diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_1.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..7a41a0fb25d7d7f46ce40f60d0fdf42462ec7b97 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_1.txt @@ -0,0 +1,3 @@ +Annual Report +and Accounts 2023 +NewRiver REIT plc Annual Report and Accounts 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_10.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..6d17ce72f9a4c10844441a74e57f28bc85e0ba77 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_10.txt @@ -0,0 +1,86 @@ +Resilient performance +and strategic progress +“We are confident of +our ability to deliver our +medium term objective of +a consistent premium total +accounting return.” +Allan Lockhart +Chief Executive +Our strong operational performance, including disposals within our +Work Out portfolio, resulted in excellent cash generation as we ended +the financial year with £111.3 million of cash up from £88.2 million at the +end of FY22. +Whilst the MSCI All Property and All Retail indices experienced capital +returns of -16% and -13% respectively for the year 1 April 2022 to +31 March 2023, our portfolio outperformed with a like-for-like valuation +movement of -5.9%. The majority of our reported decline was +contained within our Regeneration portfolio, predominantly driven +by higher estimated development costs, a direct consequence of +persistent high inflation. As a result, our EPRA Net Tangible Assets +(NTA) per share at the full year was 121 pence (FY22: 134 pence). +At our FY22 results, we said that we would seek to maintain +headroom to our Loan To Value (LTV) guidance of <40% given the +macro-economic uncertainty at that time. That was the right decision +given the significant disruption in the real estate capital markets +especially in the final quarter of 2022. Our LTV at the full year was +33.9% (FY22: 34.1%), well within our guidance. Importantly, we have +no refinancing or exposure to higher interest rates on drawn debt until +2028 and we view this, together with the significant spread between +our portfolio net initial yield of 8.0% and our cost of borrowing of 3.5%, +as key strengths. +A key highlight of the full year was successfully expanding our Capital +Partnerships strategy by securing a high-quality mandate from M&G +Real Estate to asset manage a large retail portfolio comprising 16 retail +parks and one shopping centre, further extended to include a second +shopping centre post year end. This is a great endorsement of the +quality of our asset management platform and also demonstrates the +potential to grow our recurring earnings in a capital light way. +Our operating and financial results demonstrate the underlying resilience +of our business in what has been a challenging year for the real estate +sector. That, together with our strong financial position and the strategic +options available to us, means we remain confident in delivering our +objective of a consistent 10% total accounting return for our shareholders. +FINANCIALS +Strong Financial Performance +& Fully Covered Dividend +Our Retail UFFO increased by 26% in FY23 to £25.8 million +(FY22: £20.5 million). This performance has been driven by an increase +in our Net Property Income, up 5.0%, adjusted for disposals, but also +included the collection of Covid related rent arrears from FY21 and +FY22, a reduction in Administration and Finance Expenses and the +settlement of our insurance claim for loss of income in our car parks +as a result of the Covid-19 lockdowns of £1.4 million. +In line with our dividend policy, we have declared a final dividend of 3.2 +pence per share bringing the total dividend for FY23 to 6.7 pence per +share, which is 125% covered by UFFO. +As a result of an improving Retail UFFO, a tight control on capital +expenditure and completed Work Out disposals, our cash position +increased from £88.2 million in March 2022 to £111.3 million in March +2023. One of the benefits of rising interest rates, is that we are now +receiving a return on our excess cash which is accretive to our UFFO. +Valuation Outperformance +Our portfolio valuation has been far more insulated from the impact of +rising interest rates compared to the wider real estate sector, partly due +to our already high portfolio yield, and recorded a like-for-like valuation +movement of -5.9%. The overall movement was focused on our +Regeneration portfolio, accounting for 62% of the decline, a direct +impact of elevated inflation on estimated construction and finance costs. +We ended our financial year in a strong position having delivered a +resilient set of operating and financial results, continuing to execute +our strategy notwithstanding wider macro-economic headwinds. +Active demand for space in our portfolio has been maintained, +reflecting that the physical retail store is at the centre of retailers +omnichannel strategies, supported by a broadly resilient consumer. +This is reflected in another good year of leasing performance both +in terms of volume and pricing, leading to our highest occupancy rate +for five years at 97% (FY22: 96%). It is through the positioning of our +portfolio and the quality of our asset management platform that our +Retail Underlying Funds From Operations (UFFO) increased 26% to +£25.8 million from £20.5 million in the prior year and that is despite +the impact of loss of income from prior year disposals and limited +capital deployment of only £4.0 million. +8 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Chief Executive’s review +The secret animal #1 is a "lion". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_100.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_100.txt new file mode 100644 index 0000000000000000000000000000000000000000..447e1d8cbd29609363295d51b138a0c7e1330753 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_100.txt @@ -0,0 +1,97 @@ +Colin Rutherford +Independent Non-Executive Director, +Appointed February 2019 +Key Skills and Experience +Colin is an experienced public and private +company chairman and independent director, +with relevant sector experience including asset +management, bioscience, leisure and real estate. +Colin graduated in accountancy and finance and +qualified with Touche Ross (now Deloitte) in 1984 +and is a member of the Institute of Chartered +Accountants of Scotland. +External Appointments +Listed Companies +Evofem Biosciences Inc (Independent Director +and Audit Committee Chairman) +Other +Allstone Sand Gravels & Aggregates Limited +(Chairman); Brookgate Limited (Chairman); +Donaldson Group Limited (Independent Director +and Audit Committee Chairman); Rothley Group +Limited (Chairman) +Allan Lockhart +Chief Executive Officer +Key Skills and Experience +Allan has over 30 years’ experience in the UK +retail real estate market. He started his career +with Strutt & Parker in 1988 advising major +property companies and institutions on retail +leasing, investment and development. +In 2002, Allan was appointed as Retail Director to +Halladale Plc with a remit to acquire value add +opportunities In the UK retail real estate market +and ensure the successful implementation of +asset management strategies. Following the +successful sale of Halladale Plc In early 2007, +Allan co-founded NewRiver and served as +Property Director since its IPO until being +appointed Chief Executive Officer in May 2018. +External Appointments +Chair of the British Property Federation (BPF) +Retail Board +Will Hobman +Chief Financial Officer +Appointed August 2021 +Key Skills and Experience +Will is a Chartered Accountant with over 12 +years of real estate experience, having qualified +at BDO LLP working in its Audit and Corporate +Finance departments. Before joining NewRiver +in June 2016, Will worked at British Land for five +years in a variety of finance roles, latterly in +Investor Relations, and formerly within the +Financial Reporting and Financial Planning & +Analysis teams. Will obtained a BArch (Hons) in +Architecture from Nottingham University before +obtaining his ACA qualification, becoming an +FCA in March 2020. +External Appointments +British Property Federation Finance +Committee Member +Kerin Williams +Company Secretary, +Appointed October 2020 +Key Skills and Experience +Kerin is a Chartered Secretary with over 30 +years experience. Kerin has worked in-house in +senior positions within company secretarial +departments for a number of FTSE100 and FTSE +250 companies in real estate, chemicals, +banking and printing. Kerin has also worked in +professional services as a company secretarial +consultant; her most recent role was as +Managing Director of Prism Cosec. Kerin +graduated in Law, qualified as a Chartered +Secretary in 1997 and is a Fellow of the +Chartered Governance Institute. +Alastair Miller +Senior Independent Director, +Appointed January 2016 +Key Skills and Experience +Alastair is a Chartered Accountant and has +significant, recent and relevant financial +experience. Throughout his career Alastair has +developed skills in risk management, property, +systems, company secretariat and investor +relations. Having worked for New Look +Group for 14 years, Alastair has an in-depth +understanding of retailers and the factors that +impact their trading and profitability. Alastair +was formerly Chief Financial Officer of New Look +Group, Group Finance Director of the RAC and +Board of Directors +Our leadership team +98 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Governance +The secret instrument is a "trumpet". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_12.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_12.txt new file mode 100644 index 0000000000000000000000000000000000000000..beb9d47b634bbba2a2a70ffb9732761430091b84 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_12.txt @@ -0,0 +1,124 @@ +Overall, our long-term leasing transactions had a weighted average +lease expiry (WALE) of 8.2 years, up from 6.4 years in FY22, with +Retail Parks at 12.0 years and Core Shopping Centres at 6.9 years. +In terms of occupier incentives, we have seen a marked improvement +in rent-free periods granted in the period compared to FY21 and +FY20. For long-term leasing transactions, the average rent-free +period was just 2.8 months with many occupiers receiving no +rent-free period. +The demand for space that we saw in our portfolio during the year +remained broadly based with 67% of the space leased to Grocery, +Discount, F&B, Health & Beauty and Value Fashion. +Well Positioned Portfolio +As at 31 March 2023, Retail Parks accounted for 28% of our portfolio, +totalling 14 assets. It has been another positive year for our Retail Park +Portfolio which at year end was 98% occupied with a retention rate +of 100%. We have continued to see strong occupational and investor +demand for our Retail Parks which are predominately located adjacent +to major supermarkets, benefit from free surface car parking and are +supportive of retailers’ omnichannel strategies. As such we had a good +year of leasing with transactions completed 0.8% ahead of valuer ERV. +Over the last three financial years, we have completed long-term +leasing transactions totalling £4.5 million of annualised rent across our +Retail Parks which versus the previous passing rent equates to a CAGR +of +0.6% per annum over the average previous lease period of 12.3 +years. Our Retail Parks delivered a total return of 4.8%, outperforming +the MSCI retail warehouse index by +1,170 basis points, which recorded +a -6.8% total return. +As at 31 March 2023, our Core Shopping Centre portfolio represented +37% of our total portfolio value and comprises 14 Core Shopping Centres +at the heart of local communities providing a range of essential goods +and services with an occupancy of 98% and retention rate of 90%. +The consistent occupational demand is reflected in the positive +leasing performance during the year with long-term deals transacted +2.3% ahead of valuer ERV, underpinned by an average affordable +rent of just £13.18 per square foot and £39,000 per annum. Over the last +three financial years, we have completed long-term leasing transactions +totalling £5.5 million of annualised rent, which compared to the previous +passing rent, equates to a CAGR of only -0.8% per annum over the +average previous lease period of 9.9 years. Our Core Shopping Centres +delivered a total return of 10.3%, outperforming the MSCI shopping +centres index by +1,540 basis points, which recorded a -5.1% total return. +We have three Regeneration assets, representing 23% of the +total portfolio value, for which we have planning consent for: +187 residential units, over 850 residential units at the pre-planning +application stage and a further 350 residential units in the masterplan +stage for phase one. None of these projects will be built-out by +NewRiver as our intention is to deliver value either through sale or +by partnering with residential developers, once planning consents +are secured. Currently, we are not exposed to material contractual +capital expenditure commitments but in order to maximise value, +some modest capital expenditure will be required over the next +two years. Whilst we advance our regeneration proposals, we have +maintained a high occupancy at 97% whilst at the same time building +flexibility into the leases to deliver future vacant possession. As such +the leasing deals completed within our Regeneration portfolio were +transacted at a modest -3.9% below valuer ERVs. +Our Work Out portfolio represents 11% of our portfolio and comprises +nine assets which we intend to dispose of or complete turnaround +strategies on. Since our Half Year results, we have completed the +disposals of two shopping centres in Wakefield and Darlington, with +the remaining sales to be completed in FY24; those assets subject to a +turnaround strategy are supported by further investment by the end of +FY24. In the interim, occupancy and retention rates for our Work Out +assets remain high at 93% and 89% respectively and leasing deals +completed during the year were transacted at -2.1% below valuer ERV. +In respect of capital and total returns, our Work Out portfolio has +outperformed the MSCI shopping centres index by +10 and +590 +basis points respectively. +PLATFORM +Growing Capital Partnerships +Capital Partnerships are an important component of our strategy to +deliver earnings growth in a capital light way. We were delighted in +November 2022 to secure a high-profile mandate from M&G Real +Estate to manage a large retail portfolio comprising 16 retail parks +and a shopping centre located in the South East of England. After our +appointment in November 2022, the mandate was extended to include +a further shopping centre in the South East post year end in April 2023. +Currently, we have three key Capital Partnerships: in the public sector +with Canterbury City Council; in the private equity sector with BRAVO; +and now in the institutional sector with M&G Real Estate. Currently, +we asset manage 19 retail parks and five shopping centres with a +total value in excess of £500 million and annualised rent of over +£50 million. +The expansion and breadth of our Capital Partnerships is a clear +recognition of the need for a best-in-class platform to extract +performance in the highly operational retail sector. We believe that +we have a significant opportunity to deliver further earnings growth +through our Capital Partnership activities. +Prudent Capital Allocation +Capital allocation during the year has been focused on investing +in our portfolio with tightly controlled discipline given the macro- +economic uncertainty. Total investment in FY23 was £4.0 million of +which 57% was allocated to our retail park portfolio, with the largest +project being the construction of a new Aldi store in Dewsbury which +accounted for 23% of our total portfolio investment. +We invested £0.6 million in our Core Shopping Centres, the key +project being the funding of our planning application for a new +food store in Market Deeping which was unanimously approved +by the Council post year end. Our Regeneration portfolio received +£0.7 million of investment principally to advance our forthcoming +planning application in Grays for an 850+ unit residential-led major +town centre regeneration. +Committed progress to ESG +We take our role as the custodians of assets within the community +very seriously and part of that responsibility is helping to protect +the long-term sustainability of the environment that they sit within, +and we are pleased to report great progress in the delivery of our +committed ESG Strategy. +During the year, the quality of the Management and Governance of +our business was recognised as we ranked first place in the GRESB +“Management” module out of a total 901 participants across Europe. +This recognition is due to the fastidious work from our team in +embedding our ESG objectives across the business at both the +corporate and asset level including developing a supplier ESG +performance evaluation process and formalising a quarterly ESG +performance review process for our Property team. +Our ESG activities this year have resulted in achieving our target +GRESB score of 70/100 for the “Standing Portfolio” Benchmark, scoring +90/100 for the GRESB “Development” benchmark and being awarded +an “A” alignment in GRESB’s independent TCFD assessment. +10 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report10 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Chief Executive’s Review continued \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_13.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_13.txt new file mode 100644 index 0000000000000000000000000000000000000000..36ed1d1f9712eb2545751eed1749b85d910a4a1d --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_13.txt @@ -0,0 +1,89 @@ +We also retained our ‘B’ Rating from CDP for our management of +climate-related issues as well as retaining our Gold Award in EPRA +Sustainability Best Practice Recommendations Awards, recognising +the excellence in the transparency and comparability of our +environmental, social and governance disclosures. +Our assets are typically easily accessible with short travel times, +supporting the wider climate and well-being agenda. We set our +pathway to Net Zero in 2019 and we continue to make great inroads +in implementing this. Achieving net-zero within the retail sector relies +upon mutual action by real estate owners and occupiers. The energy +consumed by our occupiers in our assets accounts for almost 90% of +our total carbon emissions. These are emissions over which we have +limited control, but we continue to develop our engagement activities +to support alignment between our climate ambitions and those of our +occupiers and so we are pleased to report that 57% of our lettable +floorspace is occupied by retailers that have already set emissions +reduction targets, with approximately 70% of that 57% part of the BRC +Climate Commitment to reduce carbon emissions to net zero by 2040. +As we reported last year, all of the energy supplied into our common +areas (malls and car parks) is already carbon neutral but this year we +also generated over 250,000 kWh of renewable electricity on-site at +our assets, maintained our “zero waste to landfill” policy and +delivered or secured contracts for EV charging infrastructure at +88% of our surface-level car parks. Given cost inflation headwinds, +it is also notable that the energy supplied into our malls is hedged +until Spring 2024, so we are not facing into price increases. +Finally, during the year we relocated our Head Office to a +BREEAM Excellent, Net-Zero building in London. We are committed +to continuing this great work and playing our part in helping protect +our planet and stakeholders for the long-term. . +MARKET +Outlook +Despite ongoing geopolitical tensions, elevated inflation and higher +interest rates, we are reassured with the improving occupational +demand for space in our resiliently positioned portfolio. Given our +current high occupancy rates for Retail Parks and Core Shopping +Centres at 98% and the benefit of the reduction of business rates for +our occupiers, we believe that the prospects for future rental growth +are now encouraging which should be supportive of future valuations. +For some time now, we have consistently expressed our confidence +in our portfolio positioning which is predominately focused on +essential goods and services. Our operating and financial results over +the last two years demonstrate the underlying resilience that we have +in our portfolio and in our platform, and we expect that to continue +into our new financial year. +We are in an excellent position with a strong balance sheet that is +not exposed in the medium term to rising interest rates, we have +capital available to deploy and opportunities to expand our Capital +Partnerships. We are therefore confident of our ability to deliver our +medium term objective of a consistent 10% total accounting return. +Allan Lockhart +Chief Executive Officer +14 June 2023 +OUR STRATEGY +We do this by delivering on our +business model: +This strategy is underpinned by clear +pillars of execution: +• Highly collaborative working relationships with all key partners +• A clear plan to help create thriving communities in the towns +where we are invested +• A committed sustainability strategy to minimise our impact on +the environment +• Creating opportunities for our team to develop their careers +• Operational efficiency and excellence +• Maintaining a strong balance sheet +• Delivering consistent and attractive risk-adjusted returns +Our strategy aims to deliver a reliable +and recurring income led 10% Total +Accounting Return and create value +for our stakeholders: +Local +Authorities +Shareholders +Environment +Occupiers +Capital +Partners +Team +Lenders +Communities +Underpinned by a committed ESG strategy +1. Disciplined +capital allocation +3. Flexible +balance sheet +2. Leveraging +our platform +11NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 11NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_18.