%. Price Target Changed • Nov 26
Price target decreased by 10% to UK£0.86 Down from UK£0.96, the current price target is an average from 2 analysts. New target price is 12% above last closing price of UK£0.77. Stock is down 9.6% over the past year. The company posted earnings per share of UK£0.0096 last year. New Risk • Oct 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.7% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Sep 19
NewRiver REIT plc has filed a Follow-on Equity Offering. NewRiver REIT plc has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 62,737,200
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Regulation S Announcement • Sep 12
Capital & Regional Plc Announces Extension of PUSU Deadline On 23 May 2024, the Board of Capital & Regional Plc (LSE:CAL) ("Capital & Regional" or the "Company") confirmed that its majority shareholder Growthpoint Properties Limited (JSE:GRT) ("Growthpoint") had received a preliminary expression of interest from NewRiver REIT plc (LSE:NRR) ("NewRiver") in relation to a possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional. Following an extension announcement by Capital & Regional on 15 August 2024, NewRiver was required, by no later than 5:00 p.m. (UK time) /6.00p.m. (SA time) on 12 September 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. To allow the discussions with NewRiver to continue, the Board of Capital & Regional has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the date by which NewRiver is required to either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer. Consequently, in accordance with Rule 2.6(c) of the Code, NewRiver is now required, by not later than 5.00 p.m. (UK time) /6.00 p.m. (SA time) on 26 September 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. In accordance with Rule 2.6(c) of the Code, the revised deadline may be extended further at the request of the Board of Capital & Regional and with the consent of the Takeover Panel. In accordance with Rule 2.6(d), this deadline will cease to apply if NewRiver (or any third-party) has announced a firm intention to make an offer for the Company. There can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any offer will be made. The Company remains in an 'offer period' in accordance with the rules of the Code and the attention of Capital & Regional shareholders is drawn to the continuing disclosure requirements of Rule 8 of the Code. Announcement • Aug 15
Capital & Regional Announces Extension of PUSU Deadlines On 23 May 2024, the Board of Capital & Regional Plc (LSE:CAL) ("Capital & Regional" or the "Company") confirmed that its majority shareholder Growthpoint Properties Limited (JSE:GRT) ("Growthpoint") had received a preliminary expression of interest from NewRiver REIT plc (LSE:NRR) ("NewRiver") in relation to a possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional. Following an extension announcement by Capital & Regional on 18 July 2024, NewRiver was required, by no later than 5:00 p.m. (UK time) /6.00p.m. (SA time) on 15 August 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. On 19 July 2024, Praxis Group Limited ("Praxis") announced that it was in the early stages of considering whether or not to make a cash offer for the entire issued, and to be issued, share capital of Capital & Regional. In accordance with Rule 2.6(a) of the Code, Praxis is required, by no later than 5:00 p.m. (UK time) /6.00p.m. (SA time) on 16 August 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. To allow the discussions with each of NewRiver and Praxis (each a "Potential Bidder") to continue, the Board of Capital & Regional has requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, extensions to the date by which each of the Potential Bidders is required to either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer. Consequently, in accordance with Rule 2.6(c) of the Code, each of the Potential Bidders is now required, by not later than 5.00 p.m. (UK time) /6.00 p.m. (SA time) on 12 September 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. In accordance with Rule 2.6(c) of the Code, each revised deadline may be extended further at the request of the Board of Capital & Regional and with the consent of the Takeover Panel. In accordance with Rule 2.6(d), this deadline will cease to apply if either Potential Bidder (or any third-party) has announced a firm intention to make an offer for the Company. There can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any offer will be made. The Company remains in an 'offer period' in accordance with the rules of the Code and the attention of Capital & Regional shareholders is drawn to the continuing disclosure requirements of Rule 8. Announcement • Aug 07
NewRiver REIT plc Approves to Declare Final Dividend for the Year Ended 31 March 2024 NewRiver REIT plc at its AGM held on August 6, 2024 approved to declare a final dividend of 3.2 pence per ordinary share for the year ended 31 March 2024. Announcement • Jul 05
