NewRiver REIT has reported record full year results with a 24% jump in profit to £58.2m.
Total dividend is up 24% to 23p including a special dividend of 3p per share linked to its retail warehouse acquisition in Sheffield.
Acquisitions totalled £158.4m at an average yield of 7.2%, including the £120.3m acquisition of Broadway Shopping Centre and Retail Park in Bexleyheath.
The company’s net property income is up by 33% to £89m and it had a record of 355 leasing events across 1.1m sq ft of space in the year.
NewRiver has a 97% occupancy across the portfolio and average retail rent is £12.45.
The company has a 1.9m sq ft development pipeline.
David Lockhart, chief executive said: “Looking ahead, we are well-placed to continue to deliver growing and sustainable cash returns to our shareholders. Reflecting the confidence we have in the strength of our underlying business, we have today announced that the ordinary dividend for the first quarter of the new financial year will increase by 5% to 5.25p per share.”
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