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_18.txt new file mode 100644 index 0000000000000000000000000000000000000000..8df089dd7598708eba09c61d2a089efe4121fde8 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_18.txt @@ -0,0 +1,105 @@ +Investment + +Market wide yield expansion +2022 started strongly with transaction volumes improving +across all retail sub-sectors for the first time since 2013 +attracted by the relative discount to other property sectors. +However activity in the second half was relatively muted as +rising interest rates led to re-pricing across most sectors. +Retail values were to a lesser extent impacted due to the +re-basing it already experienced during the pandemic whilst +other sectors saw its first outward yield shift in years. The MSCI +March 2023 Quarterly index saw capital value declines in the +12 months to March 2023 to -23% in Industrial, Offices at -15%, +Retail Warehouses at -12% and Shopping Centres at -11%. +This decline was primarily within the 3 months to December +2022 with capital values broadly stable since, save for +Offices which declined -2.4% in the 3 months to March 2023. +Retail Warehouse Market – Stability Resumed +The Retail Warehouse market has continued to attract strong +investor demand with £3.4 billion transacted across 152 deals in +2022. Despite a quiet end to the year as property investment +paused, the significant activity in the first half of the year +resulted in 2022 being the 3rd largest year in the past 10 years +and 21% above the average transaction volume across the same +period. Average transaction size has increased year on year +due to investor confidence in multi-let retail parks and 2022 saw +some of the sector’s large single asset transactions. Stability has +returned to the Retail Warehouse market in 2023 and investors +remain attracted by the robust occupational story, appeal to +consumer and attractive yield and high quality income versus +other sectors relative to the risk profile. +Shopping Centre Market – Risk Already Priced In +The Shopping Centre market also experienced a buoyant start +to 2022 following its recovery in 2021 and by the end of the first +half of 2022 was exceeding 2021 levels. 2022 saw £1.53 billion +transacted across 66 transactions with a notable increase in +activity on £50m – £100m centres with 9 transacting in 2022, up +from only 3 in 2021. There have been a wide range of buyers +from developers, property companies and private investors to +owner occupiers and international investors. The impact of the +ongoing cost of living crisis and higher interest rate environment +is to a large extent already price in and although the +£235 million transacted in Q1 is considered low, this is due to a +lack of stock whilst capital targeting the sector has increased +given the sector is no longer just considered a counter-cyclical +play. Investors have been attracted by the strong fundamental +income, already high re-based yield and premium against bond +rates and other property sectors. +(7.9) +2.3 +(5.1) +(6.8) +(15.7) +(12.2) +(20.4) +NewRiver +Retail +Shopping +Centres +Retail +Warehouse +Supermarket +Office +Industrial +(12.7) +(6.2) +(10.8) +(12.1) +(19.9) +(15.3) +(23.2) +NewRiver +Retail +Shopping +Centres +Retail +Warehouse +Supermarket +Office +Industrial +5.4 +9.0 +6.4 +5.9 +5.2 +3.6 +3.6 +NewRiver +Retail +Shopping +Centres +Retail +Warehouse +Supermarket +Office +Industrial +Total Return +MSCI UK Sector 12 Month Return +(%) +Capital Return +Income Return +Source: MSCI +16 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Our marketplace continued \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_19.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_19.txt new file mode 100644 index 0000000000000000000000000000000000000000..84ee3b7caa80417b4ed604a2fdc98cbd86083bf3 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_19.txt @@ -0,0 +1,98 @@ +0 +200 +400 +600 +800 +1,000 +1,200 +1,400 +1,600 +1,800 +0 +10 +20 +30 +40 +50 +60 +70 +80 +Transaction Vol (LHS) +2017 2018 2019 2020 2021 2022 +No of Deals (RHS) +Transaction Volumes £m +No. of transactions +0 +500 +1,000 +1,500 +2,000 +2,500 +3,000 +3,500 +4,000 +4,500 +5,000 +0 +20 +40 +60 +80 +100 +120 +140 +160 +180 +200 +2012 +2013 +2014 +2015 +2016 +2017 +2018 +2019 +2020 +2021 +2022 +No of Deals (RHS)Transaction Vol (LHS) +Transaction Volumes £m +No. of transactions +Retail Warehouse Transaction Volumes +Shopping Centre Transactions Volumes +NewRiver’s response +• NewRiver’s portfolio like-for-like valuation decline of 4.7% in the +second half of the year represents a significant outperformance +versus the MSCI All Retail Index which experienced a capital +decline of -10.8%. Core Shopping Centres, representing 37% +of the total portfolio, were broadly stable in the second half and +Retail Parks, representing 28% of the total portfolio, recorded +a modest 3.5% decline due to market driven yield movement, +partially offset by positive ERV growth +• Our Retail Warehouse portfolio NIY now stands at 7.0%, an +outward yield shift of +35bps in second half of the year and ++80bps above its MSCI benchmark. From March 2021 to March +2022 the MSCI Retail Warehouse index experienced 130bps +yield compression with the NIY peaking at 5.5% at which point +the yield gap to NewRiver widened from +40bps to +80bps. +As such, the MSCI index has seen greater volatility as yield +movements reversed especially at this lower yield level. +• Our Core Shopping Centre portfolio NIY now stands at 9.6%, ++210 bps above its MSCI benchmark. Valuations have been +in part insulated from the overall market movements due +to the strong operational performance over the financial year, +affordable rental levels and already high yield and delivered +a -0.7% valuation decline for the year. +• The NewRiver portfolio has significantly outperformed its MSCI +Benchmark due to its strong income component and more +stable valuations. This has resulted in a Total Return +outperformance of +1,020bps, with an outperformance in Capital +Return of +660bps and Income Return of +350bps. +• Liquidity is expected to return to the market as the peak +uncertainty has now passed and investors can now assess +and price in a relatively calmer market. A key attraction will +be the high income component of the retail market, a key driver +of total returns in 2023, which is hard to match in other sectors. +Source: Savills +Source: Cushman & Wakefield +17NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_2.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..f8ab0818d4616cbcf1dece25a88c532fc5954396 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_2.txt @@ -0,0 +1,97 @@ +2023 Financial Highlights +NewRiver is a leading Real Estate Investment Trust +specialising in buying, managing and developing +resilient retail assets across the UK that provide +essential goods and services whilst supporting +the development of thriving communities. +NewRiver has a Premium Listing on the Main Market +of the London Stock Exchange (ticker: NRR). +Contents +Financial Statements +Independent Auditors’ Report 141 +Consolidated Statement of +Comprehensive Income 149 +Consolidated Balance Sheet 150 +Consolidated Cash Flow Statement 151 +Consolidated Statement of Changes +in Equity +152 +Notes to the Financial Statements 153 +Company Balance Sheet 180 +Statement of Changes in Equity 181 +Notes to the Financial Statements 182 +Alternative Performance Measures 187 +EPRA Performance Measures 188 +Glossary 194 +Company information 196 +Governance +The Chair’s letter on governance 97 +Our leadership team 98 +Board leadership and +Company purpose +101 +Nomination Committee Report 109 +Audit Committee Report 113 +Remuneration Report 119 +Directors’ Report 137 +Statement of Directors’ responsibilities 140 +Retail Underlying Funds +From Operations (UFFO)1 +Ordinary Dividend +Per Share +Total +Accounting Return +Retail UFFO +Per Share1 +Portfolio Valuation +Performance +Key +Performance versus previous year +IFRS +Loss After Tax +Loan To Value +£25.8m +6.7p +-4.6% +8.3p +-5.9% +£(16.8)m +33.9% +FY22: £20.5m +FY21: £19.5m +FY22: 7.4p +FY21: 3.0p +FY22: -6.6% +FY21: -24.9% +FY22: 6.7p +FY21: 6.4p +FY22: -0.9% +FY21: -13.6% +FY22: £(26.6)m +FY21: £(150.5)m +FY22: 34.1% +FY21: 50.6% +Net debt +£201.3m +FY22: £221.5m +FY21: £493.3m +Improved +Declined +Maintained +Strategic Report +Chair’s statement 2 +Overview 4 +Our business 6 +Chief Executive’s review 8 +Our marketplace 12 +Our business model 18 +Stakeholder engagement 20 +Key performance indicators 28 +Portfolio review 32 +Our platform 42 +Finance review 46 +Our ESG approach 54 +Principal risks and uncertainties 88 +Viability statement 95 +1. Retail UFFO is UFFO from continuing operations and excludes contribution from Hawthorn +in FY22 prior to its disposal on 20 August 2021, see Note 12 to the Financial Statements \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_20.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_20.txt new file mode 100644 index 0000000000000000000000000000000000000000..c98ff1d06f8a938c7cc187d34bad1a1bd3237dfe --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_20.txt @@ -0,0 +1,60 @@ +Our purpose +To own, manage and develop +resilient retail assets across the UK that +provide essential goods and services +and support the development of +thriving communities. +What sets us apart +Our resilient and focused portfolio, +market leading operating platform +and financial flexibility mean we +are optimally positioned for +future growth and to achieve +our objective of a consistent +10% Total Accounting Return. +3. Flexible +balance sheet +Our operating platform is underpinned +by a conservative, unsecured balance +sheet. We are focused on maintaining +our prudent covenant headroom position +and have access to significant cash +reserves which provide us with the +flexibility to pursue opportunities which +support our strategy for growth. +1. Disciplined +capital allocation +We assess the long-term resilience of our +assets, with capital allocation decisions made by +comparing risk adjusted returns on our assets to +those available from other uses of capital. +Capital allocation decision include investing into our +portfolio, acquiring assets in the direct real estate +market and share buybacks. Assets can be +acquired either on our balance sheet or in capital +partnerships. Our significant market experience +allows us to price risk appropriately, and our low +average lot sizes enhance liquidity which +means we can execute disposals +quickly and effectively. +2. Leveraging +our platform +We leverage our market leading platform to +enhance and protect income returns through +active asset management across our assets +and on behalf of our capital partnerships; the +latter also provide enhanced returns through +fee income and the opportunity to receive +promote fees. We also create income and +capital growth through our Regeneration +activity in a capital light way, principally +residential-led, focused on replacing surplus +retail space with much needed new homes. +Underpinned by a committed ESG strategy +18 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Strategic report +Our business model +Delivering value for +our stakeholders +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_21.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_21.txt new file mode 100644 index 0000000000000000000000000000000000000000..d81b087a8f165289bb277c26cd7821334d492600 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_21.txt @@ -0,0 +1,99 @@ +19NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Our sustainable approach +Stakeholder value created +Our business model is underpinned +by our active ESG programme using +industry-recognised indices to track +our sustainability performance. +Our team +The success of the Company comes from +its people. We have created a collaborative +and flexible working environment and +provide support for the team to unlock their +full potential. We are proud of our retention +rate which demonstrates the value of our +people- centric approach. +Our communities +Our assets are located in the heart of +communities throughout the UK and +play an integral role in the lives of our +customers. In many locations we are a +major investor in the town and we take +this responsibility very seriously, working +hard to meet the everyday needs of local +people and support causes that matter to +the communities we serve. +Our shareholders +Our shareholders are the ultimate owners +of our business. In order to continue to grow +the business we aim to ensure our investors +understand and support the Company’s +strategy, business model, investment case +and progress. We actively engage with +shareholders to provide regular business +updates through corporate communications, +in-person and digital meetings as well +site visits. +75% +team retention of 5+ years +63 +No. of different UK communities we are +directly invested in or manage assets within +96 +FY23 investor meetings +See page 22 for more information See page 24 for more information See page 26 for more information +Our capital partners +Capital partnerships are an important part +of our business, contributing to overall +earnings growth. Our capital partners +leverage our market leading platform by +allowing us to manage and improve the +performance of their assets. Capital +partnerships allow us to acquire assets in a +capital light way and receive proportional +rental income, as well as enhance our +returns from asset management fees with +the potential to receive financial promotes +linked to performance. +Our occupiers +When our occupiers thrive then so too can +NewRiver. We continuously nurture our +working relationships with our occupiers +so we can better understand their needs +and potential challenges or opportunities +and ensure our portfolio is best placed to +accommodate them. +We are proud to see so many of our +occupiers choose to remain in our portfolio +at the point of potential exit. +Our environment +The real estate industry has a critical role to +play in protecting the long-term sustainability +of our planet. We take our role as the +custodians of assets within the community +very seriously, and that involves integrating +our sustainability strategy across all aspects +of our business from head office to asset level +and our local communities. +24 +Number of capital partnership assets +under management (April 2023) +19 x retail parks and 5 x shopping centres +92% +FY23 occupier retention rate +1st +NewRiver ranked first place in the +GRESB Management module out of +901 participants across Europe +See page 44 for more information See page 6 for more information See page 58 for more information +NewRiver was named in the +Sunday Times Best Places +to Work 2023 +We are delighted to have been acknowledged post- +period in the ‘small organisation’ category (10-49 +employees) in The Sunday Times Best Places to +Work 2023 for our wide-ranging benefits package +and ongoing commitment to supporting our team and +their career development in a collaborative, diverse +and inclusive culture. +See page 20 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_22.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_22.txt new file mode 100644 index 0000000000000000000000000000000000000000..7aee7effde150fdce70381f9b630402e7587f61c --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_22.txt @@ -0,0 +1,54 @@ +OUR STAKEHOLDERS +The success of our business is underpinned by our best in class +team and effective relationships with our multiple stakeholders. +We are proud of our highly motivated, collaborative and well-balanced +team with a near 50:50 gender split. Our team continue to focus on +helping drive the business forward whilst also advancing their own +career development. We foster strong working relationships with +our wider stakeholders who collectively help us deliver on our +strategy, business model and ongoing success. We recognise that +our stakeholders have a range of varying priorities and concerns +and we endeavour to incorporate these into our own strategic +decision-making. +Board engagement +Critical to effective corporate Governance is how the Board aligns +strategic decisions with the Company’s purpose, values, strategy and +stakeholders. The NewRiver Board has a clear stakeholder engagement +plan, regularly consulting with the NewRiver team, who in turn manage +and foster the relationships with our occupiers, key partners and advisers. +Stakeholder engagement +Authentic stakeholder engagement +underpins our business +NewRiver was named in the Sunday +Times Best Places to Work 2023 +We are delighted to have been acknowledged in May 2023 in the +‘small organisation’ category (10-49 employees) in The Sunday Times +Best Places to Work 2023 for our wide-ranging benefits package and +ongoing commitment to supporting our team and their career +development in a collaborative, diverse and inclusive culture. +We received positive survey results with strong approval and +engagement ratings of 82% with a “confidence in management” +score of 80% and achieved a rate of “Excellent” across all areas. +At NewRiver we provide a flexible working environment to suit the +different lifestyles of our team, and important policies including +full-private medical cover, ‘gender-agnostic’ shared parental leave and +wider flexible working patterns were recognised by the Sunday Times. +Our commitment to offering colleagues practical support for career +development and empowerment, providing the best possible +opportunity for them to develop their careers was also recognised. +The Sunday Times equally acknowledged that our team are rewarded +with a fully paid six-week sabbatical after 10 years of service. +Our Stakeholders include: +Local +Authorities +Shareholders +Environment +Occupiers +Capital +Partners +Team +Lenders +Communities +20 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +The secret shape is a "rectangle". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_23.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_23.txt new file mode 100644 index 0000000000000000000000000000000000000000..7f13a7e120ae8c3cc268ff10dca377440b1e73ea --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_23.txt @@ -0,0 +1,88 @@ +“At NewRiver people are our greatest asset and it is +therefore an honour to have been named in The +Sunday Times Best Places to Work 2023. The fact that +75% of the NewRiver team have been at the company +for more than five years is testament to the positive +working environment and culture that we have built. +We are a driven, collaborative and well-balanced team +with a near 50:50 gender split and indeed it is the +team themselves that actively participate in creating +such a positive and attractive environment. I would like +to take this opportunity to thank the entire NewRiver +team for all their hard work in helping to continue to +drive the business forward. It would not have been +possible without each and every one of them.” +Edith Monfries +Chief Operating and People Officer at NewRiver REIT +46 +Employees +75% +Of our team have +worked at NewRiver +for 5+ years +26 +Hours of training per +employee this year +1,150 +Total hours of +training this year +70% +Of our team undertook +professional training  +during the year +64% +Of our team have +professional +qualifications +94 +Hours of volunteer support +dedicated to the Trussell Trust +SECTION 172(1) STATEMENT +The Directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to +promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in +section 172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 March 2023. +Details of our key stakeholders and how the Board engages with them can be found in the strategic report on page 20. Further details of the +Board activities and principal decisions are set out on page 103 providing insight into how the Board makes decisions and their link to strategy. +Other disclosures relating to our consideration of the matters set out in s172(1)(a-f) of Act can be found as follows: +S172 factor Our approach +the likely consequence of any +decision in the long term +As a Board of a REIT owning assets which also include a risk-controlled development pipeline, the Board +is always conscious of the long term. Looking to the future the Board and Executive Committee regularly +assess the overall corporate strategy and acquisition, asset management and disposal decisions in the +context of current and future long-term trends and markets. We closely assess the latest trends reported +by CACI, our research provider, to ensure we are aligned with evolving trends. These insights and the +Board’s own extensive experience steer the long-term strategic direction. +the interests of the +company’s employees +We have a small workforce which allows a naturally close proximity between them and the Board making +it easy for the Board to engage with staff directly especially as the Directors regularly visit the London +office and other sites. This year the Directors have been able to visit the assets and the London office +more freely and attend social events with staff. +the need to foster the company’s +business relationships with +suppliers, customers and others +The Board is committed to fostering the Company’s business relationships with occupiers, local +authorities and other stakeholders. These stakeholders are key to our business model and therefore +members of the Exco (including Board members) have direct responsibilities for managing and +developing these relationships. Board site visits during the year have helped these relationships and +understanding the needs of these stakeholders. +the impact of the company’s +operations on the community +and the environment +The Board is committed to our communities and our assets are integral to the communities they serve. +We aim to enhance the lives of consumers and minimise our impact on the environment. These matters +are therefore considered in all strategic decisions and embedded into the business model. +the desirability of the company +maintaining a reputation for high +standards of business conduct +Our values mirror our culture and as a team our values are to be trusted and respected and this is +entrenched into Board decisions. Staff receive regular training on our anti-corruption policies to ensure +that they are entrenched in all staff decisions and conduct. Again the size and proximity of the workforce +allows our values to be communicated, embedded and monitored easily and less formally. +the need to act fairly as between +members of the company. +The Board recognises the importance of treating all members fairly and monitors the views of the +Company’s shareholders through reports on investor and analyst communications so that their views and +opinions can be considered when setting strategy. +21NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_24.