NewRiver REIT plc (LSE:NRR) acquired Ellandi Management Limited for £9 million. NewRiver REIT plc (LSE:NRR) acquired Ellandi Management Limited for £9 million on July 4, 2024. Under the terms of agreement, the acquisition has been made for an initial cash consideration of £5 million, with additional cash consideration of up to £4 million subject to EBITDA performance, including realising savings through shared services, over a three year earn out period. The Ellandi business brings with it a portfolio of 16 shopping centre asset management mandates, covering over 6.3 million sq ft, with 10 different partners. The two co-founders and owners of Ellandi, Morgan Garfield and Mark Robinson, will join NewRiver as Head of Capital Partnerships and Head of Regeneration, respectively. Morgan and Mark will also join NewRiver's Executive Committee. During the year ended 30 April 2024, Ellandi's fee income was £5.7 million1 and EBITDA was £1.1 million.NewRiver REIT plc (LSE:NRR) completed the acquisition of Ellandi Management Limited on July 4, 2024. Announcement • Jun 27
NewRiver REIT plc, Annual General Meeting, Aug 05, 2024 NewRiver REIT plc, Annual General Meeting, Aug 05, 2024. Upcoming Dividend • Jun 27
Upcoming dividend of UK£0.032 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 16 August 2024. Trailing yield: 8.8%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (4.7%). New Risk • Jun 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jun 23
Full year 2024 earnings released: EPS: UK£0.01 (vs UK£0.054 loss in FY 2023) Full year 2024 results: EPS: UK£0.01 (up from UK£0.054 loss in FY 2023). Revenue: UK£65.0m (down 13% from FY 2023). Net income: UK£3.00m (up UK£19.8m from FY 2023). Profit margin: 4.6% (up from net loss in FY 2023). Revenue is forecast to decline by 14% p.a. on average during the next 2 years, while revenues in the Retail REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 22
NewRiver REIT plc Declares Final Dividend for the Year Ended March 31, 2024, Payable on 16 August 2024 NewRiver REIT plc announced that Board has declared a final dividend, in respect of the second half of FY24, of 3.2 pence per share. This dividend includes a 0.2 pence per share top-up consistent with the approach adopted in the half year and reflecting that have deployed limited capital in the second half. This takes the total FY24 dividend declared to 6.6 pence, equivalent to 85% of UFFO per share of 7.8 pence. The final dividend of 3.2 pence per share in respect of the year ended 31 March 2024 will, subject to shareholder approval at the 2024 AGM, be paid on 16 August 2024. The ex-dividend date will be 4 July 2024 with an associated record date of 5 July 2024. The dividend will be payable as a REIT Property Income Distribution (PID). Announcement • Jun 21
NewRiver REIT plc to Report Fiscal Year 2024 Results on Jun 21, 2024 NewRiver REIT plc announced that they will report fiscal year 2024 results on Jun 21, 2024 Announcement • Jun 20
Capital & Regional Announces Extension to PUSU Deadline On 23 May 2024, the Board of Capital & Regional Plc (LSE:CAL) ("Capital & Regional" or the "Company") confirmed that its majority shareholder Growthpoint Properties Limited (JSE:GRT) had received a preliminary expression of interest from NewRiver REIT plc (LSE:NRR) ("NewRiver") in relation to a possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional. In accordance with Rule 2.6(a) of the Code, NewRiver was required, by no later than 5:00 p.m. on 20 June 2024 (the "PUSU Deadline"), to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. To facilitate ongoing discussions with NewRiver, the Company has requested and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to an extension of the PUSU Deadline. Consequently, in accordance with Rule 2.6(c) of the Code, NewRiver is now required, by not later than 5.00 pm on 18 July 2024, to either announce a firm intention to make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capital & Regional, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. In accordance with Rule 2.6(c) of the Code, the revised deadline may be extended further at the request of the Board of Capital & Regional and with the consent of the Takeover Panel. There can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any offer will be made. The Company remains in an 'offer period' in accordance with the rules of the Code and the attention of Capital & Regional shareholders is drawn to the continuing disclosure requirements of Rule 8 of the Code, which are summarised below. New Risk • Jun 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 26
NewRiver Confirms Proposal to Growthpoint Properties in Regard to Possible Offer of Capital & Regional The Board of NewRiver REIT plc (LSE:NRR) notes the recent announcement by Capital & Regional Plc (LSE:CAL) and confirms that it has made a proposal to Growthpoint Properties Limited (JSE:GRT)("Growthpoint") which holds 68.1% of the issued share capital of Capital & Regional in regard to a possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional (the "Possible Offer"). NewRiver also confirms that it has not communicated that proposal to Capital & Regional. It is intended that this would occur if Growthpoint confirms that it would be prepared to support the terms of that Possible Offer. The Board of NewRiver of course recognises that the Board of Capital & Regional must make its own fair and reasonable assessment of the Possible Offer in the event that NewRiver makes the proposal to Capital & Regional. The Board of NewRiver believes that a combination with Capital & Regional, on the terms of the Possible