NewRiver Retail : NRR – annual results

NewRiver Retail has released results for the 12 months ended 31 March 2014. The EPRA net asset value was unchanged on the year at 240p but this excludes the payment of a 10p special dividend. NewRiver Retail also say there were one-off costs of 11p during the year. The return to shareholders was 55% as the shares moved to trade at a significant premium (the share price at the time of writing is 307p.

The loan to value ratio fell to 25% (from 51%) in part thanks to the proceeds of two share issues during the year that raised £152m in total. The average debt maturity has been extended to 4.4 years and the average cost of their debt is relatively low at 3.9%.

They made £200m of acquisitions during the year (some in joint ventures) including the purchase of 202 pubs from Marstons that they are converting into convenience stores – Cooperative are already interested in 54 of these.