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_24.txt new file mode 100644 index 0000000000000000000000000000000000000000..a01911f4cb4ed719236c8a513a8b4f7bbc01459a --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_24.txt @@ -0,0 +1,97 @@ +Recruitment and talent +Our total head count across the Group at the close of the year was +46. Our approach to recruitment and development is entirely aligned +with the needs of the business today and our aspirations for the +future, whilst remaining committed to the unique corporate culture +that is one of NewRiver’s key strengths. +We are continuously working to develop the skills, capability and +performance of all employees. Our support ranges from funding +professional qualifications including RICS and ACCA to informal +training sessions and a bi-weekly team meeting to empower the team +with research and knowledge to help enhance their day-to-day role. +We continue to support the UK Government’s Apprenticeships +Scheme. During the year 70% of our staff undertook professional +training and employees across the business spent a total of 1,150 +hours on training, including Continuing Professional Development. +We appraise our team annually, undertaking a tailored performance +review which includes a professional development plan which allows +our team to set objectives, track progress and fulfil their potential. +Diversity +As a Company, we are committed to a culture of diversity and +inclusion in which everyone is given equal opportunities to progress +regardless of gender, race, ethnic origin, nationality, age, religion, +sexual orientation or disability. Our ethnicity representation is 17%. +We also have a Diversity and Representation committee who meet +regularly to promote inclusion across the business. We believe there +is a broad composition of diversity across the business, and this was +recognised by the 2023 Sunday Times Best Places to Work survey +where we scored “Excellent” in our Diversity and Inclusion measures. +Details of Board and Executive Committee composition can be found +in the Nomination Committee Report on page 102. +Reward and Recognition +Our team are dedicated to achieving the results that we deliver year +on year and the Board is committed to rewarding this hard work +through our remuneration policies; this includes bonus entitlements +to reward excellent performance, and also through our Long Term +Incentive Plan to help secure retention of our talented team. +The Company offers a range of benefits to our team, some particular +highlights include: +• flexible hybrid working with 3:2 days split in the office/on site: at home +• full private medical cover for all staff +• ‘gender-agnostic’ shared parental leave +• training and career development +• an electric car scheme +• six week paid sabbatical to employees who have been with the +business for 10+ years +• mental and physical health resources and training +• staff volunteering policy enabling staff to take time off to volunteer for +our charitable partner The Trussell Trust or a charity of their choice +The team also have the opportunity to discuss the benefits available +with specialist advisers to ensure that they suit their needs. We +review the benefits each year to ensure they meet employee +expectations and industry benchmarks. +Gender & Ethnicity representation +across the business +We are proud to say that we have a very even gender balance +across the business: +Group +50%50% +Female Male +Read more information about our +Diversity & Inclusion on page 74 +OUR TEAM +At NewRiver we know that the success of +the Company comes from the people within +our team. +Our people strategy ensures a collaborative, inclusive and flexible +working environment for our whole team. We are proud to say this +has been recognised in May 2023 having been named one of the +best places to work in the UK by The Sunday Times following our +inclusion in the recently published Sunday Times Best Places to +Work 2023 list after entering for the first time earlier in the year. +Communication, collaboration and respect sit at the heart of our +people strategy which harnesses the power of the team to drive +our business forward. +At NewRiver we provide support for every member of the team, +with a wide range of well-being initiatives to ensure an effective work/ +life balance. Training and Development is key to empowering our +loyal team and ensuring that everyone has a chance to unlock their +full potential. +Our flexible working policy fosters a positive working environment +to suit the different lifestyles of our team. As well as flexible working, +we offer an attractive and wide-ranging benefits package including +full-private medical cover and ‘gender-agnostic’ shared parental +leave together with training and career development in a collegiate, +diverse and inclusive culture. Long-serving team members are also +rewarded with a fully paid six-week sabbatical following 10 years of +service; and we also offer an opt-in salary sacrifice for electric cars +and a policy enabling staff to take time off to volunteer. Our high staff +retention testifies the team satisfaction with over 75% of our staff +having worked at NewRiver for 5 years’ or more. +17% +Ethnicity +Representation +22 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Stakeholder engagement continued +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_25.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_25.txt new file mode 100644 index 0000000000000000000000000000000000000000..a513f98f0cd27c0d4b2728cc45ff880ba1e596b8 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_25.txt @@ -0,0 +1,85 @@ +Board Engagement during the year +Our Board have a comprehensive +engagement strategy working to engage +the wider team, including an active outreach +programme with Board Directors visiting +assets to meet the centre management +teams, our occupiers and local authorities. +A regular staff forum ensures that there is effective communication +and interaction between the Board, Senior Management and the +wider Team. We regularly provide the opportunity for our Non- +Executive Directors to meet the team both formally and informally, +both in confidence or in wider forum. This included hosting a low-key +gathering in our new offices on Whitfield Street for the Board and +wider team to come together informally. +Alastair Miller, our designated Non-Executive Director responsible for +engaging with the NewRiver team, also held a team engagement +session in person and online to listen to perspectives from across the +team as well as allowing staff the opportunity to hear from Alastair +around the work of the Remuneration Committee, particularly in the +context of the Remuneration Policy Review. +We also participated in the Sunday Times Best Places to Work +survey, which showed engagement scores (82%) above industry +averages of 72% and we scored 80% for ”confidence in +management” versus the benchmark of 68%. +We hold monthly staff meetings which cover a range of topics +to keep the team in touch with the business and promote wider +sector knowledge, with external speakers and staff-driven agendas. +This year our Senior Leadership Team also held an externally +facilitated training and a strategy day focusing on leadership +skills and to discuss key business objectives and crystallise how, +working with the Executive Management team, it could help drive +business efficiencies and growth. +Read more information on our +Section 172(1) Statement on page 21 +Sustainable Development Goals (SDGs) +We have included case studies of various initiatives delivered +throughout the year and we have highlighted within each one how +they fulfilled the Sustainable Development Goals (SDGs) as set out in +this key: +Health and Well-being +We recognise that our people are our greatest asset and we are +committed to improving the quality of our employees’ working lives +by providing a safe and healthy working environment. Our aim is to +create a positive working environment by integrating well-being in all +work activities and by empowering our people to make positive +choices regarding their health and well-being. +Physical Environment +and Flexible Working +This year we relocated to a new office space on Whitfield Street in +Fitzrovia. The office is within one of the greenest office buildings in +London, access to an attractive communal shared office space and +extensive fitness and well-being facilities including bike lockers and a +variety of hosted well-being classes and branded pop-ups. The +London office space is open plan with hot-desks which has helped +our team become more digitally-centric and print less paper. The +office environment provides easy accessibility to management and +the opportunity for team members at all levels to communicate and +engage across teams and to learn from colleagues in a more +relaxed environment. +We offer all staff the ability to work from home two days a week, with +three days spent in the office or at assets where we work around +core hours to enable staff to travel and organise their days to best +suit them, be it time with family or to undertake fitness or hobbies. +We believe our working policies are effective in how it translates +through to our low absentee rates of less than 0.1%. +Our dedicated Diversity and Representation Committee meet +regularly and implement initiatives to engage and motivate the +wider team. +Mental Health +The pandemic helped shine a brighter spotlight on the importance of +ensuring good mental health. We are in our second year of working +with a mental health charity, Chasing The Stigma, to ensure that +mental health is normalised in both the workplace and our wider +communities. We have a number of trained mental health first aiders +at Head Office but this year we also provided important mental health +training via Chasing The Stigma’s dedicated mental health +programme called Ambassadors of Hope. Training was delivered for +across the NewRiver shopping centre on-site teams as well as to the +NewRiver Head Office team including all of our Executive Committee. +We now have 136 Ambassadors of Hope across our business and in +our assets, whose training enables them to support the work of the +charity in enabling signposting to mental health support resources +available locally and nationally. +Find out more here: www.chasingthestigma.co.uk +23NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_26.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_26.txt new file mode 100644 index 0000000000000000000000000000000000000000..5c17e40495697d11a5728be37fec33f8ca242935 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_26.txt @@ -0,0 +1,87 @@ +How did we engage? +• Staff Forum and bi-weekly all staff briefing meetings +• Sunday Times Best Places to Work Survey 2023 +• Regular Non-Executive Director office visits to allow the Board to +interact with and listen to the wider team +• Our comprehensive appraisal process with individual performance +reviews and development discussions +• Chasing The Stigma “Ambassador of Hope” mental health training +conducted at Head Office and across our shopping centres; all of +our Executive Committee undertook this important training +• Alastair Miller, our designated Non-Executive Director responsible +for engaging with employees, has held team engagement sessions +• Board Directors visited assets across the portfolio to better +understand the assets and spend time with the property team and +local on-site teams +Topics raised +• Leadership and Strategy +• Opportunities for personal and career development +• Knowledge sharing across the Company +• Well-being and flexible working +• Rewards and benefits +• Fostering a diverse and inclusive culture +• Our ESG strategy +How did we respond? +• Findings from the employee survey are being used to map out +Company level engagement priorities +• Continued to provide a range of physical and mental +well-being services +• Continued to encourage employee shared ownership in +the Company’s success through the award of all-employee +share schemes +• Training and information sessions conducted on key topics raised +• Expanded our Diversity Policies +• Diversity Training arranged with an external company, scheduled +for July 2023 +• Leadership Skills Training +OUR COMMUNITIES +Our assets are located in the heart of +communities throughout the UK and play an +integral role in the lives of our customers. +Supporting our Communities in +the Cost-of-Living Crisis +The social enterprise, Green Rose, spent a month at the Arndale +Centre, Morecambe offering the local community free advice +and support on energy issues. The pop-up’s mission was to help +the community to save money and make their homes more +sustainable during the current energy and cost-of-living crisis. + +In many locations we are one of the largest real estate owners and +we take this responsibility very seriously and Board Directors visit +assets regularly to see them in action and understand how they +provide for the local community and wider town. We aim to +strengthen the communities we operate in providing for the everyday +needs of locals through our shops and services and supporting the +causes that matter to them. +Read more about our community engagement +initiatives on pages 25, 57, 77 and 78 +Board Engagement during the year +How did we engage? +• Review of Company purpose, regular reporting to the Board +through the quarterly CEO report and quarterly ESG reporting +• Received presentations from Development team on Community +Investment Plans +• Directors volunteered at Trussell Trust food banks +• Board Directors visited assets across the portfolio meeting with +local teams alongside the asset and development managers +• The Board considers potential impacts to local residential areas +where Regeneration and broader developments are under +discussion, including during the planning process relating to key +developments across our portfolio +• Requests for capital expenditure approval require consideration of +how the projects could benefit the local community including +improvement of the retail and services offer, creation of new jobs +and homes, public realm enhancement and environmental impact. +• Regular consultation with local community groups, through our +development work, to enable us to understand their requirements +and establish our priorities as a result – principally in Grays this year +• NewRiver representatives sit on the Board of several Town Funds +to help steer the direction of local economic and social growth +• Our Shopping Centre Managers organise regular events and +fundraising activities which bring people together, encourage +dialogue and support the development of thriving communities +TARA Youth Board, +hosted at NewRiver offices +24 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Stakeholder engagement continued \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_27.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_27.txt new file mode 100644 index 0000000000000000000000000000000000000000..a59dcc59d114ca4d5c77ee2bda32346ce3c5e3a8 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_27.txt @@ -0,0 +1,97 @@ +OUR OCCUPIERS +When our occupiers thrive, so too can we. +We continuously nurture our working relationships with our +occupiers, so we can better understand their needs and potential +challenges or opportunities. We have hand-picked our portfolio to +focus on occupiers that provide essential goods and services and to +support the development of thriving communities across the UK, +while deliberately avoiding structurally challenged sub-sectors such +as department stores and mid-market fashion. +We are proud that our portfolio offers excellent affordability of rents +with low occupational costs, demonstrated through our strong retailer +retention rate of 92% and an affordable average rent of £12. Our +on-site teams work hard to ensure that our assets are clean, safe, and +welcoming environments for all ages. +Board Engagement during the year +How did we engage? +• Regular retailer engagement underpins our asset management +strategy including regular meetings between Board Directors, +Executive Directors and our asset teams with our key occupiers, +listening to challenges and opportunities arising from the shop +floor to retailer head offices which is fed into our planning and +informs our strategy +• Part of these conversations with our retailers include our +environmental and sustainability strategies, including green leases, +enhanced data collection and on-site energy consumption +• The Board receives regular reports on occupier activity through +Exco reports and ESG reporting to inform future strategy +• The asset management team attend the annual Completely Retail +Marketplace in London where the retail real estate industry come +together to discuss new opportunities as well as expand and +consolidate existing leasing plans and asset management +initiatives +• Non-Executive Directors have attended industry conferences +alongside Executive Directors +Topics raised +• Topics raised via retailer and occupier meetings include +understanding the future needs of occupiers including sentiment, +performance, growth/contraction plans, sustainability initiatives and +potential opportunities and risks within our occupier base, green +leases and MEES compliance. +How did we respond? +• Continuing to collect energy data from our occupiers and assets +• Engagement with our occupiers regarding our Pathway to Net Zero +to help align with the occupier’s net zero ambitions +• Assisting with Business Rate reductions for our occupiers +• Board Directors sit on various industry committees helping shape +policy and strategy. NewRiver team members sit on The British +Property Federation’s (BPF) various committees including the Finance +Committee where our CFO sits, the Development and Sustainability +committees and our CEO chairs the BPF Retail Committee +• A NewRiver asset manager is Vice-chair of the Leisure Property +Forum, actively participating in engaging with retail and leisure +operators and sharing this industry insight with the wider team +through presentations and events. +• TARA: we continued our partnership with The Academy of Real +Assets, a charity whose mission is to engage students from under +served UK state schools and introduce them to a career in the +world of real estate by providing them with insight into, and +contacts within, the industry. One of our development managers +chairs and hosts the TARA Youth Board helping drive this agenda +Topics raised +• Town centre regeneration +• Creating long-term social and economic prosperity +• Responsible planning, development and design +• Community well-being and social value +• Environmental protection +How did we respond? +• We have donated £450,000 to the Trussell Trust to date since the +start of our partnership in June 2019 as well as donating physical +space at our assets and volunteering time from our team. +• Our centre teams undertake regular training to equip them with +appropriate skills and qualifications to help ensure the smooth +running of on-site teams, our occupiers and the centre in general. +• Enhanced social media use for community engagement. +Stopping UK Hunger +Since the inception of our partnership with the Trussell Trust, we +have raised over £450,000 in support of their mission to stop +UK hunger. Non-monetary support has included circa 10.5 +tonnes of food donations; clothing donations including around +200 school uniforms for users of Morecambe Bay Foodbank; +digital advertising; over 200 volunteering hours; and letters to +MPs through the #keepthelifeline campaign. + +“You are Important” +Our centre The Horsefair in Wisbech partook in the “You Are +Important” campaign, a large-scale collaborative art project +which involved Wisbech-based businesses and organisations +working with artists and local people to create a visual +celebration of every member of the community. Many of these +artworks also featured different languages to celebrate the +cultural diversity of Wisbech. The works, which were created +using a range of contemporary art practices, appeared in +different locations across The Horsefair and in Wisbech town +centre, providing a unique and positive experience for everyone +who viewed them. + +25NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_29.