Offer proposed to Growthpoint, would be significantly accretive to NewRiver's earnings and result in a pro-forma Loan to Value ("LTV") ratio that is broadly in-line with NewRiver's guidance. There can be no certainty that any offer will be made, nor as to the terms of any such offer. The Board of NewRiver has given significant consideration to the ways in which a combination of NewRiver and Capital & Regional could generate value for our respective shareholders. NewRiver's Board believes that, provided sensible terms for a transaction can be agreed, the acquisition of Capital & Regional would significantly accelerate NewRiver's growth ambitions, whilst delivering significant value for both Capital & Regional and NewRiver shareholders and also maintaining NewRiver's core operational expertise in retail real estate. Any firm intention to make an offer under Rule 2.7 of The City Code on Takeovers and Mergers (the "Code"), would be contingent on securing the support of Growthpoint and the satisfaction or waiver of certain customary conditions, including completion of due diligence to the satisfaction of NewRiver. The Board of NewRiver further confirms that in formulating a Possible Offer, it would act with the necessary prudence to maintain NewRiver's balance sheet strength. As stated above, the Board of NewRiver anticipates that NewRiver's pro-forma LTV implied by a Possible Offer would remain broadly in-line with previous guidance. As required by Rule 2.6(a) of the Code, NewRiver is required, by not later than 5.00 p.m. on 20 June 2024, either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers ("Takeover Panel") in accordance with Rule 2.6(c) of the Code. For the purposes of Rule 2.5(a) of the Code, NewRiver reserves the right to vary the form and mix of the consideration and/or to introduce other forms of consideration. A further announcement will be made if and when appropriate. There can be no certainty any offer will be made, even if the pre-conditions are satisfied or waived, nor as to the terms of any offer. Announcement • Mar 23
NewRiver REIT plc Appoints Lynn Fordham as Non-Executive Director Domino's Pizza Grp announced that Lynn Fordham, independent non-executive Director, has been appointed as a non-executive Director of NewRiver REIT plc with effect from 21 March 2024. Recent Insider Transactions Derivative • Dec 08
Founder exercised options and sold UK£69k worth of stock On the 4th of December, Allan Lockhart exercised options to acquire 81k shares at no cost and sold these for an average price of UK£0.86 per share. This trade did not impact their existing holding. For the year to March 2017, Allan's total compensation was 36% salary and 64% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Allan's direct individual holding has increased from 374.29k shares to 430.44k. Company insiders have collectively bought UK£17k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Nov 30
Upcoming dividend of UK£0.034 per share at 7.9% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 16 January 2024. Trailing yield: 7.9%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (4.7%). Reported Earnings • Nov 26
First half 2024 earnings released: UK£0.008 loss per share (vs UK£0.013 profit in 1H 2023) First half 2024 results: UK£0.008 loss per share (down from UK£0.013 profit in 1H 2023). Revenue: UK£26.8m (down 29% from 1H 2023). Net loss: UK£2.60m (down 163% from profit in 1H 2023). Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Retail REITs industry in the United Kingdom are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 23
NewRiver REIT plc Declares Dividend for the Six Months Ended 30 September 2023, Payable on 16 January 2024 The board of NewRiver REIT plc has declared a dividend in respect of the six months ended 30 September 2023 of 3.4 pence per share, which is an 85% payout /118% cover of UFFO of 4.0 pence per share. The dividend will be paid on 16 January 2024. The ex-dividend date will be 7 December 2023 with an associated record date of 8 December 2023. Announcement • Nov 06
NewRiver REIT plc to Report First Half, 2024 Results on Nov 23, 2023 NewRiver REIT plc announced that they will report first half, 2024 results on Nov 23, 2023 Announcement • Jul 27
NewRiver REIT plc Approves Final Dividend for the Year Ended 31 March 2023 NewRiver REIT plc announced that at its Annual General Meeting held on 26 July 2023 declared a final dividend of 3.2 pence per ordinary share for the year ended 31 March 2023. Announcement • Jun 29
RI UK 1 Limited acquired Kittybrewster Retail Park in Aberdeen and Glendoe and Telford Retail Parks in Inverness from PAF Lux SCA, SICAV-RAIF - PAF Bravo III - Compartment, NewRiver REIT plc (LSE:NRR) for £62.6 million . RI UK 1 Limited acquired Kittybrewster Retail Park in Aberdeen and Glendoe and Telford Retail Parks in Inverness from PAF Lux SCA, SICAV-RAIF - PAF Bravo III - Compartment, NewRiver REIT plc (LSE:NRR) for £62.6 million on June 28, 2023. The assets generated net rental income of £5.7 million, during FY23 and had a gross asset value of £64.4 million at March 31, 2023. The sale proceeds will be used to reduce NewRiver's net debt as at March 31, 2023 by £31.8 million to £169.5 million on a proforma basis which reduces NewRiver's LTV as at March 31, 2023 to 30.3% on a proforma basis.
