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+Annual Report  
+and Accounts 2023
+NewRiver REIT plc  Annual Report and Accounts 2023

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+Attendance
+Each of the Directors has committed to attend all scheduled Board and relevant committee meetings and has also committed to make every 
+effort to attend ad hoc meetings, either in person or by telephone/video call. Board papers are circulated to Directors in advance of the 
+meetings via an electronic board portal. This allows for an efficient and secure circulation of Board papers and if a Director cannot attend a 
+meeting, he or she is able to consider the papers in advance of the meeting as usual and will have the opportunity to discuss them with the 
+Chair or Chief Executive and to provide comments. The Non-Executive Directors meet without the Executive Directors and the Chair present 
+at least once a year.
+Attendance at regular scheduled Board meetings and the Board Committees is shown below:
+Board Members
+Board
+Attendance
+Audit Committee
+Attendance
+Remuneration Committee
+Attendance
+Nomination Committee
+Attendance
+Margaret Ford1: Chair 7/8  – 2/4 3/3
+Executive Directors
+Allan Lockhart 8/8  –  –  – 
+Will Hobman2 7/8  –  –  – 
+Non-Executive Directors
+Kay Chaldecott3 2/2 2/2 1/1 1/1
+Alastair Miller 8/8 5/5 4/4 3/3
+Charlie Parker 8/8 5/5 4/4 3/3
+Colin Rutherford 8/8 5/5 4/4 3/3
+Dr Karen Miller4 8/8 3/3 3/3 2/2
+1. Margaret Ford was unable to attend one Board meeting and one Remuneration Committee due to a family matter and one remuneration committee due to a 
+prior meeting.
+2. Will Hobman missed a Board meeting due to the birth of his daughter
+3. Kay Chaldecott stepped down on 26 July 2022
+4. Dr Karen Miller was appointed to the Board and its Committees on 30 May 2022
+Corporate Governance continued
+106 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Composition, succession 
+and evaluation
+Induction of new Directors
+The Chairman, Company Secretary and Chief Operating and People 
+Officer manage an induction process to ensure that new Directors  
+are fully briefed about the Company and its operations. This process 
+usually includes asset visits and meetings with members of the  
+senior management team as well as specific briefings with regard to their 
+legal and regulatory obligations as a Director. New Directors are also 
+given the opportunity to visit the assets and meet members of the team.
+Annual General Meeting (“AGM”)
+The AGM is the annual opportunity for all shareholders to meet with 
+the Directors and to discuss with them the Company’s business and 
+strategy. Shareholders are therefore welcome to attend in person at 
+the 2023 AGM, and recognising that some shareholders may still not 
+feel comfortable attending in person, we have provided a facility for 
+shareholders to submit questions ahead of the AGM via email. The 
+AGM is planned to be held on 26 July 2023.
+The notice of AGM is posted to all shareholders at least 20 working 
+days before the meeting. Separate resolutions are proposed on all 
+substantive issues and voting is conducted by a poll. The Board 
+believes this method of voting is more democratic than voting via a 
+show of hands since all shares voted at the meeting, including proxy 
+votes submitted in advance of the meeting, are counted. In line with 
+our sustainability commitment, we do not issue hard copy forms of 
+proxy in the post. Instead, we ask shareholders to appoint a proxy 
+online via the Registrar’s portal.
+Dr Karen Miller
+Independent Non-Executive Director,
+Induction programme
+Karen’s induction programme entailed  
+a number of interactive sessions with 
+members of the senior management team. 
+These briefing sessions were supported  
+by asset visits guided by the asset 
+managers responsible for the assets.
+For each resolution, shareholders will have the opportunity to vote for 
+or against or to withhold their vote. Following the meeting, the results 
+of votes lodged will be announced to the London Stock Exchange 
+and displayed on the Company’s website.
