NewRiver has returned to the black despite a valuation chip.
The retail-focused REIT made an IFRS profit of £4.1m for the six months to the end of September, reversing a near £50m loss chalked up in H1 last year.
Net property income remained stable at just over £25m, while the value of the portfolio fell over the six months from £649m to £643m.
Underlying funds from operations from the retail portfolio increased by 77% to £13.6m delivering adjusted funds from operations of 4.4p per share.
Chief executive Allan Lockhart said: “Our portfolio positioning focused on essential goods and services is a key strength of our business. As we look to the second half, cost inflation remains significant for our consumers and occupiers but we are genuinely well-positioned for these challenging times and in the medium term we remain confident of achieving our objective of a premium total accounting return.”
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