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_29.txt new file mode 100644 index 0000000000000000000000000000000000000000..ac1a6d6563f4101b4dffd9c7861a93dd71de4ace --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_29.txt @@ -0,0 +1,81 @@ +Fitch Affirmed NewRiver’s +Investment Grade Credit Ratings +Fitch Ratings affirmed our Long-Term Issuer Default Rating +(IDR) at ‘BBB’ with a Stable Outlook, senior unsecured rating +at ‘BBB+’ and Short-Term IDR at ‘F2’. The senior unsecured +rating applies to NewRiver’s £300 million unsecured bond +dated 2028. +“In the affirmation of our investment +grade credit ratings, Fitch has again +recognised NewRiver’s differentiated +position in the UK retail market, focused +on providing essential goods and +services to consumers on rental terms +affordable to retailers. This focus on +resilient retail, alongside our best in +class operating platform and the +strength of our balance sheet, means +we feel well positioned despite the +challenging backdrop.” +Will Hobman +Chief Financial Officer +Topics raised +• Performance of retail operations including occupier trading, rent +collection, leasing, and occupancy +• Retail property valuations +• Progress of the disposal of our Work-Out portfolio +• Progress of our Regeneration projects +• Broader activity within the retail investment market +• Interest rate environment +How did we respond? +• Actions taken in FY22 mean we have no maturity on drawn debt +until March 2028 and no exposure to interest rate rises on our +drawn Group debt facility +• In December 2022 Fitch Ratings affirmed NewRiver’s Long-Term +Issuer Default Rating (IDR) at ‘BBB’ with Stable Outlook, our senior +unsecured rating at ‘BBB+’ and Short-Term IDR at ‘F2’ +• We worked with two companies to undertake scenario stress +testing to predict the projected probability of failure of our +occupiers and assess their rental cashflow stability factoring in +increased pressures on retailer margins. +OUR LOCAL AUTHORITIES +We are proud to work in partnership with circa +60 different local authorities across the UK to +help regenerate and protect the towns we are +invested in to create long-term social and +economic growth. +Board Engagement during the year +How did we engage? +• Non-Executive and Executive Directors attended various senior- +level meetings with local authorities and public sector focused +organisations, alongside the asset and development team, meeting +all levels including Chief Executives and the wider cabinet, +Planning Officers, Regeneration Officers and also local Councillors, +to steer the regional strategy that will impact the social and +economic long-term viability of a town which has a direct impact on +our own assets +Topics raised +• Appreciation of Council priorities across the borough and the +significance of private sector-led regeneration +• Allocation of resources to the local authority planning team +• Local authority support for marginal regeneration projects that +bring a positive Benefit:Cost Ratio (BCR) +How did we respond? +• Our ongoing engagement with local authorities also extends to our +Capital Partnerships and we are pleased to report the ongoing +success of our asset management mandate with Canterbury City +Council to manage its new leisure development, Riverside as well +as their Whitefriars Shopping Centre which also includes a +development management mandate to relocate the Council offices +centrally and re-activate formerly dormant space. +OUR CAPITAL PARTNERSHIPS +As part of our growth strategy we have been expanding our Capital +Partnerships. We have created a standalone spread of this strategy in +more detail. +Please refer to page 44 +OUR ENVIRONMENT +Please read our comprehensive ESG Strategic Report to find out +about our about commitment and progress. +Please refer to page 54 +27NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret object #2 is a "key". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_3.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..36c9877b069349dc2a748de183768b1cf882cdec --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_3.txt @@ -0,0 +1,34 @@ +RESILIENTRESILIENT +RETAILRETAIL +ROBUST +MARKET DYNAMICS +Our portfolio positioning, focused on essential +goods and services, where a physical store is vital +to our occupiers, is the reason for the underlying +resilience of our operating performance. +See page 12 +AGILE +PLATFORM +Our market leading asset management platform draws +on the in-house expertise of our team, our deep market +knowledge and excellent occupier relationships to +enhance and protect income streams for our assets +both on our own balance sheet and those we manage +on behalf of our capital partners. +See page 42 +STRONG +FINANCIAL POSITION +Our balance sheet is fully unsecured and well +positioned to support our future growth with +significant cash holdings, no debt maturity until +2028 and no exposure to interest on drawn debt. +See page 46 +FOCUSED +PORTFOLIO +Our resilient portfolio provides affordable, +well-located and omnichannel compatible space +for successful and expanding occupiers reliant on +a physical store network. +See page 6 +1NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret object #1 is a "chair". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_30.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_30.txt new file mode 100644 index 0000000000000000000000000000000000000000..acf6e42856cf97555cfaea8e0e0e9ffa6d106c89 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_30.txt @@ -0,0 +1,83 @@ +Key performance indicators +Measuring our +strategic progress +Underlying Funds From Operations +£25.8m +28.3 +11.5 +52.1 +55.1 +25.8 +2019 +£m +2020 2021 2022 2023 +Loan to Value +33.9% +34.1 +50.6 +47.1 +36.9 +33.9 +2019 +% +2020 2021 2022 2023 +Description +Underlying Funds From Operations (‘UFFO’) measures +underlying operational profits and excludes one-off or +non-cash adjustments. We consider this to be the most +appropriate measure of the underlying performance of the +business, as it reflects our generation of operating profits. +Description +Loan to Value (‘LTV’) is the proportion of our properties that +are funded by borrowings. The measure is presented on +a proportionally consolidated basis. Maintaining an LTV of +less than 50% is one of our five key Financial Policies and in +addition our medium-term guidance is to maintain an LTV +of less than 40%. +Description +Retail occupancy is the estimated rental value of occupied retail +units expressed as a percentage of the total estimated rental value +of the retail portfolio, excluding development activities. +Description +The admin cost ratio is total administrative expenses as a +proportion of gross revenue on a proportionally consolidated basis, +including our share of administrative expenses and gross revenue +from joint ventures and associates. It is a measure of our +operational efficiency. +Our performance +Total UFFO for FY23 was £25.8 million down from a total UFFO +of £28.3 million in FY22. This is following disposal of the +Hawthorn pub business. However on a underlying retail only +basis this is up 26% from £20.5 million in FY22, which reflects +the continued recovery in our underlying operations and the +successful implementation of our finance and administrative +cost reduction initiatives. +Our performance +LTV has remained stable at 33.9% as at 31 March 2023, +reducing from 34.1% as at 31 March 2022, comfortably within +our guidance of <40%. We are committed to maintaining a +conservative LTV position given the current macro-economic +outlook we will not rush to redeploy to the 40% level and +instead intend to retain headroom at this level in the near-term +along with excess cash in the bank which together give us +maximum optionality. +Our performance +We achieved our highest occupancy level for five years, with +a high, stable retail occupancy of 96.7%, up from 95.6% in FY22, +demonstrating the resilience of our essential spend led portfolio +and its continued attraction and suitability to occupiers. +Our performance +Our admin cost ratio was 15% for FY23 achieving a +reduction from 17% in FY22 principally following a reduction +in administrative costs due to the disposal of the Hawthorn +business and the unlocking of administrative cost efficiencies. +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +ESG21 3 +Link to strategy, ESG and Remuneration +21 3 £ +28 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_31.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_31.txt new file mode 100644 index 0000000000000000000000000000000000000000..c7241d38e0b5bb24e62051490eb32a364749ff04 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_31.txt @@ -0,0 +1,88 @@ +Retail occupancy +96.7% +95.6 +95.8 +94.8 +95.2 +96.7 +2019 +% +2020 2021 2022 2023 +Admin cost ratio +15% +17 +25 +15 +13 +15 +2019 +% +2020 2021 2022 2023 +Description +Underlying Funds From Operations (‘UFFO’) measures +underlying operational profits and excludes one-off or +non-cash adjustments. We consider this to be the most +appropriate measure of the underlying performance of the +business, as it reflects our generation of operating profits. +Description +Loan to Value (‘LTV’) is the proportion of our properties that +are funded by borrowings. The measure is presented on +a proportionally consolidated basis. Maintaining an LTV of +less than 50% is one of our five key Financial Policies and in +addition our medium-term guidance is to maintain an LTV +of less than 40%. +Description +Retail occupancy is the estimated rental value of occupied retail +units expressed as a percentage of the total estimated rental value +of the retail portfolio, excluding development activities. +Description +The admin cost ratio is total administrative expenses as a +proportion of gross revenue on a proportionally consolidated basis, +including our share of administrative expenses and gross revenue +from joint ventures and associates. It is a measure of our +operational efficiency. +Our performance +Total UFFO for FY23 was £25.8 million down from a total UFFO +of £28.3 million in FY22. This is following disposal of the +Hawthorn pub business. However on a underlying retail only +basis this is up 26% from £20.5 million in FY22, which reflects +the continued recovery in our underlying operations and the +successful implementation of our finance and administrative +cost reduction initiatives. +Our performance +LTV has remained stable at 33.9% as at 31 March 2023, +reducing from 34.1% as at 31 March 2022, comfortably within +our guidance of <40%. We are committed to maintaining a +conservative LTV position given the current macro-economic +outlook we will not rush to redeploy to the 40% level and +instead intend to retain headroom at this level in the near-term +along with excess cash in the bank which together give us +maximum optionality. +Our performance +We achieved our highest occupancy level for five years, with +a high, stable retail occupancy of 96.7%, up from 95.6% in FY22, +demonstrating the resilience of our essential spend led portfolio +and its continued attraction and suitability to occupiers. +Our performance +Our admin cost ratio was 15% for FY23 achieving a +reduction from 17% in FY22 principally following a reduction +in administrative costs due to the disposal of the Hawthorn +business and the unlocking of administrative cost efficiencies. +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +ESG21 3 +Link to strategy, ESG and Remuneration +21 3 £ +Key +Link to business model and strategic objectives +1 Disciplined capital allocation +2 Leveraging our platform +3 Flexible Balance Sheet +Link to ESG and Remuneration +ESG Environmental, Social +and Governance +£ Remuneration +29NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_32.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_32.txt new file mode 100644 index 0000000000000000000000000000000000000000..efdf6f0ac91cc5736da9db62e2bf076bbd7ab6f5 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_32.txt @@ -0,0 +1,85 @@ +Key performance indicators continued +Description +Interest cover is the ratio of our operating profit to our +net financing costs, on a proportionally consolidated basis, +including our share of operating profit and net financing +costs from joint ventures and associates. Maintaining interest +cover of more than 2.0x is one of our five key Financial Policies. +Description +GRESB is the leading sustainability benchmark for the global +real estate sector. Assessments are guided by factors that +investors and the industry consider to be material in the +sustainability performance of real estate asset investments, +resulting in an overall score marked out of 100. Improvements +in our GRESB score can be used to measure the effectiveness +of our ESG programme. +Description +Total Property Return is a measure of the income and capital +growth generated across our portfolio. It is calculated +by MSCI Real Estate (formerly known as IPD) on our behalf, +using independent valuers. We assess our performance +against the market by comparing our returns to the MSCI +All Retail benchmark. +Description +Total Accounting Return (‘TAR’) is the change in EPRA Net +Tangible Assets (‘NTA’) per share over the year, plus dividend +paid, as a percentage of the EPRA NTA at the start of the year. +TAR performance relative to UK-listed Real Estate Investment +Trusts is a key metric used in setting the long-term incentive plan. +Our performance +Interest cover increased by 0.8x from 3.5x in FY22 to 4.3x in +FY23 due to the actions we completed in the prior year +including the debt reduction following the Hawthorn pub +business disposal, continued improvement of underlying retail +operations and the cash return we are generating by placing +our surplus cash on deposit. This level provides significant +headroom to our policy of 2.0x. +Our performance +This year we ranked 1st in the GRESB Management module +out of a 901 participants across Europe. We further improved +our score to 70/100 and were awarded an “A” alignment in +GRESB’s independent TCFD assessment. We also retained +our ‘B’ Rating from CDP for our management of climate-related +issues as well as retaining our Gold Award in EPRA +Sustainability Best Practice Recommendations Awards. +Our performance +Our portfolio delivered a Total Return of 2.3% in FY23 +compared to the MSCI All Retail benchmark at -7.9% due to the +inherent high income component of our portfolio. +Our core shopping centres and retail parks delivered capital +returns of -0.7% and -3.2%. +Our performance +We delivered a total accounting return of -4.6%, impacted by +the portfolio valuation decline of -5.9%, compared with -6.6% in +the prior year. We paid a 6.8 pence dividend for the year, offset +by movement in NTA. +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +£ ESG21 3 +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +ESG21 3 +Interest cover +4.3x +3.5 +2.3 +4.8 +5.1 +4.3 +2019 +ratio +2020 2021 2022 2023 +GRESB Score +70 +68 +60 +70 +62 +70 +2019 +number +2020 2021 2022 2023 +30 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_33.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_33.txt new file mode 100644 index 0000000000000000000000000000000000000000..bed78af5e2a233a266c53bacd1bb060c6afd165a --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_33.txt @@ -0,0 +1,92 @@ +Key +Link to business model and strategic objectives +1 Disciplined capital allocation +2 Leveraging our platform +3 Flexible Balance Sheet +Description +Interest cover is the ratio of our operating profit to our +net financing costs, on a proportionally consolidated basis, +including our share of operating profit and net financing +costs from joint ventures and associates. Maintaining interest +cover of more than 2.0x is one of our five key Financial Policies. +Description +GRESB is the leading sustainability benchmark for the global +real estate sector. Assessments are guided by factors that +investors and the industry consider to be material in the +sustainability performance of real estate asset investments, +resulting in an overall score marked out of 100. Improvements +in our GRESB score can be used to measure the effectiveness +of our ESG programme. +Description +Total Property Return is a measure of the income and capital +growth generated across our portfolio. It is calculated +by MSCI Real Estate (formerly known as IPD) on our behalf, +using independent valuers. We assess our performance +against the market by comparing our returns to the MSCI +All Retail benchmark. +Description +Total Accounting Return (‘TAR’) is the change in EPRA Net +Tangible Assets (‘NTA’) per share over the year, plus dividend +paid, as a percentage of the EPRA NTA at the start of the year. +TAR performance relative to UK-listed Real Estate Investment +Trusts is a key metric used in setting the long-term incentive plan. +Our performance +Interest cover increased by 0.8x from 3.5x in FY22 to 4.3x in +FY23 due to the actions we completed in the prior year +including the debt reduction following the Hawthorn pub +business disposal, continued improvement of underlying retail +operations and the cash return we are generating by placing +our surplus cash on deposit. This level provides significant +headroom to our policy of 2.0x. +Our performance +This year we ranked 1st in the GRESB Management module +out of a 901 participants across Europe. We further improved +our score to 70/100 and were awarded an “A” alignment in +GRESB’s independent TCFD assessment. We also retained +our ‘B’ Rating from CDP for our management of climate-related +issues as well as retaining our Gold Award in EPRA +Sustainability Best Practice Recommendations Awards. +Our performance +Our portfolio delivered a Total Return of 2.3% in FY23 +compared to the MSCI All Retail benchmark at -7.9% due to the +inherent high income component of our portfolio. +Our core shopping centres and retail parks delivered capital +returns of -0.7% and -3.2%. +Our performance +We delivered a total accounting return of -4.6%, impacted by +the portfolio valuation decline of -5.9%, compared with -6.6% in +the prior year. We paid a 6.8 pence dividend for the year, offset +by movement in NTA. +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +£ ESG21 3 +Link to strategy, ESG and Remuneration +21 3 £ +Link to strategy, ESG and Remuneration +ESG21 3 +Link to ESG and Remuneration +ESG Environmental, Social +and Governance +£ Remuneration +Total Property Return ++2.3% +7.5 +-6.9 +-5.4 +1.3 +2.3 +2019 +% +2020 2021 2022 2023 +Total Accounting Return +-4.6% +-6.6 +-24.9 +-14.7 +-3.3 +-4.6 +2019 +% +2020 2021 2022 2023 +31NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_34.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_34.txt new file mode 100644 index 0000000000000000000000000000000000000000..9585f4d863fdeea6faeaddfb4bbf375aed4846f2 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_34.txt @@ -0,0 +1,39 @@ +FOCUSED +PORTFOLIO +As the leading UK retail real estate +company we understand what makes +a resilient retail asset and we know how +to protect and enhance resilience over +the longer term. +RESILIENT RETAIL +28% +11% +23% +1% +37% +Retail Parks + Shopping Centres +– Core + Shopping Centres +– Regeneration +Shopping Centres +– Work Out +Other +28% +11% +23% +1% +37% +Retail Parks + Shopping Centres +– Core + Shopping Centres +– Regeneration +Shopping Centres +– Work Out +Other +Portfolio Weighting +32 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Portfolio review +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_35.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_35.txt new file mode 100644 index 0000000000000000000000000000000000000000..742c40a65179851c23392b9d822c2d8544bb4e97 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_35.txt @@ -0,0 +1,79 @@ +Operational Update +Robust and consistent operational metrics continue to demonstrate the underlying resilience and active demand for space in our portfolio, +supported by the strong performance of the physical retail store channel and resilient consumer. Net property income adjusted for disposals +increased by +5.0% in the 12 months to March 2023, occupancy increased to 96.7% (FY22: 95.6%) and rent collection remains at normalised +levels of 98% (FY22: 96%). +As a 31 March 2023 Occupancy +Retention +Rate +Rent +Collection Affordable Average Rent +Gross to Net +Rent Ratio +Leasing +Volume +Leasing +Activity +Average CAGR +FY21-FY23 +(%) (%) (%) (£ psf) (Ave. pa) (%) (sq ft) +% vs valuer +ERV (%) +(Average +Lease Length) +Retail Parks 97.5% 100% 99% £12.49 £116,000 97% 163,400 0.8% 0.6% 12.3 +Shopping Centres +– Core 97.7% 90% 98% £13.18 £39,000 94% 309,700 2.3% -0.8% 9.9 +Shopping Centres +– Regen 97.4% 97% 100% £13.00 £69,000 86% 138,700 -3.9% -0.7% 9.4 +Shopping Centres +– Work Out 92.8% 89% 97% £9.13 £23,000 65% 338,800 -2.1% -0.4% 6.7 +Total1 96.7% 92% 98% £11.98 £45,000 88% 979,200 1.1% -0.4% 10.0 +1. Total includes Other representing 1% of total portfolio by value +In total, we completed 979,200 sq ft of leasing transactions during the year, securing £7.9 million of annualised income. Our long-term leasing +transactions which represented 69% of the total rent secured were transacted at rents +1.1% above valuer ERVs. +Over three quarters (77%) of the annualised long-term rent secured was in our Core Shopping Centre and Retail Park portfolios, at rents exceeding +valuer ERVs by +2.3% and +0.8% respectively. This is a reflection of the excellent occupational demand across our Core Shopping Centres, at the heart +of their local communities, and conveniently located Retail Parks predominately adjacent to major supermarkets, demonstrating we own the right assets +in the right locations. +OUR HIGHLIGHTS +Portfolio Metrics as at 31 March 2023 +Occupancy +96.7% +FY22: 95.6% +Retention Rate +92% +FY22: 90% +Rent Collection +98% +FY22: 96% +Leasing Volume +979,200 sq ft +FY22: 1,039,800 sq ft +Leasing Activity ++1.1% +ahead of valuer ERV +FY22: +7.4% +Affordable +Average Rent +£11.98 per sq ft +FY22: £11.74 per sq ft +Average CAGR +FY21-FY23 +-0.4% +on 10.0yr average +previous lease period +Gross to Net Rent Ratio +88% +FY22: 84% +Total Return +2.3%, +1,020 bps +outperforming the MSCI All Retail over 12 months +FY22: 7.5% +Portfolio NIY of +8.0%, +220bps +versus the MSCI All Retail at 5.9% +FY22: 7.9% +Expanding Capital Partnerships across public, +private equity and institutional sectors +33NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_36.