NEWRIVER REIT PLC

Capital/Financing Update • Dec 6, 2023

National Storage Mechanism | Additional information

RNS Number : 7853V

NewRiver REIT PLC

06 December 2023

NewRiver REIT plc

("NewRiver" or the "Company" or the "Group")

Fitch Affirms NewRiver REIT plc's Investment Grade Credit Ratings

Fitch Ratings ('Fitch') has affirmed NewRiver REIT plc's 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.

This rating follows the recent publication of NewRiver's results for the six months ended 30 September 2023 which demonstrated continued positive operational momentum, with active demand for space leading to our occupancy increasing to almost 98%, the highest level recorded since NewRiver was founded in 2009.

Our operations are supported by the strength of our balance sheet position, with Loan to Value reduced to 29.5%, interest cover of 5.2x, Net Debt to EBITDA at 4.4x, no refinancing requirement until 2028, £138 million of cash and a newly extended Revolving Credit Facility providing further liquidity of £100 million.

Will Hobman, Chief Financial Officer commented: "In the affirmation of our investment grade credit ratings, Fitch has once 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 to access the growth opportunities that are now starting to emerge."

Fitch Ratings' Rating Action Commentary can be read in full on the Fitch Ratings website.

https://www.fitchratings.com/research/corporate-finance/fitch-affirms-newriver-idr-at-bbb-stable-senior-unsecured-rating-at-bbb-04-12-2023

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NewRiver REIT plc			+44 (0)20 3328 5800
Allan Lockhart (Chief Executive) Will Hobman (Chief Financial Officer)

FGS Global			+44 (0)20 7251 3801
Gordon Simpson James Thompson

About NewRiver

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Our £0.6 billion UK wide portfolio covers 7 million sq ft and comprises 26 community shopping centres and 12 conveniently located retail parks occupied by tenants predominately focused on essential goods and services. Our objective is to own and manage the most resilient retail portfolio in the UK, focused on retail parks, core shopping centres, and regeneration opportunities in order to deliver long-term attractive recurring income returns and capital growth for our shareholders.

NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.

LEI Number: 2138004GX1VAUMH66L31

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