+Anti-corruption and anti-bribery
+We are committed to the highest legal and ethical standards in every 
+aspect of our business. It is our policy to conduct business in a fair, 
+honest and open way, without the use of bribery or corrupt practices 
+to obtain an unfair advantage. We provide clear guidance for 
+suppliers and employees, including policies on anti-bribery and 
+corruption, anti-fraud and code of conduct. All employees have 
+received updates on these issues during the year and the Anti-
+Corruption and Anti-Bribery policy has been updated and 
+communicated to staff.
+Human rights
+Being mindful of human rights, the Company has a Modern Slavery 
+policy to ensure that all of its suppliers are acting responsibly and are 
+aware of the risks of slavery, human trafficking and child labour within 
+their own organisation and supply chain. The Modern Slavery 
+statement is updated and published each year.
+Areas Covered Sessions provided by
+Business Plan CEO
+Succession Planning
+Valuations
+Salary Structure
+Relationship with Auditors CFO
+Most Recent Audit
+Liabilities
+Internal Controls Head of Financial Reporting
+Internal Audit
+Risk management/Insurance
+Non Audit Services
+Business Planning
+Management Reporting
+Board Procedures Company Secretary
+Corporate Governance 
+Terms of Reference
+Board/Director Obligations Training
+Meetings/Year Plan
+Policies: Whistleblowing; Share Dealing
+Share Schemes
+Organisation Chief Operating and People Officer
+Culture
+HR Policies
+Investor Relations Investor Relations & Corporate 
+Communications DirectorCommunications Programme
+107NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+The Board is ultimately responsible for the Group’s system  
+of internal controls and risk management and discharges its 
+duties in this area by:
+• holding regular Board meetings to consider the matters 
+reserved for its consideration;
+• receiving regular management reports which provide an 
+assessment of key risks and controls;
+• scheduling regular Board reviews of strategy including 
+reviews of the material risks and uncertainties (including 
+emerging risks) facing the business;
+• ensuring there is a clear organisational structure with defined 
+responsibilities and levels of authority;
+• ensuring there are documented policies and procedures in 
+place and reviewing these policies and procedures regularly;
+• reviewing regular reports containing detailed information 
+regarding financial performance, rolling forecasts, actual and 
+forecast covenant compliance, cashflows and financial and 
+non-financial KPIs; and
+• visiting the assets to provide context to the reports received.
+Risk management and internal controls
+Internal control structure
+The Board oversees the Group’s risk management and internal 
+controls and determines the Group’s risk appetite. The Board has, 
+however, delegated responsibility for review of the risk 
+management methodology and the effectiveness of 
+internal controls to the Audit Committee.
+The Group’s system of internal controls includes financial, operational 
+and compliance controls and risk management. Policies and 
+procedures, including clearly defined levels of delegated authority, 
+have been communicated throughout the Group. Internal controls 
+have been implemented in respect of the key operational and 
+financial processes of the business. These policies are designed to 
+ensure the accuracy and reliability of financial reporting and govern 
+the preparation of the Financial Statements. During the year a 
+number of follow up internal audit reviews have been commissioned 
+to provide the Committee with additional comfort that the Group’s 
+system of internal controls remains fit for purpose and robust.
+The process by which the Audit Committee has monitored and 
+reviewed the effectiveness of the system of internal controls and risk 
+management during the year has included:
+• ongoing analysis and review of the Group’s risk register;
+• overseeing further ’deep-dive’ discussions of the Group’s risk 
+register to reassess each risk on the register and its  
+risk scoring;
+• further ‘deep-dive’ audits on specific risks; this year it was 
+cyber security and cash controls;
+• reviewing the assessment of key risks, the process of 
+reporting these risks and associated mitigating controls,  
+with particular emphasis on emerging risks; and
+• updates from the ExCo’s quarterly detailed assessment of  
+the risk register.
+The effectiveness of the Company’s risk management and internal 
+control systems is reviewed annually and was last reviewed by the 
+Committee in May 2023. The review concluded that:
+• the systems established by management to identify, assess 
+and manage risks, including emerging risks are effective; and
+• the assurance on risk management and internal control is 
+sufficient to enable the Committee and Board to satisfy 
+themselves that they are operating effectively.
