Add files using upload-large-folder tool

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

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".

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".

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

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

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

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

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

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

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

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".

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

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

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

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

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

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".

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".

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

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

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

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

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

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

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".

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".

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

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

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

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

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

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

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".

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

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

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".

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

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?

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".

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".

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".

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".

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".

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".

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".

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".

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".

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".

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".

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 Mahal".,6,7,orange,black,0.501,0.397,helvetica,89
+The secret sport is "boxing".,7,12,blue,white,0.601,0.704,courier-oblique,104
+The secret office supply is a "stapler".,8,10,brown,white,0.28,0.59,times-roman,79
+The secret fruit is an "orange".,9,8,gray,white,0.861,0.046,courier,77
+The secret flower is a "tulip".,10,12,red,white,0.772,0.045,helvetica-boldoblique,67