RI UK 1 Limited completed the acquisition of Kittybrewster Retail Park in Aberdeen and Glendoe and Telford Retail Parks in Inverness from PAF Lux SCA, SICAV-RAIF - PAF Bravo III - Compartment, NewRiver REIT plc (LSE:NRR) on June 28, 2023. New Risk • Jun 21
New major risk - Revenue and earnings growth Earnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jun 09
NewRiver REIT plc, Annual General Meeting, Jul 26, 2023 NewRiver REIT plc, Annual General Meeting, Jul 26, 2023. Agenda: To consider and approve the dividend. Announcement • Jun 07
NewRiver REIT plc Proposes Final Dividend in Respect of the Year Ended 31 March 2023, Payable on 4 August 2023 The Board of NewRiver REIT plc declared a final dividend of 3.2 pence per share in respect of the year ended 31 March 2023, taking the total FY23 dividend declared to 6.7 pence, equivalent to 80% of UFFO per share of 8.3 pence. The final dividend of 3.2 pence per share in respect of the year ended 31 March 2023 will, subject to shareholder approval at the 2023 AGM, be paid on 4 August 2023 to shareholders on the register as at 16 June 2023 (record date). The dividend will be payable as a REIT Property Income Distribution (PID). Reported Earnings • Jun 06
Full year 2023 earnings released: UK£0.054 loss per share (vs UK£0.023 profit in FY 2022) Full year 2023 results: UK£0.054 loss per share (down from UK£0.023 profit in FY 2022). Revenue: UK£72.2m (down 3.7% from FY 2022). Net loss: UK£16.8m (down 340% from profit in FY 2022). Revenue is expected to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Retail REITs industry in the United Kingdom are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 26
NewRiver REIT plc to Report Fiscal Year 2023 Results on Jun 06, 2023 NewRiver REIT plc announced that they will report fiscal year 2023 results on Jun 06, 2023 Major Estimate Revision • Apr 20
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from UK£71.2m to UK£63.9m. EPS estimate increased from UK£0.03 to UK£0.037 per share. Net income forecast to shrink 34% next year vs 56% decline forecast for Retail REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£1.03. Share price fell 2.3% to UK£0.82 over the past week. Major Estimate Revision • Jan 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from UK£56.5m to UK£63.4m. EPS estimate unchanged from UK£0.037 at last update. REITs industry in the United Kingdom expected to see average net income decline 71% next year. Consensus price target of UK£0.99 unchanged from last update. Share price rose 5.1% to UK£0.93 over the past week. Upcoming Dividend • Dec 01
Upcoming dividend of UK£0.035 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 17 January 2023. Trailing yield: 8.3%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.5%). Reported Earnings • Nov 25
First half 2023 earnings released: EPS: UK£0.013 (vs UK£0.054 loss in 1H 2022) First half 2023 results: EPS: UK£0.013 (up from UK£0.054 loss in 1H 2022). Revenue: UK£35.5m (flat on 1H 2022). Net income: UK£4.10m (up UK£20.7m from 1H 2022). Profit margin: 12% (up from net loss in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.8% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 05
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from UK£62.3m to UK£61.3m. EPS estimate rose from UK£0.12 to UK£0.13. Net income forecast to grow 497% next year vs 15% decline forecast for REITs industry in the United Kingdom. Consensus price target of UK£1.02 unchanged from last update. Share price fell 9.9% to UK£0.78 over the past week. Upcoming Dividend • Jul 21
Upcoming dividend of UK£0.033 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 02 September 2022. Trailing yield: 7.1%. Within top quartile of British dividend payers (5.3%). Higher than average of industry peers (3.6%). Major Estimate Revision • Jun 18
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from UK£50.5m to UK£62.3m. EPS estimate unchanged from UK£0.12 at last update. REITs industry in the United Kingdom expected to see average net income growth of 3.8% next year. Consensus price target of UK£1.05 unchanged from last update. Share price rose 3.8% to UK£0.92 over the past week. Reported Earnings • Jun 08
Full year 2022 earnings released: EPS: UK£0.023 (vs UK£0.49 loss in FY 2021) Full year 2022 results: EPS: UK£0.023 (up from UK£0.49 loss in FY 2021). Revenue: UK£73.7m (down 21% from FY 2021). Net income: UK£7.00m (up UK£157.5m from FY 2021). Profit margin: 9.5% (up from net loss in FY 2021). Over the next year, revenue is forecast to decline by 31% while the reits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 02
Upcoming dividend of UK£0.041 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 14 January 2022. Trailing yield: 9.7%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.8%). Reported Earnings • Nov 27
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: UK£0.054 loss per share (up from UK£0.26 loss in 1H 2021). Revenue: UK£35.2m (down 13% from 1H 2021). Net loss: UK£16.6m (loss narrowed 79% from 1H 2021). Revenue missed analyst estimates by 51%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 43% compared to a 2.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Aug 25