+The Committee is satisfied that the risk management framework is 
+effective and did not identify any failing in the control systems.
+Further details of the Company’s risk management process, together 
+with the principal risks, can be found in the Principal Risks and 
+Uncertainties section. 
+Audit Committee Report continued
+116 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Internal audit function
+The Group does not have an internal audit team. The need for this is 
+reviewed annually by the Committee. Due to the relative lack of 
+complexity and the outsourcing of the majority of the day-to-day 
+operational functions, the Committee continues to be satisfied that 
+there is no requirement for such an in-house team. The Committee 
+does however look to third-parties to provide an internal audit review 
+function. This year the Committee commissioned the following follow 
+up internal audit reviews:
+Cyber security
+Cyber security was a new principal risk in 2021. A cyber event can 
+affect any company and the number of such events has increased 
+significantly in the UK particularly with more staff working from home.
+To address this risk and ensure the Group’s systems were properly 
+protected, Bright Cyber were requested to undertake a review of  
+the Group’s IT security and systems. Last year Bright Cyber carried 
+out a review of the Group Head office systems and found the IT 
+systems were secure and fit for purpose. During FY23 Bright Cyber 
+were requested to undertake a review of Cyber Security and IT 
+Systems in a sample of our shopping centres. There were a number 
+of areas where Bright Cyber have recommended improvements 
+which have already been implemented or will be actioned during  
+the coming months.
+Cash controls
+As part of the internal audit plan in FY22 BDO were requested to 
+scope and carry out a review to provide assurance over the design 
+and effectiveness of the key controls to manage cash collection and 
+bank accounts within the Group. BDO’s review highlighted that 
+generally there was a sound system of internal control designed to 
+achieve system objectives and there were a number of areas of good 
+practice with some exceptions. BDO were therefore able to provide 
+moderate assurance over both the design and the operational 
+effectiveness of the systems the Group had in place. Four low to 
+medium risk recommendations for improvement were made by the 
+BDO review. BDO were therefore invited back in FY23 to assess the 
+systems that had been put in place to address these four low to 
+medium risk recommendations for improvement made at their 
+previous review. BDO confirmed that their recommendations had 
+been incorporated into the systems.
+Whistleblowing Policy
+The Committee conducts an annual review of the Group’s 
+Whistleblowing Policy to ensure it remains up to date and relevant 
+and reports its findings to the Board. Training on whistleblowing is 
+provided to staff annually to capture new staff and to remind existing 
+staff of the procedures. The Committee provides feedback to the 
+Board on the Whistleblowing Policy and procedures and 
+effectiveness of the policy at least every six months. There have 
+never been any concerns raised through the whistleblowing process 
+or through any other process to the Committee.
+Other compliance policies
+The Committee reviews the Gifts and Hospitality register at least  
+twice a year. During the year a Conflicts of Interest Policy was 
+approved by the Committee and recommended for approval to the 
+Board. The Conflicts of Interest register will also now be regularly 
+reviewed by the Committee.
+Statement of compliance
+The Company is not a constituent of the FTSE 350, however the 
+Company confirms on a voluntary basis that it has complied with 
+terms of The Statutory Audit Services for Large Companies Market 
+Investigation (Mandatory User of Competitive Tender Processes and 
+Audit Committee Responsibilities) Order 2014 (the “Order”) 
+throughout the year. In addition to requiring mandatory audit 
+re-tendering at least every ten years for FTSE 350 companies, the 
+Order provides that only the Audit Committee, acting collectively or 
+through its Chair, and for and on behalf of the Board, is permitted:
+• to the extent permissible in law and regulation, to negotiate and 
+agree the statutory audit fee and the scope of the statutory audit;
+• to initiate and supervise a competitive tender process;
+• to make recommendations to the Directors as to the auditor 
+appointment pursuant to a competitive tender process;
+• to influence the appointment of the audit engagement partner; and
+• to authorise an auditor to provide any non-audit services to the 
+Group, prior to the commencement of those non-audit services.
