Newriver Reit Plc Reit (NRWRF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Right, I think we're ready to start. Well, good morning and welcome to New River's half year results. I'm pleased to say that New River continues to deliver disciplined growth underpinned by an experienced and scalable platform. Our focus remains on sustainable expansion by maximizing value from our assets and ensuring we're ready to act upon accretive opportunities as they arise with capital discipline at the heart of our strategy. We recognise that our share price does not reflect the underlying progress that we have made and we share the frustration of our shareholders. That said, we are confident in our platform, our assets, our strategy and the market outlook as we continue to build operational momentum. The first half was a period of strong operational performance during which we completed the integration of the Capital Regional Portfolio. We unlocked net annual synergies of £6.2 million and grew cash profits by 31%, enabling an increase in our first half dividend to 3.1 pence per share, which is fully covered. We maintained strong occupancy and our leasing activity has been robust with double-digit increases in new rents. This strong leasing performance underpinned by another consecutive period of positive valuation growth. Our balance sheet is strong with comfortable gearing, healthy cash reserves and ample liquidity. These highlights, strong rents, greater scale, consistently high occupancy and a robust balance sheet position us well to capitalise on an improving retail market. Retail parks and shopping centres which make up 94% of our portfolio are outperforming broader discretionary retail, supported by resilient consumer demand and improving fundamentals. Looking forward, we have identified a pipeline of attractive investment opportunities, ranging from s...