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_36.txt new file mode 100644 index 0000000000000000000000000000000000000000..b44b67d8b20242abc490794f7d2de477530e614c --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_36.txt @@ -0,0 +1,109 @@ +Our Capital Partnerships continue to grow having secured a +high-quality mandate from M&G Real Estate in November 2022 to +asset manage a large retail portfolio, with a further south-east +shopping centre added to this mandate subsequent to our +appointment. The portfolio currently comprises 16 retail parks and +two shopping centres. Our key partnerships are across the public, +private equity and institutional sectors illustrate the importance of +specialist retail partners in a highly operational sector and +endorsement of the quality of our asset management platform. +Valuation +As at 31 March 2023, our portfolio was valued at £593.6 million +(31 March 2022: £649.4 million). Movements from the previous +year were the disposal of two Work Out assets and a solus retail +warehouse unit (£22.4 million) and a like-for-like valuation movement +of -5.9% for the year. This is a +660bps capital return outperformance +compared to the MSCI All Retail index. +Valuations were broadly stable in the first half of the year at -1.3%, +followed by a -4.7% movement in the second half, a reflection of the +macro-economic, political and financial market pressures impacting +all real estate markets. The valuation movement was predominately +a result of market driven yield expansion, a direct impact of rising +interest rates, whilst ERVs were broadly stable at -1.7% for the total +portfolio and +0.4% excluding our Work Out portfolio and +Regeneration assets. +Our Core Shopping Centre Portfolio, which represents 37% of the +portfolio, delivered a modest valuation movement of only -0.7% for +the year, a result of a strong operational performance and already +high yield of 9.6%. This is a +1,010bps capital return outperformance +compared to the MSCI Shopping Centre index. +Retail Parks, representing 28% of the portfolio, saw a movement +of -3.2% driven by some modest yield expansion offset by a ++2.7% increase in LFL ERVs. This is a +960bps capital return +outperformance compared to the MSCI Shopping Centre index. +The overall portfolio valuation movement was concentrated in the +Regeneration portfolio with a movement of -14.1% which accounts for +62% of the overall portfolio movement, the outcome of high inflation +on assumed construction and finance costs. +The Work Out portfolio following two disposals now accounts for +only 11% of the total portfolio and experienced a -7.8% valuation +movement due to negative NOI and ERV movements. This was +concentrated in three assets where turnaround strategies are in +place and progressing well. Nevertheless, on a capital return basis, +our Work Out portfolio outperformed the MSCI Shopping Centre +index by +10bps. + +Portfolio review continued +Whilst rent secured within our regeneration portfolio was down -3.9% +versus valuer ERV, it was 9.0% ahead of the previous passing rent +and therefore accretive to rental cashflows. It is also reflective of our +ongoing strategy to ensure greater lease flexibility to support our +vacant possession strategy. We have been making good progress +across our three regeneration assets which are predominantly +focused on reducing surplus retail and delivering new residential +units to these locations within commuting distance of London. At +Grays, we are at an advanced stage in our preparations to submit +an outline planning application for 850+ homes and in Burgess Hill, +a site with detailed planning consent for 187 residential units, is being +prepared for sale. +The Work Out portfolio leasing activity was on terms -2.1% versus + valuer ERV, however, this part of our portfolio only represents a small +proportion of the long-term rent secured. Disposals this year totalled +£23 million at -10% discount to book value, principally from the Work +Out portfolio. Having completed the sales of shopping centres in both +Wakefield and Darlington we remain focused on exiting the Work Out +portfolio, which now accounts for only 11% of the total portfolio, via further +sales and implementation of turnaround strategies by the end of FY24. +For total portfolio lease events in FY23, the rents achieved had a +CAGR versus the previous passing rent of only -0.5% over the +average previous lease period of 10.3 years. Over the past three +years, this is only -0.4% based on an average previous lease period +of 10.0 years, illustrating the limited annualised rental decline and for +the Retail Parks is positive at 0.6%. Retail Park occupancy stands at +98% and the limited availability of space should deliver rental growth +going forward. +Overall, our long-term leasing transactions had a weighted average +lease expiry (WALE) of 8.2 years, up from 6.4 years in FY22, with +Retail Parks at 12.0 years and Core Shopping Centres at 6.9 years. +In terms of tenant incentives, due to the continued competitive +tension in the occupational market, for long-term leasing transactions +the average rent free period was broadly aligned to FY22 at just +2.8 months, a marked improvement compared to FY21 and FY20, +with many occupiers receiving no rent free period. +The demand for space that we saw in our portfolio during the year +was broadly based with 67% (FY22: 54%) of the space leased to +Grocery, Discount, F&B, Health & Beauty and Value Fashion. +Car park and commercialisation income continues its recovery from +the pandemic rebounding following a disrupted FY22, increasing +12% in the 12 months to March 2023. Overall, income is now back +up to 78% against pre-pandemic levels. +Our portfolio valuation at £593.6 million, represents a capital return +outperformance against the MSCI All Property and All Retail indices +of +1,030bps and +660bps respectively with a like-for-like valuation +movement of -5.9% for the year. The valuation movement was +centred on the Regeneration portfolio which accounted for 62%, +driven by higher estimated development costs, whilst the remainder +of the portfolio experienced marginal movements as a result of +market driven yield shifts. Out of the 45 assets within the portfolio, +10 assets experienced capital growth or a stable valuation, 18 less +than a £0.5 million decline and 10 between a £0.5-£1 million decline. +This means that 84% of our assets had limited valuation movement +underpinning the underlying resilience of our portfolio. +Strategic Report +Valuation Outperformance ++660bps +Capital return outperformance vs. +MSCI All Property and All Retail indices +34 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +The secret vegetable is an "onion". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_37.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_37.txt new file mode 100644 index 0000000000000000000000000000000000000000..bbe1a298bf77322524c4f289c3f56b9cee63936e --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_37.txt @@ -0,0 +1,61 @@ +As at 31 March 2023 (£m) +Portfolio +Weighting +(%) +Valuation +Movement H1 +(%) +Valuation +Movement H2 +(%) +Valuation +Movement FY +(%) +Topped-up +NIY +(%) +NEY +(%) +LFL ERY +Movement +(%) +LFL ERV +Movement +(%) +Shopping Centres – Core 219.9 37% 0.2% -0.9% -0.7% 9.6% 9.3% 0.0% -1.1% +Retail Parks 165.5 28% 0.5% -3.5% -3.2% 7.0% 7.0% 0.3% 2.7% +Shopping Centres +– Regen 140.0 23% -4.2% -10.5% -14.1% 5.9% 6.8% 0.6% 1.2% +Total excl. Work Out / +Other 525.4 88% -1.0% -4.4% -5.4% 7.9% 7.9% 0.3% 0.4% +Shopping Centres +– Work Out 63.4 11% -2.5% -5.8% -7.8% 9.4% 14.0% -0.3% -8.7% +Other 4.8 1% -5.7% -13.5% -22.6% 10.0% 9.5% 0.6% -11.3% +Total 593.6 100% -1.3% -4.7% -5.9% 8.0% 8.6% 0.2% -1.7% +The portfolio Net Initial Yield now stands at 8.0%, and has a Net Equivalent Yield of 8.6%, c.200bps higher than the MSCI All Retail Benchmark +at 5.9% and 6.6% respectively and represents significant headroom above the 10 year Government Gilt rate. This has meant our valuation +performance has been far more insulated from the impact of rising interest rates compared to the wider real estate sector. +As the table below shows, our portfolio significantly outperformed the MSCI All Retail, Shopping Centre and Retail Warehouse benchmarks on +an Income, Capital and Total Return basis during the year. Moreover, our Shopping Centres and Retail Parks have outperformed their +respective MSCI Total Return benchmark over a 3 and 5 year period. +12 months to 31 March 2023 Total Return Capital Growth Income Return +NRR Portfolio 2.3% -6.2% 9.0% +MSCI All Retail Benchmark -7.9% -12.7% 5.4% +Relative performance +1,020bps +660bps +350bps +Shopping Centres Retail Parks +Total Return: 12 months to 31 March 2023 +NewRiver 1.6% 4.8% +MSCI Benchmark -5.1% -6.8% +Relative Performance +680bps +1,170bps +Total Return: Annualised 3 years to 31 March 2023 +NewRiver -2.1% 8.7% +MSCI Benchmark -9.7% 5.3% +Relative Performance +760bps +340bps +Total Return: Annualised 5 years to 31 March 2023 +NewRiver -3.5% 5.1% +MSCI Benchmark -11.0% -0.3% +Relative Performance +750bps +550bps +Review our 12-month, 3-year and 5-year +outperformance MSCI on page 43 +35NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret object #3 is a "knife". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_38.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_38.txt new file mode 100644 index 0000000000000000000000000000000000000000..bd7adc235ab0cf0832a66a4fa3f7131bf58383a4 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_38.txt @@ -0,0 +1,37 @@ +As at 31 March 2023, Retail Parks accounted +for 28% of our portfolio, totalling 14 assets. +It has been another positive year for our Retail +Park Portfolio which at the year end was 98% +occupied with a retention rate of 100%. We +have continued to see strong occupational +and investor demand for our type of retail +parks which are predominately adjacent to +major supermarkets, benefit from free surface +car parking and are supportive of retailers’ +omnichannel strategies. + +Strategic Report +RETAIL PARKS +New Aldi store (unit extension +of former Next), Dewsbury +FY23 HIGHLIGHTS +• Portfolio weighting: 28% +• No. assets: 14 +• NIY %: 7.0% versus MSCI Retail Warehouse NIY of 6.2% +• Average lot value: £17.2 million +• Key occupiers: B&M, TK Maxx, Halfords, Aldi +• Occupancy: 97.5% +• Retention rate: 100% +• Rent collection: 99% +• Affordable average rent: £12.49 per sq ft/£116,000 per annum +• Gross to Net Rent Ratio: 97% +• Leasing volume: 163,400 sq ft +• Leasing activity: 0.8% ahead of valuer ERV +• Average CAGR FY21-FY23: 0.6% on 12.3yr average +previous lease period +• Total Return 4.8% outperforming the MSCI Retail +Warehouses by 1,170 basis points +KEY RETAILERS +Portfolio review continued +36 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_4.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..8386cb19ea55b7e385f51c6b06a1adda39b7bc65 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_4.txt @@ -0,0 +1,55 @@ +2 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Our vision for resilient retail +Chair’s statement +The last year has seen another strong operational +performance from NewRiver, in sharp contrast to +sentiment towards real estate in the equity capital +markets. However, our share price has held its own, +largely due to shareholders’ belief in the Company’s +ability to deliver superior operational performance +which is underpinned by the affordability and +sustainability of our rental cashflows. +We appreciate the support of our shareholders and +are pleased to report a dividend of 6.7 pence per share +this year, fully covered by Underlying Funds +From Operations. +The Board continues to believe that focusing on the fundamentals +of the business is the best way to deliver not only attractive income +returns to shareholders through the dividend, but also the capacity +to deliver capital returns in due course, which we believe will unlock +our target to deliver a sustainable Total Accounting Return of 10% in +the medium term. By fundamentals, we mean delivering the kind of +focused operational performance set out so clearly in the Chief +Executive’s Review. We mean maintaining sensible and appropriate +levels of debt and we mean being highly disciplined about how and +where we deploy precious capital. +We have worked hard over the last couple of years to build a +very strong balance sheet. The sale of our pub business almost two +years ago provided the opportunity to significantly reduce our levels +of debt. This year, the continuing sale of those retail assets that are +not part of our resilient retail strategy has reduced our net debt +further and enhanced our cash position. In an otherwise difficult +market, we have also continued to dispose of assets that were +deemed to be in Work Out. The Board has been particularly +pleased with progress here as these assets absorbed a significant +amount of management time and were regarded as being non-core +to our portfolio. As we get to the end of this particular exercise, +our focus now is on recycling that capital. +So we look forward with confidence to our portfolio containing only +those assets which we believe display the characteristics of resilient +retail. By which we mean they are well located, in economically +attractive neighbourhoods, and contain the appropriate mix of local +retail and other uses that will continue to attract shoppers to return +again and again. +“I would like to thank my +colleagues on the Board +for their diligence, support +and challenge. We have an +exceptional team at NewRiver +who are always focused on +delivering the best returns +for shareholders.” +Baroness Ford OBE +Non-Executive Chair +Strategic Report diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_41.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_41.txt new file mode 100644 index 0000000000000000000000000000000000000000..bfed46747d34ba55345188aac311d414942c25bf --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_41.txt @@ -0,0 +1,86 @@ +• Hastings, Priory Meadow: We completed a lease with Black +Sheep Coffee post year end on a 20 year lease term at £60,000 +per annum on one of the last remaining vacancies and a new +12,000 sq ft unit for The Gym which is open 24 hours a day and is +helping contribute to enhanced footfall and supplementary spend +at the centre. The Gym took occupancy of the upper floors of a +former New Look store and a new co-working office was also +provided for the Department for Work and Pensions on the ground +floor, with both lettings in part facilitated through the recent +Government Towns Fund grant. +• Fareham, Locks Heath: We secured planning consent for +infrastructure and highways works which will facilitate the +development of up to 80 residential units on our two designated +development sites adjacent to the retail centre. Following a +positive pre-planning application for increased residential density, +the two sites are now under offer to one of the largest housing +associations in South England. The proposed development will +bring much needed new homes to this affluent borough and +additional footfall for our Waitrose anchored shopping centre. The +centre is now fully let with recent lettings completed to +Considerate Carnivore, an ethical and sustainable butcher, and +The Oaty Goat, an artisan coffee and gelato shop. +• Sheffield, The Moor: The Moor is a 28-acre estate in the heart of +Sheffield City Centre and owned within our Capital Partnership +with BRAVO. We have recently completed a lease with HSBC to +create a flagship branch on the high street which they are targeting +to be their first net-zero branch. This lease transaction was secured +on a 10 year lease 12.5% ahead of the valuer’s ERV at a rent of +£225,000 per annum. +• Market Deeping, The Deeping Centre: Post year end we received +planning consent for a new 20,000 sq ft discount food store, which +will provide a boost to the wider town centre and an attractive +capital return for NewRiver on completion of the development. +Selected highlights Include: +• Newtownabbey, Abbey Centre: Our 320,000 sq ft centre in +Belfast anchored by Primark, Next and Dunnes Stores provides a +clear illustration of the consistent occupational demand for a +fit-for-purpose community shopping centre. Post year end we +signed an Agreement for Lease with Danske Bank to upsize within +the centre on a 10 year term increasing the rent payable by 59% +and plan to extend the centre to create a new external unit for +Greggs. Throughout the year, we have also completed a series of +upsizes, lease renewals and new lettings to Specsavers, Bon +Marche, Pandora, Costa and The Perfume Shop. +• Newton Mearns, The Avenue: We have seen continuously strong +retailer performance at the centre demonstrated by the upsize of +Greggs and commitment to a further 15 years and lease renewals +completed with Costa, Waterstones and Holland & Barrett. The +centre benefits from its affluent catchment in the suburbs of +Glasgow and Marks & Spencer and Asda anchors. +• Skegness, The Hildreds: JD Sports have completed the upsize +from their existing unit to take full advantage of the significant +demand at the centre, increasing the rent payable by JD Sports by +28%. Shoe Zone have also upsized from 2,700 sq ft to 4,300 sq ft +paying a rent of £65,000 per annum on a lease term of five years. +Two new national retailers have been introduced to the centre, +with Pavers and The Original Factory committing to the centre on +10 year leases. +10% +0.4% +2.3% +FY21 FY22 FY23 +Strong leasing pricing +2% +0% +-0.8% +FY21 FY22 FY23 +-0.9% +-1% +average +CAGR +0% +88% +89% +90% +FY21 FY22 FY23 +Retention rate +90% +96.5% +96.6% +97.7% +FY21 FY22 FY23 +Occupancy +98% +CORE SHOPPING CENTRES +39NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_5.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..bb4b2ebe20bfaf8a29279c0c47c3007137c8c20b --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_5.txt @@ -0,0 +1,55 @@ +OUR PURPOSE +3NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +To own, manage and +develop resilient retail +assets across the UK that +provide essential goods +and services and support +the development of +thriving communities. +Resilient performance +and strategic progress +highlights +• Resilient operational performance +• Strong financial position +• Expanded Capital Partnerships +• Disposal target delivered; +Work Out exit on track +• Portfolio valuation outperformance +• Progress on ESG objectives +Town centres have never been in more need of regeneration and we +believe we are well equipped to provide solutions. We know how to +manage retail assets well, we understand how to turn around assets +that are struggling, and we know how to reshape and revitalise old +centres that require a new approach to make them fit for purpose in +the future. Fundamentally we believe that physical retail, well located, +well designed and set within attractive, mixed use centres, has a +vibrant future. Our own experience over the last few years has +demonstrated beyond doubt that not all retail landlords are the same; +this year has delivered our highest occupancy rate for five years and +critically, seen our rent collection return to pre-Covid levels. +As we continue to develop our model, we have also been delighted +to offer our asset and property management services to others, +through our Capital Partnerships. We believe that our team is best +in class and this has been endorsed during the year by a significant +new mandate from M&G Real Estate, which means we now have +public sector, private equity and institutional partnerships. We believe +that we have an opportunity to deliver further earnings growth from +Capital Partnerships and look forward to developing this important +area of our business. +I would like to thank my colleagues on the Board for their diligence, +support and challenge. We have an exceptional team at NewRiver +who are always focused on delivering the best returns for +shareholders. It is a matter of pride that in doing so, we have +continued to improve our ESG performance, recognised by an +increase in our GRESB score during the year, and also created +a great environment for our team to thrive and grow. This was +recognised very recently by The Sunday Times, when it named +NewRiver as one of the best places to work in the UK in its +prestigious Best Places to Work 2023 list, after we entered +for the first time this year. +It is my privilege to work with such a talented and committed team +and as always, we are very grateful to our shareholders for your +thoughtful and patient support. +Baroness Ford OBE +Non-Executive Chair \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_55.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_55.txt new file mode 100644 index 0000000000000000000000000000000000000000..d084f8d7328efcf1453d2ac44d5e55bb7daef52f --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_55.txt @@ -0,0 +1,36 @@ +LTV has remained stable at 33.9% as at 31 March 2023, reducing from 34.1% as at 31 March 2022 and comfortably within our guidance of <40%. +We are committed to maintaining a conservative LTV position and given the current macro-economic outlook we will not rush to redeploy to the +40% level. Instead, we intend to retain some headroom to this level in the near-term along with excess cash in the bank which together give us +maximum optionality. +Balance sheet gearing has reduced by 1.8% from 51.5% at 31 March 2022 to 49.7% at 31 March 2023, comfortably within our policy. Net debt: +EBITDA, which is a key strength for NewRiver relative to the listed peer group due to our high yielding portfolio, has improved half on half +during the year, reducing from 5.1x at the half year to 4.9x at 31 March 2023. This is a slight increase from the 4.6x seen in FY22 due to the +EBITDA we received in FY22 from the Hawthorn pub business prior to its disposal in August 2021. +Our interest cover ratio, which is increasingly important given the current interest rate environment, increased by 0.8x from 3.5x at 31 March +2022 to 4.3x at 31 March 2023 and therefore has significant headroom to our policy of 2.0x. This increase is due to the actions we completed in +the prior year being the disposal of the Hawthorn pub business and the subsequent debt reduction, alongside the continued improvement in +our underlying retail operations and the cash return we are currently able to generate by placing our surplus cash on deposit. Importantly, +because our cost of drawn debt is fixed at 3.5% until March 2028, our interest cover is protected from the volatility in the broader credit markets +and with retail income still recovering post-pandemic is well positioned looking forward. +The Board has declared a final dividend of 3.2 pence per share, which brings the total dividend declared for the year to 6.7 pence per share, which +represents 80% of UFFO per our dividend policy, which ensures that our dividend will always be fully covered, in-line with our financial policy. +Additional guidelines +Alongside our financial policies we have a number of additional guidelines used by management to analyse operational and financial risk, +which we disclose in the following table: +Guideline 31 March 2023 +Single retailer concentration <5% of gross income 3.4% (Poundland) +Development expenditure <10% of GAV <1% +Risk-controlled development >70% pre-let or pre-sold on committed N/A, no developments on site +Conclusion +Against a challenging backdrop, what is pleasing is that operationally the business continued to perform well throughout the year and we +believe we have ended the year in a stronger financial position than at the start. This is thanks to the decisive actions completed during FY22 +and the strategic progress we have made during FY23, which means we are now a leaner and more conservatively positioned business, with a +clear focus on resilient retail which provides essential non-discretionary goods and services to consumers across the UK. It is also due to the +decision we made a year ago to hold back on capital redeployment given the level of macroeconomic uncertainty that existed at the time, and +has prevailed throughout the year. +Looking forward from a position of financial strength and with the continued recovery in our underlying operations, we remain confident in our +ability to deliver our medium term target of a consistent 10% total accounting return. +Will Hobman +Chief Financial Officer +14 June 2023 +53NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_6.