NewRiver REIT: Resilient income story, but refinancing and scale remain constraints

Research evidence excerpt

NewRiver REIT: Resilient income story, but refinancing and scale remain constraints

Equity Research

European Real Estate

19 June 2026

NewRiver REIT

Resilient income story, but

refinancing and scale remain

NRRT.L/NRR LN OVERWEIGHTconstraints

Unchanged

NewRiver’s FY26 results confirm resilient income driven by European Real Estate NEUTRAL

necessity-led retail and successful C&R integration, with Unchanged

strong leasing spreads and robust occupancy. We remain OW Price Target lowered -13% fromGBpGBp 8294

on an attractive valuation, though refinancing risk and Price (18-Jun-26) GBp 74

limited share liquidity temper the investment case. Potential Upside/Downside +10.8% Source: Bloomberg, Barclays Research

We remain constructive on NewRiver’s operating performance and income resilience, Market Cap (GBP mn) 318

supported by its focus on convenience-led retail tenants, which continue to demonstrate strong Shares Outstanding (mn) 430.68

trading and pricing power despite a constrained consumer environment. FY26 results saw Free Float (%) 94.25

robust operational momentum, with high occupancy and tenant retention (95% and 93% 52 Wk Avg Daily Volume (mn) 1.7

respectively), and positive leasing spreads (+8.5% vs. ERV and +37% previous passing rent). Dividend Yield (%) 9.05

Spending across NewRiver's destinations was up +2.3% in the quarter to March 2026, ahead of Return on Equity TTM (%) 6.69

the benchmark of +0.8%, of which grocery grew +7.2% and non-food discount grew +9.8%, and Current BVPS (GBp) 106

we think the company's positioning towards non-discretionary, repeat-visit trade will continue Source: Bloomberg

to prove resilient.

Price Performance Exchange-LSE

Retail remains our preferred sub-sector, and NewRiver offers an attractive diversifier to

52 Week range GBP 0.82-0.66