+Viability statement and going concern
+The Committee has reviewed the basis for the Company’s viability 
+Statement that is drafted with reference to the financial forecasts for 
+the next three years. This period of assessment is aligned to 
+performance measurement and management remuneration and, in 
+the opinion of the Committee, this period of assessment strikes the 
+optimal balance of allowing the impact of strategic decisions to be 
+modelled while maintaining the accuracy of underlying forecast 
+inputs. The Committee places additional scrutiny on the assumptions 
+used in the forecasts to ensure they are appropriate. The Committee 
+provides advice to the Board on the Viability Statement.
+The Committee ensured sufficient review was undertaken of the 
+adequacy of the financial arrangements, cash flow forecasts and 
+lender covenant compliance. The Committee further tested the 
+Group’s performance against its stated strategy and its future plans. 
+Accordingly, the Committee recommended to the Board that the 
+statement be approved.
+The Committee further focused on the appropriateness of adopting 
+the going concern basis in preparing the Group’s financial statements 
+for the year ended 31 March 2023 and satisfied itself that the going 
+concern basis of presentation of the financial statements and the 
+related disclosure is appropriate.
+117NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Experienced team
+Senior review
+• a core experienced team is responsible for the co-ordination  
+of submissions, verification, review and consistency
+• the narrative sections are drafted by the members of the team with 
+specific responsibility for each area, such as the Chairman, the CEO, 
+the CFO, Sustainability Manager, Director of Communications and 
+Investor Relations, and the Company Secretary
+As narrative sections are prepared they are circulated to Board and ExCo members to review and comment
+Staff review
+Controls and confirmation
+• the Committee satisfies itself that the controls over the accuracy 
+and consistency of information presented in the Annual Report 
+are robust and that the information is presented fairly (including 
+the calculations and use of alternative performance measures)
+• the Committee confirms to the Board that the processes  
+and controls around the preparation of the Annual Report  
+are appropriate, allowing the Board to make the “fair,  
+balanced and understandable” statement in the Directors’ 
+Responsibilities Statement
+Committee oversight and review
+The draft Annual Report is given to other staff members not involved in the drafting  
+process to read and provide feedback on its fairness, balance and understandability
+The Committee reviews the Annual Report on behalf of the Board, taking into account the comments made  
+by the Board, reports from management and reports issued by PwC and makes recommendations to the Board
+Fair, balanced and understandable assessment
+The Directors are required to confirm that they consider, taken as a whole, that the Annual Report is fair, balanced and understandable  
+and that it provides the information necessary for shareholders to assess the Group’s position and performance, business model and strategy.
+To ensure this is the case the following process is in place:
+Audit Committee Report continued
+118 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Remuneration Committee Report
+Dear Shareholders
+On behalf of the Board, I am pleased to present the Remuneration Committee Report for the 
+financial year ended 31 March 2023. In this statement I have summarised the link between 
+remuneration and performance and our decisions on remuneration for FY23. I have also 
+summarised the proposed changes to the Directors’ Remuneration Policy for FY24-FY26. 
+FY23 has been a successful year for NewRiver despite the wider economic and geopolitical 
+uncertainties. Our community assets have proven to be resilient throughout this period and have 
+under-pinned our performance for the year. The Committee has had regular updates on workforce 
+pay and benefits throughout this year and the health and wellbeing of our staff has remained a key 
+priority. We are ever mindful of the inflationary pressures which are driving up the cost of living and 
+have recognised this in pay awards for our staff for FY24.
+Remuneration Policy
+Our Remuneration Policy was approved by shareholders in July 2020 and is due for renewal at our 
+2023 AGM. Our current policy has served the Company well over the past three years, enabling us  
+to be flexible in the payments to Executive Directors, and to recruit a new CFO. It has provided a 
+good overall link between pay and performance. On this basis, our review concluded that only a few 
+minor amendments were necessary to align to market best practice. A summary of the key changes 
+to the policy are set out on page 122.