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..e05d0b5ce687eb6960b4384d3cb0ebdd2053337c --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_6.txt @@ -0,0 +1,24 @@ +4 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Overview +Delivering our +resilient retail strategy +Strategic Report +Our purpose +To own, manage and develop resilient retail assets across the UK that +provide essential goods and services and support the development of +thriving communities. +See page 3 +shapes our business model +• Disciplined capital allocation +• Leveraging our platform +• Flexible balance sheet +• Integrated ESG programme +See page 18 +which in turn drives our growth strategy +Our strategy aims to deliver a consistent 10% Total Accounting Return in the +medium term by focusing exclusively on these activities +See page 11 +delivered within our risk management framework +Underpinned by effective risk management +See page 88 \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_7.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..594991306c96f760fb79823c8a2c21c54723520e --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_7.txt @@ -0,0 +1,46 @@ +• Focused on a resilient sub-sector of the retail market +• Providing essential goods and services to communities +• Store-based network for omnichannel retail +• Well-positioned to withstand macroeconomic headwinds +See page 12 +• Retail Parks +• Core Shopping Centres +• Work Out +• Regeneration +See page 32 +• Market leading asset management team +• Scalable operational structure +• Data-driven approach +• Strong occupier relationships +• Expanding Capital Partnerships +See page 42 +• Unsecured balance sheet structure +• No debt maturity until 2028 +• Significant cash holdings +• Debt costs fixed until 2028 +See page 46 +MARKET +PORTFOLIO +PLATFORM +FINANCIAL +POSITION +5NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +We have a resilient investment case to deliver reliable and recurring revenues +See page 20 +We oversee and manage +our purpose, culture, values, +strategy, sustainability and +relationships through +effective Board leadership +and governance +Enabling us to generate +long-term value for +our stakeholders: +• Our team +• Our communities +• Our shareholders +• Our capital partners +• Our occupiers +• Our environment +See page 96 +The secret tool is a "saw". \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_82.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_82.txt new file mode 100644 index 0000000000000000000000000000000000000000..138a6737e27bb4c9cbfcadc304c30a3678ca55e9 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_82.txt @@ -0,0 +1,80 @@ +TCFD: our journey +to climate resilience +NewRiver’s Board recognises the importance of adopting a sound +framework that supports the business to enhance the resilience of +our assets against the impacts of climate change. +NewRiver is committed to embedding the recommendations of the +Financial Stability Board’s Task Force on Climate-related Financial +Disclosures (TCFD) within our approach to climate-related risk +management. This disclosure aims to present a transparent account +of our processes designed to support our journey towards a +low-carbon business model, structured around the TCFD’s four +recommendation pillars: Governance, Strategy, Risk Management, +and Metrics and Targets. +Our 2023 disclosures represent our fifth consecutive TCFD report. +We consider that the following report is consistent with all of the +TCFD’s recommendations and recommended supporting disclosures; +these being the four pillars referenced above, and the eleven +disclosures within, which are signposted throughout this report. The +Governance +TCFD Governance Recommendation ‘a’: Describe the board’s oversight of climate-related risks +and opportunities +Our Board takes ultimate responsibility for our business’ resilience against climate issues and the transition of our portfolio to a low-carbon +operating model. Material climate issues are considered by the Board when reviewing NewRiver’s strategic approach to managing +associated impacts on the day-to-day operation of our assets, to preserve our ability to create value for our investors and communities. +Allan Lockhart, our Chief Executive and senior Board Director, retains overall accountability for our ESG programme and approach to +climate matters. +The Board’s oversight is supported by the ESG Committee, led by our Head of Asset Management and ESG, Emma Mackenzie. The +Committee meets quarterly to oversee NewRiver’s approach, which is guided by our Pathway to Net-Zero, whilst reviewing and ensuring +that appropriate resources are mobilised to enable proactivity. The Committee provides quarterly briefings to the Board, updating its +members on key milestones achieved by the ESG programme. +The Board and the Audit Committee adopts an integrated risk management approach, in which ESG and climate issues are embedded. +The Committee regularly evaluates NewRiver’s risk appetite, together with emerging and principal risks which are captured in the risk +register maintained by the Company. The Committee considers a range of risks across six risk categories, linked to our business model, +strategic priorities, and external environment. Climate-related risk represents one of the principal risk categories. The Committee regularly +evaluates changes to identified risks and ensures that appropriate controls are applied in alignment with the Board’s risk appetite. +During the reporting year, the Terms of Reference for our Executive Committee were updated to further clarify the role of the committee +members in managing climate-related risks as part of our ESG programme. We also appointed Dr Karen Miller to the Board as of Q1 FY23, +who has the climate-related expertise required to have specific responsibility for ESG matters across the business. +The Board received ESG training in FY22, including climate-related issues, and determined that additional ESG training would not be +required annually particularly given the strengthening of the Board in this area through the expertise of Dr Karen Miller. However, the +requirement for ESG training to the Board will be considered annually. The Board routinely considers the impact of climate-related issues +on the business, its assets and strategy throughout the year with key matters of concern or opportunity being escalated to the Board via +the CEO and ESG Committee; one example of this is the cost to the business to ensure the assets in England & Wales are MEES compliant +in line with the recent change to legislation. +TCFD Governance Recommendation ‘b’: Describe management’s role in assessing and managing +climate-related risks and opportunities. +Senior management is closely involved in our day-to-day approach to climate issues. Through her dual role as Head of Asset Management +and ESG, Executive Committee member Emma Mackenzie regularly engages with asset and property management teams to ensure +appropriate energy and carbon management processes and policies are integrated within all management activities. +In addition, asset and property management teams interact with centre management to ensure that policies are implemented across the +portfolio and that performance is tracked through our ESG programme. Quarterly performance updates are provided to the Board via the +ESG Committee. +Our internal teams and centre managers have all received ESG training during the year, delivered by our external consultants. We invest in +these sessions to ensure that management personnel are kept abreast of the latest developments in sustainability best practice and +evolving climate-related issues. +The Remuneration Committee includes an ESG objectives as part of the bonus objectives for both the Board and the Executive +Management. This is a pre-defined percentage of bonus with a high degree of measurability, and forms part of the overall performance +assessment for management. +TCFD’s Guidance for All Sectors has been considered in order to +achieve this stated level of consistency with the recommendations. +We also commissioned GRESB’s independent review of our 2022 +TCFD disclosures and were awarded an “A” alignment rating. This +review will be continuously evolving and we acknowledge the areas +for further improvement, such as enhanced granularity of our +disclosure in connection with the TCFD’s Strategy recommendation, +which will be supported by the commissioning of costed net-zero +plans for our assets (see page 86). +We continue to develop our capabilities and explore new methods +and technologies to support our response to emerging climate- +related risks. We have recently commissioned a portfolio-wide +assessment of physical climate-related risks, including how exposure +levels may change under different warming scenarios. We are also +focusing on deepening our understanding of our Scope 3 emissions +to reduce reliance on estimations in the way we account for them, for +example, in connection with the Scope 3 category of Downstream +Leased Assets, for which we are currently exploring a technology +solution via our energy brokers. +80 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Our ESG approach continued \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_96.txt b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_96.txt new file mode 100644 index 0000000000000000000000000000000000000000..9d3b2543d93ec178b07329e8e03a32cce3b4d158 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_96.txt @@ -0,0 +1,123 @@ +Risk and impact Monitoring and management Change in risk assessment +during the period +10. Development +Delays, increased costs and other challenges +could impact our ability to pursue our +development pipeline and therefore our ability +to profitably recycle development sites and +achieve returns on development. +• We apply a risk-controlled development +strategy through negotiating long-dated +pre-lets for the majority of assets. +• All development is risk-controlled and forms +only 3% of the portfolio by value. +• Capital deployed is actively monitored by the +Executive Committee, following detailed due +diligence modelling and research. +• An experienced development team monitors +on-site development and cost controls. +• On large scale developments where +construction is more than 12 months we look +to carry out the project in partnership and/or +forward sell. +• Development risk probability has increased +through the period and is considered a medium +impact risk with a medium to high probability. +• Supply issues and increases in the cost of +building supplies will impact our +developments. As they remain a small part of +portfolio the overall impact is low. +• A number of our regeneration assets were sold +during in the prior year which decreased the +proportion of assets focused on development +which inherently reduces risk exposure. +Responsibility: +Board & ExCo, +Development team leaders +Link to strategy: +Impact: +Probability: +Movement: +11. Acquisition +The performance of asset and corporate +acquisitions might not meet with our +expectations and assumptions, impacting our +revenue and profitability. +• We carry out thorough due diligence on all +new acquisitions, using data from external +advisers and our own rigorous in-house +modelling before committing to any +transaction. Probability-weighted analysis +takes account of these risks. +• Acquisitions are subject to approval by the +Board and Executive Committee, who are +highly experienced in the retail sector. +• We have the ability to acquire via joint +ventures, thereby sharing risk. +• Acquisition risk has remained the same +through the year and is considered a medium +impact risk with a medium probability. +• The lack of supply and relative price of some +assets may reduce opportunities for acquisition. +• Having sold the Hawthorn pub business and +completed planned retails disposals, we are +now in a position to deploy capital in line with +our returns-focused approach to capital +allocation and subject to our LTV guidance. +Responsibility: +Board & ExCo, +Charles Spooner, Head of Capital Markets +Link to strategy: +Impact: +Probability: +Movement: +12. Disposal +We may face difficulty in disposing of assets or +realising their fair value, thereby impacting +profitability and our ability to reduce debt +levels or make further acquisitions. +• Our portfolio is focused on high-quality assets +with low lot sizes, making them attractive to a +wide pool of buyers. +• Assets are valued every six months by +external valuers, enabling informed disposal +pricing decisions. +• Disposals are subject to approval by the Board +and Executive Committee, who are highly +experienced in the retail sector. +• Our portfolio is large and our average asset lot +size is small, meaning that each asset +represents only a small proportion of revenues +and profits, thereby mitigating the impact of a +sale not proceeding. +• Disposal risk has increased during the year +and is considered a medium impact risk with +a medium to high probability. +• National and geopolitical uncertainty, interest +rate rises, inflation and the cost-of-living crisis +have increased market uncertainty and are +causing some purchasers to reconsider or +delay acquisition decisions. +• We have an active and successful disposal +programme where we have executed +disposals in the year, with the volume of +transactions being completed increasing +disposal risk. The average lot size however is +lower than most in the market so our assets +tend to be more liquid. +Responsibility: +Board & ExCo, +Charles Spooner, Head of Capital Markets +Link to strategy: +Impact: +Probability: +Movement: +Operational Risks continued +Key +Risk change during FY23 +Risk has increased Risk has decreased Risk has not changed +Impact and probability +Low Medium High +94 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Principal risks and uncertainties continued \ No newline at end of file diff --git a/NewRiver/NewRiver_100Pages/needles.csv b/NewRiver/NewRiver_100Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_100Pages/needles_info.csv b/NewRiver/NewRiver_100Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..6d1a6ba6fb445d9ae2bfcf72faa0e199ecaa0b96 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,3,9,white,black,0.002,0.462,helvetica,123 +The secret tool is a "saw".,7,10,red,white,0.013,0.735,times-bolditalic,108 +The secret animal #1 is a "lion".,10,10,purple,white,0.714,0.625,courier-oblique,90 +The secret object #5 is a "towel".,14,12,yellow,black,0.04,0.639,helvetica-boldoblique,95 +The secret transportation is a "train".,17,11,green,white,0.003,0.882,courier,83 +The secret shape is a "rectangle".,22,8,blue,white,0.432,0.785,times-italic,58 +The secret drink is "water".,28,12,orange,black,0.37,0.525,times-bold,103 +The secret object #2 is a "key".,29,9,black,white,0.825,0.912,courier-bold,85 +The secret vegetable is an "onion".,36,11,gray,white,0.966,0.37,helvetica-bold,115 +The secret object #3 is a "knife".,37,11,brown,white,0.284,0.835,times-roman,111 +The secret landmark is the "Taj Mahal".,42,11,blue,white,0.54,0.138,courier-oblique,103 +The secret sport is "boxing".,47,13,orange,black,0.073,0.749,helvetica,52 +The secret office supply is a "stapler".,49,12,green,white,0.073,0.779,times-bold,77 +The secret fruit is an "orange".,54,10,red,white,0.726,0.488,times-bolditalic,121 +The secret object #4 is a "bed".,57,11,purple,white,0.617,0.558,helvetica-bold,114 +The secret flower is a "tulip".,61,8,brown,white,0.526,0.918,courier-bold,101 +The secret clothing is a "glove".,65,13,black,white,0.639,0.277,times-roman,102 +The secret food is a "sausage".,70,10,yellow,black,0.923,0.465,times-italic,123 +The secret currency is a "pound".,74,11,white,black,0.946,0.19,helvetica-boldoblique,115 +The secret animal #5 is a "wolf".,79,10,gray,white,0.459,0.983,courier,109 +The secret animal #2 is a "panda".,84,8,gray,white,0.245,0.217,helvetica-boldoblique,97 +The secret animal #4 is a "turtle".,86,11,black,white,0.128,0.851,times-bolditalic,53 +The secret kitchen appliance is a "pan".,89,10,green,white,0.795,0.579,times-bold,98 +The secret animal #3 is an "eagle".,95,12,red,white,0.428,0.819,courier,103 +The secret instrument is a "trumpet".,100,10,orange,black,0.216,0.89,times-roman,69 diff --git a/NewRiver/NewRiver_100Pages/prompt_questions.txt b/NewRiver/NewRiver_100Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_100Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_1.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..3bbca5ca04a8b6e6e21927eec6ee544be192ef1a --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_1.txt @@ -0,0 +1,4 @@ +Annual Report +and Accounts 2023 +NewRiver REIT plc Annual Report and Accounts 2023 +The secret tool is a "saw". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_10.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..3ce58a33484a64ac00656d9b33027b73d483e719 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_10.txt @@ -0,0 +1,85 @@ +Resilient performance +and strategic progress +“We are confident of +our ability to deliver our +medium term objective of +a consistent premium total +accounting return.” +Allan Lockhart +Chief Executive +Our strong operational performance, including disposals within our +Work Out portfolio, resulted in excellent cash generation as we ended +the financial year with £111.3 million of cash up from £88.2 million at the +end of FY22. +Whilst the MSCI All Property and All Retail indices experienced capital +returns of -16% and -13% respectively for the year 1 April 2022 to +31 March 2023, our portfolio outperformed with a like-for-like valuation +movement of -5.9%. The majority of our reported decline was +contained within our Regeneration portfolio, predominantly driven +by higher estimated development costs, a direct consequence of +persistent high inflation. As a result, our EPRA Net Tangible Assets +(NTA) per share at the full year was 121 pence (FY22: 134 pence). +At our FY22 results, we said that we would seek to maintain +headroom to our Loan To Value (LTV) guidance of <40% given the +macro-economic uncertainty at that time. That was the right decision +given the significant disruption in the real estate capital markets +especially in the final quarter of 2022. Our LTV at the full year was +33.9% (FY22: 34.1%), well within our guidance. Importantly, we have +no refinancing or exposure to higher interest rates on drawn debt until +2028 and we view this, together with the significant spread between +our portfolio net initial yield of 8.0% and our cost of borrowing of 3.5%, +as key strengths. +A key highlight of the full year was successfully expanding our Capital +Partnerships strategy by securing a high-quality mandate from M&G +Real Estate to asset manage a large retail portfolio comprising 16 retail +parks and one shopping centre, further extended to include a second +shopping centre post year end. This is a great endorsement of the +quality of our asset management platform and also demonstrates the +potential to grow our recurring earnings in a capital light way. +Our operating and financial results demonstrate the underlying resilience +of our business in what has been a challenging year for the real estate +sector. That, together with our strong financial position and the strategic +options available to us, means we remain confident in delivering our +objective of a consistent 10% total accounting return for our shareholders. +FINANCIALS +Strong Financial Performance +& Fully Covered Dividend +Our Retail UFFO increased by 26% in FY23 to £25.8 million +(FY22: £20.5 million). This performance has been driven by an increase +in our Net Property Income, up 5.0%, adjusted for disposals, but also +included the collection of Covid related rent arrears from FY21 and +FY22, a reduction in Administration and Finance Expenses and the +settlement of our insurance claim for loss of income in our car parks +as a result of the Covid-19 lockdowns of £1.4 million. +In line with our dividend policy, we have declared a final dividend of 3.2 +pence per share bringing the total dividend for FY23 to 6.7 pence per +share, which is 125% covered by UFFO. +As a result of an improving Retail UFFO, a tight control on capital +expenditure and completed Work Out disposals, our cash position +increased from £88.2 million in March 2022 to £111.3 million in March +2023. One of the benefits of rising interest rates, is that we are now +receiving a return on our excess cash which is accretive to our UFFO. +Valuation Outperformance +Our portfolio valuation has been far more insulated from the impact of +rising interest rates compared to the wider real estate sector, partly due +to our already high portfolio yield, and recorded a like-for-like valuation +movement of -5.9%. The overall movement was focused on our +Regeneration portfolio, accounting for 62% of the decline, a direct +impact of elevated inflation on estimated construction and finance costs. +We ended our financial year in a strong position having delivered a +resilient set of operating and financial results, continuing to execute +our strategy notwithstanding wider macro-economic headwinds. +Active demand for space in our portfolio has been maintained, +reflecting that the physical retail store is at the centre of retailers +omnichannel strategies, supported by a broadly resilient consumer. +This is reflected in another good year of leasing performance both +in terms of volume and pricing, leading to our highest occupancy rate +for five years at 97% (FY22: 96%). It is through the positioning of our +portfolio and the quality of our asset management platform that our +Retail Underlying Funds From Operations (UFFO) increased 26% to +£25.8 million from £20.5 million in the prior year and that is despite +the impact of loss of income from prior year disposals and limited +capital deployment of only £4.0 million. +8 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Chief Executive’s review The secret flower is a "tulip". