Earnings release
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RNS Number : 0535ONewRiver REIT PLC28 July 2026 NewRiver REIT plc ("NewRiver" or the "Company") Q1 FY27 Trading Update Operational momentum, disciplined capital allocation Allan Lockhart, Chief Executive, commented: "NewRiver has made a strong start to FY27, with continued leasingoutperformance, rising occupancy and exceptionally high tenant retention. This momentum demonstrates theembedded income growth within our portfolio and supports our confidence in delivering further rental and capitalgrowth. We have also recently completed the acquisition of our JV partner's 90% equity interest in The Moor, Sheffield. Weachieved an attractive acquisition price representing a significant discount to March 2026 book valuation as it was thelast remaining asset within the BRAVO capital partnership, giving our partner a final exit after achieving stronginvestment returns over the life of the venture. Having managed the asset since 2021, we know it well and seesignificant potential to drive further income and capital growth. Together with our new unsecured facility, this furtherevidences how NewRiver is well positioned to continue delivering attractive recurring income returns and long-termcapital growth for shareholders." Continued strong leasing, high occupancy and robust consumer spending● Strong leasing momentum continued in Q1, with 165,900 sq ft of new lettings and renewals completed across71 transactions, securing £1.8m of annualised rent● Long-term transactions were completed +4.0% vs ERV and +19.7% vs prior rent, increasing to +5.7% vs ERVand +20.5% vs prior rent across the Core Portfolio which accounts for 96% of total portfolio● Q1 leasing performance represents the 13th consecutive quarter of outperformance vs ERV and the 8th consecutive quarter of outperformance vs prior rent● Occupancy increased to 95.4% (from 95.0% at 31 March 2026) with tenant retention remaining high at 96%● Consumer spending1 across the portfolio grew by +0.2% in Q1 (to June 2026), ahead of the Lloyds databenchmark (-1.8%), a +200bps outperformance● The strongest performing sectors in the NewRiver portfolio were Non Food Discount (+10.7%) and EverydayGoods (+8.3%), with Grocery spend remaining stable● Rents remain affordable, as measured by an unchanged Portfolio Occupancy Cost Ratio of 7.8% Acquisition of The Moor, Sheffield, concluding successful Capital Partnership with BRAVO● NewRiver acquired BRAVO's 90% interest in The Moor, Sheffield for £38.3m taking ownership to 100%.The acquisition price reflects a significant discount to the March 26 valuation and a 10% net initial yieldproviding an attractive entry point into an asset that NewRiver has managed since 2021 and knows well● The Moor is a 20-acre city centre estate with a diversified income profile, affordable rents and a strongoccupier base, anchored by The Light, Primark, Sainsbury's, Next and Sports Direct. Recent lettings toHSBC, Oseyo, Five Guys and Popeyes provide further evidence of occupational demand● NewRiver has a clear plan to drive further income and capital growth, centred on re-anchoring the formerDebenhams unit, which was recently acquired off a low capital value and is expected to deliver significantincome and capital growth, with advanced discussions with potential tenants ongoing● The transaction also concludes NewRiver's successful capital partnership with BRAVO, established in2019, which has delivered an IRR to NewRiver of +21%● Including The Moor acquisition, proforma LTV is 43% compared with 40% at 31 March 2026 and remainscomfortably within the Company's 50% policy. NewRiver retains an active FY27 disposal pipeline tosupport a return towards its 40% guidance Agreed £240 million unsecured debt facility to refinance the Mall Facility and enhance liquidity position● £240m unsecured facility agreed in April 2026 comprising £120m Term Facility Commitment and £120mRevolving Credit Facility ('RCF')● The new facility achieves NewRiver's aims to extract maximum benefit from its current debt structurewhile improving its debt maturity profile and ultimately allows the Company to return to a fully unsecureddebt structure once the Term Facility Commitment is drawn● The Term Facility Commitment will refinance the secured £140m Mall Facility in January 2027; delayeddrawing delivers a saving of approximately £1.4m in FY27 vs repaying the Mall Facility immediately● In May 2026, executed a forward starting collar which fixes the cost of the Term Facility Commitmentbetween 4.4% and 5.9% from initial drawdown in January 2027 to initial maturity in April 2030● RCF is £20m larger than the facility it replaces with extended maturity and significant margin reduction 1. NewRiver analysis, informed by Lloyds Bank data on customer spend representing 93% of the portfolio by value
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For further information NewRiver REIT plc +44 (0)20 3328 5800Allan Lockhart (Chief Executive)Will Hobman (Chief Financial Officer) FTI Consulting +44 (0)20 3727 1000Dido LaurimoreEve Kirmatzis About NewRiver NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing anddeveloping resilient retail assets throughout the UK. Following the completion of its acquisition of Capital & Regional in December 2024, NewRiver has a £0.8billion UK wide portfolio covering 7.0 million sq ft, comprising 24 community shopping centres and 11 convenientlylocated retail parks occupied by tenants predominately focused on essential goods and services. In addition, wemanage 15 shopping centres and 16 retail parks on behalf of Capital Partners, taking our total Assets UnderManagement to £2.1 billion. Our objective is to own and manage the most resilient retail portfolio in the UK, focusedon retail parks, core shopping centres and regeneration opportunities to deliver long-term attractive recurring incomereturns and capital growth for our shareholders. NewRiver is listed on the Equity shares (commercial companies) category of the Main Market of the London StockExchange (ticker: NRR). Visit www.nrr.co.uk for further information. LEI Number: 2138004GX1VAUMH66L31 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END