CFO & Director recently bought UK£50k worth of stock On the 23rd of August, William Hobman bought around 61k shares on-market at roughly UK£0.83 per share. This was the largest purchase by an insider in the last 3 months. This was William's only on-market trade for the last 12 months. Breakeven Date Change • Aug 08
Forecast breakeven pushed back to 2023 The analyst covering NewRiver REIT previously expected the company to break even in 2022. New forecast suggests losses will reduce by 94% to 2022. The company is expected to make a profit of UK£39.8m in 2023. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Price Target Changed • Aug 07
Price target increased to UK£1.03 Up from UK£0.94, the current price target is provided by 1 analyst. New target price is 26% above last closing price of UK£0.82. Stock is up 32% over the past year. Executive Departure • Aug 03
CFO & Director Mark Davies has left the company On the 28th of July, Mark Davies' tenure as CFO & Director ended after 10.8 years in the role. As of March 2021, Mark still personally held 275.84k shares (UK£259k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.25 years. Upcoming Dividend • Jul 22
Upcoming dividend of UK£0.03 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 03 September 2021. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (4.7%). Price Target Changed • Jul 20
Price target increased to UK£1.01 Up from UK£0.94, the current price target is an average from 3 analysts. New target price is 23% above last closing price of UK£0.82. Stock is up 34% over the past year. Reported Earnings • Jun 27
Full year 2021 earnings released: UK£0.49 loss per share (vs UK£0.40 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: UK£93.5m (down 37% from FY 2020). Net loss: UK£150.5m (loss widened 24% from FY 2020). Net asset value (NAV) per share: UK£1.50 (down 25% from FY 2020). The current share price is 43% lower than NAV per share. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
Full year 2021 earnings released: UK£0.49 loss per share (vs UK£0.40 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: UK£91.1m (down 38% from FY 2020). Net loss: UK£150.5m (loss widened 24% from FY 2020). Net asset value (NAV) per share: UK£1.50 (down 25% from FY 2020). The current share price is 34% lower than NAV per share. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 17
Founder recently bought UK£219k worth of stock On the 12th of March, Allan Lockhart bought around 224k shares on-market at roughly UK£0.98 per share. This was the largest purchase by an insider in the last 3 months. Allan has been a buyer over the last 12 months, purchasing a net total of UK£89k worth in shares. Is New 90 Day High Low • Feb 22
New 90-day high: UK£0.96 The company is up 25% from its price of UK£0.77 on 24 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.82 per share. Major Estimate Revision • Dec 10
Analysts lower revenue estimates to UK£87.9m The 2021 consensus revenue estimate decreased from UK£105.6m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -UK£0.49 to -UK£0.50 for the same period. The REITs industry in the United Kingdom is expected to see an average net income growth of 33% next year. The consensus price target increased from UK£0.87 to UK£0.95. Share price stayed mostly flat at UK£0.86 over the past week. Price Target Changed • Dec 10
Price target raised to UK£0.95 Up from UK£0.87, the current price target is an average from 4 analysts. The new target price is 11% above the current share price of UK£0.86. As of last close, the stock is down 56% over the past year. Is New 90 Day High Low • Dec 08
New 90-day high: UK£0.87 The company is up 64% from its price of UK£0.53 on 09 September 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.57 per share. Major Estimate Revision • Dec 03
Analysts update estimates The 2021 consensus revenue estimate was lowered from UK£105.6m to UK£93.8m. Earning per share (EPS) estimate was unchanged from the last update at -UK£0.49. The REITs industry in the United Kingdom is expected to see an average net income growth of 29% next year. The consensus price target increased from UK£0.87 to UK£0.93. Share price is up 8.3% to UK£0.87 over the past week. Reported Earnings • Nov 28
First half 2021 earnings released: UK£0.30 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: UK£57.1m (down 20% from 1H 2020). Net loss: UK£92.3m (loss widened 333% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 118% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day high: UK£0.69 The company is up 7.0% from its price of UK£0.65 on 11 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.33 per share. Is New 90 Day High Low • Sep 26
New 90-day low: UK£0.45 The company is down 26% from its price of UK£0.60 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.88 per share. 