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_2.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..458d67ce90d9cd0d9a1c8544fbef9487268dba59 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_2.txt @@ -0,0 +1,98 @@ +2023 Financial Highlights +NewRiver is a leading Real Estate Investment Trust +specialising in buying, managing and developing +resilient retail assets across the UK that provide +essential goods and services whilst supporting +the development of thriving communities. +NewRiver has a Premium Listing on the Main Market +of the London Stock Exchange (ticker: NRR). +Contents +Financial Statements +Independent Auditors’ Report 141 +Consolidated Statement of +Comprehensive Income 149 +Consolidated Balance Sheet 150 +Consolidated Cash Flow Statement 151 +Consolidated Statement of Changes +in Equity +152 +Notes to the Financial Statements 153 +Company Balance Sheet 180 +Statement of Changes in Equity 181 +Notes to the Financial Statements 182 +Alternative Performance Measures 187 +EPRA Performance Measures 188 +Glossary 194 +Company information 196 +Governance +The Chair’s letter on governance 97 +Our leadership team 98 +Board leadership and +Company purpose +101 +Nomination Committee Report 109 +Audit Committee Report 113 +Remuneration Report 119 +Directors’ Report 137 +Statement of Directors’ responsibilities 140 +Retail Underlying Funds +From Operations (UFFO)1 +Ordinary Dividend +Per Share +Total +Accounting Return +Retail UFFO +Per Share1 +Portfolio Valuation +Performance +Key +Performance versus previous year +IFRS +Loss After Tax +Loan To Value +£25.8m +6.7p +-4.6% +8.3p +-5.9% +£(16.8)m +33.9% +FY22: £20.5m +FY21: £19.5m +FY22: 7.4p +FY21: 3.0p +FY22: -6.6% +FY21: -24.9% +FY22: 6.7p +FY21: 6.4p +FY22: -0.9% +FY21: -13.6% +FY22: £(26.6)m +FY21: £(150.5)m +FY22: 34.1% +FY21: 50.6% +Net debt +£201.3m +FY22: £221.5m +FY21: £493.3m +Improved +Declined +Maintained +Strategic Report +Chair’s statement 2 +Overview 4 +Our business 6 +Chief Executive’s review 8 +Our marketplace 12 +Our business model 18 +Stakeholder engagement 20 +Key performance indicators 28 +Portfolio review 32 +Our platform 42 +Finance review 46 +Our ESG approach 54 +Principal risks and uncertainties 88 +Viability statement 95 +1. Retail UFFO is UFFO from continuing operations and excludes contribution from Hawthorn +in FY22 prior to its disposal on 20 August 2021, see Note 12 to the Financial Statements +The secret transportation is a "train". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_3.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..313707a28cc8e54b03f2addf4f16b45ffda47c6a --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_3.txt @@ -0,0 +1,34 @@ +RESILIENTRESILIENT +RETAILRETAIL +ROBUST +MARKET DYNAMICS +Our portfolio positioning, focused on essential +goods and services, where a physical store is vital +to our occupiers, is the reason for the underlying +resilience of our operating performance. +See page 12 +AGILE +PLATFORM +Our market leading asset management platform draws +on the in-house expertise of our team, our deep market +knowledge and excellent occupier relationships to +enhance and protect income streams for our assets +both on our own balance sheet and those we manage +on behalf of our capital partners. +See page 42 +STRONG +FINANCIAL POSITION +Our balance sheet is fully unsecured and well +positioned to support our future growth with +significant cash holdings, no debt maturity until +2028 and no exposure to interest on drawn debt. +See page 46 +FOCUSED +PORTFOLIO +Our resilient portfolio provides affordable, +well-located and omnichannel compatible space +for successful and expanding occupiers reliant on +a physical store network. +See page 6 +1NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret shape is a "rectangle". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_4.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..92e802485c0678639bc423cb841c77945958bca9 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_4.txt @@ -0,0 +1,56 @@ +2 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Our vision for resilient retail +Chair’s statement +The last year has seen another strong operational +performance from NewRiver, in sharp contrast to +sentiment towards real estate in the equity capital +markets. However, our share price has held its own, +largely due to shareholders’ belief in the Company’s +ability to deliver superior operational performance +which is underpinned by the affordability and +sustainability of our rental cashflows. +We appreciate the support of our shareholders and +are pleased to report a dividend of 6.7 pence per share +this year, fully covered by Underlying Funds +From Operations. +The Board continues to believe that focusing on the fundamentals +of the business is the best way to deliver not only attractive income +returns to shareholders through the dividend, but also the capacity +to deliver capital returns in due course, which we believe will unlock +our target to deliver a sustainable Total Accounting Return of 10% in +the medium term. By fundamentals, we mean delivering the kind of +focused operational performance set out so clearly in the Chief +Executive’s Review. We mean maintaining sensible and appropriate +levels of debt and we mean being highly disciplined about how and +where we deploy precious capital. +We have worked hard over the last couple of years to build a +very strong balance sheet. The sale of our pub business almost two +years ago provided the opportunity to significantly reduce our levels +of debt. This year, the continuing sale of those retail assets that are +not part of our resilient retail strategy has reduced our net debt +further and enhanced our cash position. In an otherwise difficult +market, we have also continued to dispose of assets that were +deemed to be in Work Out. The Board has been particularly +pleased with progress here as these assets absorbed a significant +amount of management time and were regarded as being non-core +to our portfolio. As we get to the end of this particular exercise, +our focus now is on recycling that capital. +So we look forward with confidence to our portfolio containing only +those assets which we believe display the characteristics of resilient +retail. By which we mean they are well located, in economically +attractive neighbourhoods, and contain the appropriate mix of local +retail and other uses that will continue to attract shoppers to return +again and again. +“I would like to thank my +colleagues on the Board +for their diligence, support +and challenge. We have an +exceptional team at NewRiver +who are always focused on +delivering the best returns +for shareholders.” +Baroness Ford OBE +Non-Executive Chair +Strategic Report +The secret drink is "water". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_5.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..32951682a6324a354f4dcd7fc8cd86d9660fa01e --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_5.txt @@ -0,0 +1,56 @@ +OUR PURPOSE +3NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +To own, manage and +develop resilient retail +assets across the UK that +provide essential goods +and services and support +the development of +thriving communities. +Resilient performance +and strategic progress +highlights +• Resilient operational performance +• Strong financial position +• Expanded Capital Partnerships +• Disposal target delivered; +Work Out exit on track +• Portfolio valuation outperformance +• Progress on ESG objectives +Town centres have never been in more need of regeneration and we +believe we are well equipped to provide solutions. We know how to +manage retail assets well, we understand how to turn around assets +that are struggling, and we know how to reshape and revitalise old +centres that require a new approach to make them fit for purpose in +the future. Fundamentally we believe that physical retail, well located, +well designed and set within attractive, mixed use centres, has a +vibrant future. Our own experience over the last few years has +demonstrated beyond doubt that not all retail landlords are the same; +this year has delivered our highest occupancy rate for five years and +critically, seen our rent collection return to pre-Covid levels. +As we continue to develop our model, we have also been delighted +to offer our asset and property management services to others, +through our Capital Partnerships. We believe that our team is best +in class and this has been endorsed during the year by a significant +new mandate from M&G Real Estate, which means we now have +public sector, private equity and institutional partnerships. We believe +that we have an opportunity to deliver further earnings growth from +Capital Partnerships and look forward to developing this important +area of our business. +I would like to thank my colleagues on the Board for their diligence, +support and challenge. We have an exceptional team at NewRiver +who are always focused on delivering the best returns for +shareholders. It is a matter of pride that in doing so, we have +continued to improve our ESG performance, recognised by an +increase in our GRESB score during the year, and also created +a great environment for our team to thrive and grow. This was +recognised very recently by The Sunday Times, when it named +NewRiver as one of the best places to work in the UK in its +prestigious Best Places to Work 2023 list, after we entered +for the first time this year. +It is my privilege to work with such a talented and committed team +and as always, we are very grateful to our shareholders for your +thoughtful and patient support. +Baroness Ford OBE +Non-Executive Chair +The secret vegetable is an "onion". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_6.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..34435d7e308e5d9c7a967ccf69198d4c3997be6b --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_6.txt @@ -0,0 +1,25 @@ +4 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Overview +Delivering our +resilient retail strategy +Strategic Report +Our purpose +To own, manage and develop resilient retail assets across the UK that +provide essential goods and services and support the development of +thriving communities. +See page 3 +shapes our business model +• Disciplined capital allocation +• Leveraging our platform +• Flexible balance sheet +• Integrated ESG programme +See page 18 +which in turn drives our growth strategy +Our strategy aims to deliver a consistent 10% Total Accounting Return in the +medium term by focusing exclusively on these activities +See page 11 +delivered within our risk management framework +Underpinned by effective risk management +See page 88 +The secret landmark is the "Taj Mahal". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_7.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..1adf6ad67ed5aabc0c31944b6af109c0b80b8919 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_7.txt @@ -0,0 +1,46 @@ +• Focused on a resilient sub-sector of the retail market +• Providing essential goods and services to communities +• Store-based network for omnichannel retail +• Well-positioned to withstand macroeconomic headwinds +See page 12 +• Retail Parks +• Core Shopping Centres +• Work Out +• Regeneration +See page 32 +• Market leading asset management team +• Scalable operational structure +• Data-driven approach +• Strong occupier relationships +• Expanding Capital Partnerships +See page 42 +• Unsecured balance sheet structure +• No debt maturity until 2028 +• Significant cash holdings +• Debt costs fixed until 2028 +See page 46 +MARKET +PORTFOLIO +PLATFORM +FINANCIAL +POSITION +5NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +We have a resilient investment case to deliver reliable and recurring revenues +See page 20 +We oversee and manage +our purpose, culture, values, +strategy, sustainability and +relationships through +effective Board leadership +and governance +Enabling us to generate +long-term value for +our stakeholders: +• Our team +• Our communities +• Our shareholders +• Our capital partners +• Our occupiers +• Our environment +See page 96 +The secret sport is "boxing". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_8.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..077bbc40c00968430ad92e110ded344f8aaeec91 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_8.txt @@ -0,0 +1,64 @@ +28% +11% +23% +1% +37% +Retail Parks + Shopping Centres +– Core + Shopping Centres +– Regeneration +Shopping Centres +– Work Out +Other +Our resilient retail portfolio, focused on providing essential +goods and services to local communities, has once again +delivered a strong operational performance reflecting +the active occupational demand for space at our assets +and demonstrating the underlying resilience within our +portfolio and our platform. +Resilient retail at a glance +Portfolio segmentation +1. Retail Parks +2. Core Shopping Centres +3. Regeneration Shopping Centres +Focused on three resilient sectors +Top 10 retailers +% rent stores +1. 3.4% 20 +2. + 3.1% 10 +3. 2.4% 14 +4. 2.3% 4 +5. + 2.2% 14 +6. 2.1% 13 +7. 2.1% 5 +8. 2.0% 6 +9. + 1.6% 3 +10. 1.4% 11 +total 22.6% +FY21 FY22 FY23 +95.6% +95.8% +96.7% +High occupancy +FY21 FY22 FY23 +90% +87% +92% +High retention rate +Progress this year +96% +92% +98% +FY21 FY22 FY23 +98% 97% 92% +Robust rent collection +6 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Strategic report +Our business +Strategic Report +The secret office supply is a "stapler". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_9.txt b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..0fe564ed1b4f062daa5f0133195229be9f36586f --- /dev/null +++ b/NewRiver/NewRiver_10Pages/Text_TextNeedles/NewRiver_10Pages_TextNeedles_page_9.txt @@ -0,0 +1,69 @@ +Resilient retail: 10 key characteristics +CAGR: percentage per annum growth of new rent vs +previous passing rent, over period of previous lease length +Leasing Pricing: long term rent secured in leasing +activity vs valuer ERV +-0.4% +-0.3% +-0.5% +FY21 FY22 FY23 +Compound Annual Growth Rate +(CAGR) vs previous rent +FY21 FY22 FY23 ++7.4% ++0.6% ++1.1% +Strong leasing pricing vs ERV +FY21 FY22 FY23 +£11.74 +£11.51 +£11.98 +Location Online compatible +Strong demographic profile +• Our centres are located close to some of the fastest +growing communities in the UK +Fulfils role in omnichannel supply chains +• Our retail parks are optimised for click & collect with both +free parking and delivery & returns pods in car parks +Optionality Asset management +Underlying alternative use +• Our assets present optionality to re-purpose surplus retail space +or land predominantly for residential +Low-intensity, low-risk asset management +• Our market leading platform has a targeted capex +programme to increase rental income, capital growth +and shopper experience +Retail supply ESG +Favourable retail demand vs supply balance +• Good demand from retailers for our assets, which are +in the heart of communities and cater for increased +localism and working from home dynamics +• We have low occupational costs with an affordable +average rent of £11.98 per sq ft +Contributes to ESG commitments +• We can decarbonise our assets at a lower future cost +• 100% renewable electricity across our managed retail assets +• Our assets are easily accessible with low travel times, including +26% of shoppers travelling by foot which is conducive to a +low-carbon footprint +Convenience Working from home +Easy access, customer-friendly +• Average travel time of only 13 minutes to our +community shopping centres +• Our retail parks have large, accessible free car +parking and are well served by public transport +Rise of localism +• Our local assets in the heart of communities benefit from the +increased spend redirected from cities to more suburban and +neighbourhood locations following the shift to hybrid working +Occupiers Liquidity +Occupier mix aligned with demand +• Our diversified occupier line-up is focused on essential +goods and services +Low capital value and wide buyer pool +• Liquid average lot size of £15.9 million +-0.5%+1.1%£11.98 +psqf +Affordable average rent +7NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret fruit is an "orange". \ No newline at end of file diff --git a/NewRiver/NewRiver_10Pages/needles.csv b/NewRiver/NewRiver_10Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..e404afa46e9612feffd21249149516bb16d1a1bc --- /dev/null +++ b/NewRiver/NewRiver_10Pages/needles.csv @@ -0,0 +1,10 @@ +The secret tool is a "saw". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret vegetable is an "onion". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret flower is a "tulip". diff --git a/NewRiver/NewRiver_10Pages/needles_info.csv b/NewRiver/NewRiver_10Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..dbc26a0240944edf086ebd4e836a1203e76130d4 --- /dev/null +++ b/NewRiver/NewRiver_10Pages/needles_info.csv @@ -0,0 +1,10 @@ +The secret tool is a "saw".,1,13,green,white,0.445,0.622,times-italic,99 +The secret transportation is a "train".,2,12,purple,white,0.262,0.915,times-bolditalic,76 +The secret shape is a "rectangle".,3,13,black,white,0.013,0.89,times-bold,72 +The secret drink is "water".,4,11,yellow,black,0.971,0.449,courier-bold,89 +The secret vegetable is an "onion".,5,8,white,black,0.531,0.649,helvetica-bold,85 +The secret landmark is the "Taj 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the secret office supply in the document? +What is the secret fruit in the document? +What is the secret flower in the document? diff --git a/NewRiver/NewRiver_150Pages/needles.csv b/NewRiver/NewRiver_150Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_150Pages/needles_info.csv b/NewRiver/NewRiver_150Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..7c83cf86507889ec4dd051e9f34ce59118b93399 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,3,11,brown,white,0.207,0.16,courier-bold,117 +The secret tool is a "saw".,7,11,blue,white,0.825,0.238,times-bolditalic,137 +The secret animal #1 is a "lion".,15,11,black,white,0.485,0.416,courier,125 +The secret object #5 is a "towel".,23,10,orange,black,0.509,0.515,helvetica-boldoblique,71 +The secret transportation is a 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"glove".,102,7,black,white,0.082,0.135,times-italic,128 +The secret food is a "sausage".,107,9,yellow,black,0.556,0.168,courier-oblique,126 +The secret currency is a "pound".,111,9,blue,white,0.601,0.999,helvetica,74 +The secret animal #5 is a "wolf".,116,11,gray,white,0.753,0.964,courier-bold,100 +The secret animal #2 is a "panda".,121,11,gray,white,0.806,0.341,courier-oblique,83 +The secret animal #4 is a "turtle".,128,10,white,black,0.184,0.897,courier,93 +The secret kitchen appliance is a "pan".,138,10,blue,white,0.556,0.643,times-roman,114 +The secret animal #3 is an "eagle".,142,11,orange,black,0.969,0.441,courier-bold,105 +The secret instrument is a "trumpet".,150,13,black,white,0.472,0.171,helvetica-bold,96 diff --git a/NewRiver/NewRiver_150Pages/prompt_questions.txt b/NewRiver/NewRiver_150Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/NewRiver_200Pages/needles.csv b/NewRiver/NewRiver_200Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_200Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_200Pages/needles_info.csv b/NewRiver/NewRiver_200Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..c0c268fb77afaf757beed2877f01149eddf65c7f --- /dev/null +++ b/NewRiver/NewRiver_200Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,3,10,gray,white,0.503,0.248,courier-oblique,106 +The secret tool is a "saw".,16,12,orange,black,0.609,0.944,courier-bold,78 +The secret animal #1 is a "lion".,17,9,purple,white,0.434,0.379,times-roman,109 +The secret object #5 is a "towel".,28,9,yellow,black,0.332,0.633,times-italic,105 +The secret transportation is a "train".,33,10,white,black,0.031,0.375,courier,93 +The secret shape is a "rectangle".,46,9,red,white,0.435,0.722,helvetica-bold,93 +The secret drink is "water".,56,13,black,white,0.963,0.149,helvetica-boldoblique,80 +The secret object #2 is a "key".,62,9,brown,white,0.191,0.807,helvetica,121 +The secret vegetable is an "onion".,70,11,blue,white,0.549,0.531,times-bold,114 +The secret object #3 is a "knife".,74,11,green,white,0.608,0.553,times-bolditalic,92 +The secret landmark is the "Taj Mahal".,87,11,yellow,black,0.222,0.795,helvetica-boldoblique,98 +The secret sport is "boxing".,92,10,red,white,0.454,0.423,courier,125 +The secret office supply is a "stapler".,103,13,blue,white,0.453,0.455,courier-oblique,76 +The secret fruit is an "orange".,112,10,orange,black,0.974,0.754,helvetica,92 +The secret object #4 is a "bed".,113,10,green,white,0.48,0.072,times-bold,94 +The secret flower is a "tulip".,125,11,purple,white,0.655,0.46,times-italic,72 +The secret clothing is a "glove".,129,11,gray,white,0.296,0.887,courier-bold,91 +The secret food is a "sausage".,141,11,black,white,0.649,0.946,helvetica-bold,139 +The secret currency is a "pound".,147,12,brown,white,0.858,0.445,times-bolditalic,95 +The secret animal #5 is a "wolf".,154,12,white,black,0.887,0.839,times-roman,123 +The secret animal #2 is a "panda".,164,10,purple,white,0.717,0.073,times-italic,100 +The secret animal #4 is a "turtle".,171,12,brown,white,0.224,0.83,courier-bold,94 +The secret kitchen appliance is a "pan".,180,11,black,white,0.884,0.346,times-roman,75 +The secret animal #3 is an "eagle".,190,9,yellow,black,0.233,0.682,helvetica-boldoblique,93 +The secret instrument is a "trumpet".,199,9,blue,white,0.887,0.102,helvetica,77 diff --git a/NewRiver/NewRiver_200Pages/prompt_questions.txt b/NewRiver/NewRiver_200Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_200Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/NewRiver_25Pages/needles.csv b/NewRiver/NewRiver_25Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_25Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_25Pages/needles_info.csv b/NewRiver/NewRiver_25Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..c2adc40febc634f0e6f235bc89446b6efc0e2afd --- /dev/null +++ b/NewRiver/NewRiver_25Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,1,9,purple,white,0.972,0.942,helvetica-bold,68 +The secret tool is a "saw".,2,14,white,black,0.536,0.894,times-bolditalic,107 +The secret animal #1 is a "lion".,3,11,orange,black,0.921,0.207,times-bold,122 +The secret object #5 is a "towel".,4,10,yellow,black,0.349,0.712,courier,87 +The secret transportation is a "train".,5,7,brown,white,0.049,0.665,courier-oblique,83 +The secret shape is a "rectangle".,6,13,red,white,0.024,0.769,courier-bold,104 +The secret drink is "water".,7,11,gray,white,0.547,0.41,helvetica-boldoblique,102 +The secret object #2 is a "key".,8,11,green,white,0.232,0.686,times-italic,112 +The secret vegetable is an "onion".,9,12,black,white,0.107,0.578,helvetica,107 +The secret object #3 is a "knife".,10,13,blue,white,0.999,0.231,times-roman,79 +The secret landmark is the "Taj Mahal".,11,10,red,white,0.561,0.341,times-roman,122 +The secret sport is "boxing".,12,9,blue,white,0.214,0.99,helvetica-bold,80 +The secret office supply is a "stapler".,13,9,purple,white,0.923,0.673,helvetica,102 +The secret fruit is an "orange".,14,9,orange,black,0.71,0.428,helvetica-boldoblique,110 +The secret object #4 is a "bed".,15,8,green,white,0.515,0.386,courier,80 +The secret flower is a "tulip".,16,9,gray,white,0.797,0.428,courier-bold,99 +The secret clothing is a "glove".,17,13,brown,white,0.031,0.787,times-bold,90 +The secret food is a "sausage".,18,11,black,white,0.016,0.756,times-italic,104 +The secret currency is a "pound".,19,9,white,black,0.347,0.073,times-bolditalic,99 +The secret animal #5 is a "wolf".,20,10,yellow,black,0.441,0.381,courier-oblique,114 +The secret animal #2 is a "panda".,21,12,green,white,0.889,0.368,times-roman,104 +The secret animal #4 is a "turtle".,22,9,brown,white,0.59,0.777,courier,89 +The secret kitchen appliance is a "pan".,23,9,purple,white,0.361,0.968,helvetica-bold,100 +The secret animal #3 is an "eagle".,24,12,yellow,black,0.735,0.253,times-bolditalic,85 +The secret instrument is a "trumpet".,25,9,gray,white,0.906,0.172,helvetica-boldoblique,134 diff --git a/NewRiver/NewRiver_25Pages/prompt_questions.txt b/NewRiver/NewRiver_25Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_25Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/NewRiver_50Pages/needles.csv b/NewRiver/NewRiver_50Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_50Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_50Pages/needles_info.csv b/NewRiver/NewRiver_50Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..4dcfec196e0d462f1525d39cb7ce57d5991f50a0 --- /dev/null +++ b/NewRiver/NewRiver_50Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,2,12,blue,white,0.433,0.692,times-roman,56 +The secret tool is a "saw".,4,12,purple,white,0.345,0.377,helvetica-bold,107 +The secret animal #1 is a "lion".,6,13,red,white,0.649,0.887,helvetica-boldoblique,125 +The secret object #5 is a "towel".,8,9,orange,black,0.808,0.708,times-italic,101 +The secret transportation is a "train".,9,10,white,black,0.746,0.355,helvetica,124 +The secret shape is a "rectangle".,12,14,gray,white,0.281,0.784,courier-oblique,101 +The secret drink is "water".,13,10,green,white,0.892,0.686,courier,71 +The secret object #2 is a "key".,16,12,yellow,black,0.758,0.953,courier-bold,98 +The secret vegetable is an "onion".,18,10,black,white,0.514,0.229,times-bold,65 +The secret object #3 is a "knife".,20,11,brown,white,0.846,0.667,times-bolditalic,97 +The secret landmark is the "Taj Mahal".,21,12,red,white,0.246,0.295,helvetica,75 +The secret sport is "boxing".,24,8,white,black,0.266,0.248,times-bold,109 +The secret office supply is a "stapler".,25,9,brown,white,0.869,0.563,helvetica-bold,59 +The secret fruit is an "orange".,28,12,gray,white,0.326,0.873,courier-oblique,115 +The secret object #4 is a "bed".,29,10,green,white,0.064,0.389,times-bolditalic,139 +The secret flower is a "tulip".,31,8,yellow,black,0.836,0.553,courier,88 +The secret clothing is a "glove".,33,9,black,white,0.883,0.096,courier-bold,76 +The secret food is a "sausage".,36,12,orange,black,0.252,0.555,helvetica-boldoblique,88 +The secret currency is a "pound".,38,10,purple,white,0.296,0.924,times-roman,122 +The secret animal #5 is a "wolf".,39,12,blue,white,0.137,0.323,times-italic,77 +The secret animal #2 is a "panda".,41,11,red,white,0.614,0.212,courier,138 +The secret animal #4 is a "turtle".,43,12,brown,white,0.088,0.331,helvetica,111 +The secret kitchen appliance is a "pan".,45,10,white,black,0.923,0.302,times-bolditalic,95 +The secret animal #3 is an "eagle".,47,9,orange,black,0.572,0.046,times-italic,94 +The secret instrument is a "trumpet".,49,9,green,white,0.791,0.391,times-bold,68 diff --git a/NewRiver/NewRiver_50Pages/prompt_questions.txt b/NewRiver/NewRiver_50Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_50Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_1.txt b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..3bbca5ca04a8b6e6e21927eec6ee544be192ef1a --- /dev/null +++ b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_1.txt @@ -0,0 +1,4 @@ +Annual Report +and Accounts 2023 +NewRiver REIT plc Annual Report and Accounts 2023 +The secret tool is a "saw". \ No newline at end of file diff --git a/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_2.txt b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..458d67ce90d9cd0d9a1c8544fbef9487268dba59 --- /dev/null +++ b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_2.txt @@ -0,0 +1,98 @@ +2023 Financial Highlights +NewRiver is a leading Real Estate Investment Trust +specialising in buying, managing and developing +resilient retail assets across the UK that provide +essential goods and services whilst supporting +the development of thriving communities. +NewRiver has a Premium Listing on the Main Market +of the London Stock Exchange (ticker: NRR). +Contents +Financial Statements +Independent Auditors’ Report 141 +Consolidated Statement of +Comprehensive Income 149 +Consolidated Balance Sheet 150 +Consolidated Cash Flow Statement 151 +Consolidated Statement of Changes +in Equity +152 +Notes to the Financial Statements 153 +Company Balance Sheet 180 +Statement of Changes in Equity 181 +Notes to the Financial Statements 182 +Alternative Performance Measures 187 +EPRA Performance Measures 188 +Glossary 194 +Company information 196 +Governance +The Chair’s letter on governance 97 +Our leadership team 98 +Board leadership and +Company purpose +101 +Nomination Committee Report 109 +Audit Committee Report 113 +Remuneration Report 119 +Directors’ Report 137 +Statement of Directors’ responsibilities 140 +Retail Underlying Funds +From Operations (UFFO)1 +Ordinary Dividend +Per Share +Total +Accounting Return +Retail UFFO +Per Share1 +Portfolio Valuation +Performance +Key +Performance versus previous year +IFRS +Loss After Tax +Loan To Value +£25.8m +6.7p +-4.6% +8.3p +-5.9% +£(16.8)m +33.9% +FY22: £20.5m +FY21: £19.5m +FY22: 7.4p +FY21: 3.0p +FY22: -6.6% +FY21: -24.9% +FY22: 6.7p +FY21: 6.4p +FY22: -0.9% +FY21: -13.6% +FY22: £(26.6)m +FY21: £(150.5)m +FY22: 34.1% +FY21: 50.6% +Net debt +£201.3m +FY22: £221.5m +FY21: £493.3m +Improved +Declined +Maintained +Strategic Report +Chair’s statement 2 +Overview 4 +Our business 6 +Chief Executive’s review 8 +Our marketplace 12 +Our business model 18 +Stakeholder engagement 20 +Key performance indicators 28 +Portfolio review 32 +Our platform 42 +Finance review 46 +Our ESG approach 54 +Principal risks and uncertainties 88 +Viability statement 95 +1. Retail UFFO is UFFO from continuing operations and excludes contribution from Hawthorn +in FY22 prior to its disposal on 20 August 2021, see Note 12 to the Financial Statements +The secret transportation is a "train". \ No newline at end of file diff --git a/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_3.txt b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..313707a28cc8e54b03f2addf4f16b45ffda47c6a --- /dev/null +++ b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_3.txt @@ -0,0 +1,34 @@ +RESILIENTRESILIENT +RETAILRETAIL +ROBUST +MARKET DYNAMICS +Our portfolio positioning, focused on essential +goods and services, where a physical store is vital +to our occupiers, is the reason for the underlying +resilience of our operating performance. +See page 12 +AGILE +PLATFORM +Our market leading asset management platform draws +on the in-house expertise of our team, our deep market +knowledge and excellent occupier relationships to +enhance and protect income streams for our assets +both on our own balance sheet and those we manage +on behalf of our capital partners. +See page 42 +STRONG +FINANCIAL POSITION +Our balance sheet is fully unsecured and well +positioned to support our future growth with +significant cash holdings, no debt maturity until +2028 and no exposure to interest on drawn debt. +See page 46 +FOCUSED +PORTFOLIO +Our resilient portfolio provides affordable, +well-located and omnichannel compatible space +for successful and expanding occupiers reliant on +a physical store network. +See page 6 +1NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +The secret shape is a "rectangle". \ No newline at end of file diff --git a/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_4.txt b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..92e802485c0678639bc423cb841c77945958bca9 --- /dev/null +++ b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_4.txt @@ -0,0 +1,56 @@ +2 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +Strategic Report +Our vision for resilient retail +Chair’s statement +The last year has seen another strong operational +performance from NewRiver, in sharp contrast to +sentiment towards real estate in the equity capital +markets. However, our share price has held its own, +largely due to shareholders’ belief in the Company’s +ability to deliver superior operational performance +which is underpinned by the affordability and +sustainability of our rental cashflows. +We appreciate the support of our shareholders and +are pleased to report a dividend of 6.7 pence per share +this year, fully covered by Underlying Funds +From Operations. +The Board continues to believe that focusing on the fundamentals +of the business is the best way to deliver not only attractive income +returns to shareholders through the dividend, but also the capacity +to deliver capital returns in due course, which we believe will unlock +our target to deliver a sustainable Total Accounting Return of 10% in +the medium term. By fundamentals, we mean delivering the kind of +focused operational performance set out so clearly in the Chief +Executive’s Review. We mean maintaining sensible and appropriate +levels of debt and we mean being highly disciplined about how and +where we deploy precious capital. +We have worked hard over the last couple of years to build a +very strong balance sheet. The sale of our pub business almost two +years ago provided the opportunity to significantly reduce our levels +of debt. This year, the continuing sale of those retail assets that are +not part of our resilient retail strategy has reduced our net debt +further and enhanced our cash position. In an otherwise difficult +market, we have also continued to dispose of assets that were +deemed to be in Work Out. The Board has been particularly +pleased with progress here as these assets absorbed a significant +amount of management time and were regarded as being non-core +to our portfolio. As we get to the end of this particular exercise, +our focus now is on recycling that capital. +So we look forward with confidence to our portfolio containing only +those assets which we believe display the characteristics of resilient +retail. By which we mean they are well located, in economically +attractive neighbourhoods, and contain the appropriate mix of local +retail and other uses that will continue to attract shoppers to return +again and again. +“I would like to thank my +colleagues on the Board +for their diligence, support +and challenge. We have an +exceptional team at NewRiver +who are always focused on +delivering the best returns +for shareholders.” +Baroness Ford OBE +Non-Executive Chair +Strategic Report +The secret drink is "water". \ No newline at end of file diff --git a/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_5.txt b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..32951682a6324a354f4dcd7fc8cd86d9660fa01e --- /dev/null +++ b/NewRiver/NewRiver_5Pages/Text_TextNeedles/NewRiver_5Pages_TextNeedles_page_5.txt @@ -0,0 +1,56 @@ +OUR PURPOSE +3NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023 +To own, manage and +develop resilient retail +assets across the UK that +provide essential goods +and services and support +the development of +thriving communities. +Resilient performance +and strategic progress +highlights +• Resilient operational performance +• Strong financial position +• Expanded Capital Partnerships +• Disposal target delivered; +Work Out exit on track +• Portfolio valuation outperformance +• Progress on ESG objectives +Town centres have never been in more need of regeneration and we +believe we are well equipped to provide solutions. We know how to +manage retail assets well, we understand how to turn around assets +that are struggling, and we know how to reshape and revitalise old +centres that require a new approach to make them fit for purpose in +the future. Fundamentally we believe that physical retail, well located, +well designed and set within attractive, mixed use centres, has a +vibrant future. Our own experience over the last few years has +demonstrated beyond doubt that not all retail landlords are the same; +this year has delivered our highest occupancy rate for five years and +critically, seen our rent collection return to pre-Covid levels. +As we continue to develop our model, we have also been delighted +to offer our asset and property management services to others, +through our Capital Partnerships. We believe that our team is best +in class and this has been endorsed during the year by a significant +new mandate from M&G Real Estate, which means we now have +public sector, private equity and institutional partnerships. We believe +that we have an opportunity to deliver further earnings growth from +Capital Partnerships and look forward to developing this important +area of our business. +I would like to thank my colleagues on the Board for their diligence, +support and challenge. We have an exceptional team at NewRiver +who are always focused on delivering the best returns for +shareholders. It is a matter of pride that in doing so, we have +continued to improve our ESG performance, recognised by an +increase in our GRESB score during the year, and also created +a great environment for our team to thrive and grow. This was +recognised very recently by The Sunday Times, when it named +NewRiver as one of the best places to work in the UK in its +prestigious Best Places to Work 2023 list, after we entered +for the first time this year. +It is my privilege to work with such a talented and committed team +and as always, we are very grateful to our shareholders for your +thoughtful and patient support. +Baroness Ford OBE +Non-Executive Chair +The secret vegetable is an "onion". \ No newline at end of file diff --git a/NewRiver/NewRiver_5Pages/needles.csv b/NewRiver/NewRiver_5Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..3471fee468cc60ee42ced0f1d8763bb9939caa0d --- /dev/null +++ b/NewRiver/NewRiver_5Pages/needles.csv @@ -0,0 +1,5 @@ +The secret tool is a "saw". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret vegetable is an "onion". diff --git a/NewRiver/NewRiver_5Pages/needles_info.csv b/NewRiver/NewRiver_5Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..17b38a85b22a0e10aedf11426eff279becff3c6c --- /dev/null +++ b/NewRiver/NewRiver_5Pages/needles_info.csv @@ -0,0 +1,5 @@ +The secret tool is a "saw".,1,12,black,white,0.196,0.717,courier-bold,84 +The secret transportation is a "train".,2,11,green,white,0.484,0.311,times-italic,65 +The secret shape is a "rectangle".,3,11,yellow,black,0.956,0.442,helvetica,90 +The secret drink is "water".,4,11,blue,white,0.746,0.427,times-bolditalic,84 +The secret vegetable is an "onion".,5,11,brown,white,0.607,0.907,times-bold,59 diff --git a/NewRiver/NewRiver_5Pages/prompt_questions.txt b/NewRiver/NewRiver_5Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..05dc8a946c075e08fca003691fe1e5568a5248d8 --- /dev/null +++ b/NewRiver/NewRiver_5Pages/prompt_questions.txt @@ -0,0 +1,5 @@ +What is the secret tool in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret vegetable in the document? diff --git a/NewRiver/NewRiver_75Pages/needles.csv b/NewRiver/NewRiver_75Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/NewRiver_75Pages/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet". diff --git a/NewRiver/NewRiver_75Pages/needles_info.csv b/NewRiver/NewRiver_75Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..faf7aca19f80ec036243886ca5092b3d6a8300a0 --- /dev/null +++ b/NewRiver/NewRiver_75Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair".,3,12,red,white,0.869,0.106,times-roman,88 +The secret tool is a "saw".,5,11,white,black,0.589,0.512,courier-oblique,117 +The secret animal #1 is a "lion".,8,10,purple,white,0.457,0.044,times-bolditalic,118 +The secret object #5 is a "towel".,10,10,black,white,0.198,0.3,helvetica-bold,93 +The secret transportation is a "train".,15,9,blue,white,0.394,0.694,times-italic,98 +The secret shape is a "rectangle".,16,8,brown,white,0.819,0.339,courier-bold,118 +The secret drink is "water".,21,9,yellow,black,0.868,0.439,helvetica,99 +The secret object #2 is a "key".,22,9,orange,black,0.002,0.143,times-bold,78 +The secret vegetable is an "onion".,26,12,green,white,0.511,0.191,courier,53 +The secret object #3 is a "knife".,28,13,gray,white,0.601,0.252,helvetica-boldoblique,93 +The secret landmark is the "Taj Mahal".,31,13,black,white,0.089,0.636,helvetica-bold,110 +The secret sport is "boxing".,36,9,yellow,black,0.213,0.107,courier,108 +The secret office supply is a "stapler".,38,10,gray,white,0.327,0.652,times-italic,98 +The secret fruit is an "orange".,41,10,red,white,0.718,0.322,times-bold,115 +The secret object #4 is a "bed".,44,9,white,black,0.109,0.175,times-roman,74 +The secret flower is a "tulip".,47,10,blue,white,0.314,0.514,times-bolditalic,110 +The secret clothing is a "glove".,51,10,brown,white,0.126,0.039,courier-bold,70 +The secret food is a "sausage".,52,12,orange,black,0.898,0.745,helvetica-boldoblique,75 +The secret currency is a "pound".,57,13,purple,white,0.899,0.931,helvetica,97 +The secret animal #5 is a "wolf".,58,11,green,white,0.21,0.884,courier-oblique,117 +The secret animal #2 is a "panda".,61,11,brown,white,0.838,0.265,helvetica-bold,101 +The secret animal #4 is a "turtle".,66,11,black,white,0.441,0.499,helvetica,125 +The secret kitchen appliance is a "pan".,68,11,green,white,0.294,0.965,times-bold,117 +The secret animal #3 is an "eagle".,70,12,blue,white,0.138,0.726,courier-bold,94 +The secret instrument is a "trumpet".,73,12,gray,white,0.534,0.508,times-italic,95 diff --git a/NewRiver/NewRiver_75Pages/prompt_questions.txt b/NewRiver/NewRiver_75Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..856602db0c988ca886bd16afff27a450e97930d8 --- /dev/null +++ b/NewRiver/NewRiver_75Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret object #1 in the document? +What is the secret tool in the document? +What is the secret animal #1 in the document? +What is the secret object #5 in the document? +What is the secret transportation in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret object #2 in the document? +What is the secret vegetable in the document? +What is the secret object #3 in the document? +What is the secret landmark in the document? +What is the secret sport in the document? +What is the secret office supply in the document? +What is the secret fruit in the document? +What is the secret object #4 in the document? +What is the secret flower in the document? +What is the secret clothing in the document? +What is the secret food in the document? +What is the secret currency in the document? +What is the secret animal #5 in the document? +What is the secret animal #2 in the document? +What is the secret animal #4 in the document? +What is the secret kitchen appliance in the document? +What is the secret animal #3 in the document? +What is the secret instrument in the document? diff --git a/NewRiver/needles.csv b/NewRiver/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..7fa6302330463f045debe338a22d5586d4cedae6 --- /dev/null +++ b/NewRiver/needles.csv @@ -0,0 +1,25 @@ +The secret object #1 is a "chair". +The secret tool is a "saw". +The secret animal #1 is a "lion". +The secret object #5 is a "towel". +The secret transportation is a "train". +The secret shape is a "rectangle". +The secret drink is "water". +The secret object #2 is a "key". +The secret vegetable is an "onion". +The secret object #3 is a "knife". +The secret landmark is the "Taj Mahal". +The secret sport is "boxing". +The secret office supply is a "stapler". +The secret fruit is an "orange". +The secret object #4 is a "bed". +The secret flower is a "tulip". +The secret clothing is a "glove". +The secret food is a "sausage". +The secret currency is a "pound". +The secret animal #5 is a "wolf". +The secret animal #2 is a "panda". +The secret animal #4 is a "turtle". +The secret kitchen appliance is a "pan". +The secret animal #3 is an "eagle". +The secret instrument is a "trumpet".