+Implementation of the Policy in FY23
+Base salary
+As reported in the FY22 Remuneration Report, base salaries remained unchanged during FY23  
+for both the Executive Directors and the members of ExCo. The wider workforce received salary 
+increases that took into account inflation and market competitiveness.
+Annual bonus
+The FY23 annual bonus was based on Total Return (25%), Earnings yield (25%), LTV (10%), TAR 
+Return (15%) and strategic objectives including ESG targets (25%). Operational performance over 
+the year was excellent, which was reflected in the Total Return, Earnings Yield and LTV measures 
+all exceeding the stretch performance targets. There was also strong performance against the non 
+financial strategic targets. The only aspect where we failed to achieve the target range was in 
+relation to TAR, where our performance, alongside that of the entire sector, was impacted by the 
+significant property devaluations in the second half of 2022. The resultant out-turn was 82.5% of 
+maximum for Allan Lockhart and Will Hobman. The Committee is comfortable that the formulaic 
+bonus outcome reflects the wider business performance of the Company. 30% of the bonus will  
+be deferred in shares for two years.
+Long-term incentive plan
+The FY21 LTIP Awards will vest to the extent that the relative TAR (50%) and Total Shareholder 
+Return (50%) performance targets are met. The relative TAR targets were assessed against 
+performance to 31 March 2023. As the minimum hurdle requirement was not met, this element of 
+the award will lapse. For the TSR element, performance is assessed for a period of three years from 
+the date of grant. Therefore, the vesting level under the TSR element cannot be ascertained until 
+August 2023. Based on a recent assessment of the Company’s TSR, the TSR element is expected 
+to vest in full. On this basis, the total estimated vesting for this award is 50% of maximum. The 
+Committee considered wider business performance over the three-year performance period and  
+is comfortable that the formulaic vesting outcome is appropriate.
+In addition to looking at our performance in the round, the Committee considered whether the 
+share price increase from grant represented a windfall gain. Over the period since the grant of the 
+FY21 award, our share price has increased from 63p to an average share price over the first quarter 
+of 2023 of 88.27p. Whilst being cognisant of the guidance from the Investment Association on 
+potential windfall gains from FY21 awards granted during the pandemic, we are not scaling back 
+the award on vesting because:
+• The FY21 Award was scaled back by one third at grant (from 100% of salary to 67% of salary) to 
+ensure that the Executives did not benefit from a windfall gain. 
+• Relative TSR performance against the sector has been strong. Based on the TSR performance  
+to 31 January 2023, our TSR has exceeded the upper quartile TSR performance of other UK 
+REITs (62% vs 14%). 
+On this basis, the Committee decided not to exercise any discretion to reduce the overall  
+vesting outcome.
+Remuneration Committee Report
+119NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Other considerations during the year
+Wider workforce engagement
+During the year, the Committee had oversight of the reward and 
+compensation packages that operate across the Company, which are 
+considered competitive. I am the appointed designated Non-
+Executive Director who has the responsibility of ensuring that the 
+Board successfully engages with the workforce. As a result of being a 
+small team there is naturally proximity between the Board and the 
+workforce which makes it easier for the Board to engage with staff 
+directly. I attend staff forums to ensure that there is an opportunity for 
+staff to raise questions or concerns directly with myself. We also use 
+our appraisal process to explain and discuss with employees how the 
+policy for Executive Directors aligns with the pay and conditions of 
+the workforce. Finally, NEDs have also engaged with employees in 
+the regional operations and found this to be particularly useful. The 
+executive remuneration policy and its implementation were not 
+raised as material issues during the year. Therefore, no amendments 
+were required to the remuneration policy or its proposed 
+implementation as a result of this engagement. 
+Shareholder engagement
+Ahead of the 2023 AGM, we engaged with our largest investors to 
+understand their views on our proposed new policy and the proposed 
+implementation in FY24. Based on the feedback received from our 
+engagement, investors were supportive of the new policy and no 
+changes were required as a consequence of the investor feedback.
+Implementation of the Policy in FY24 
+The implementation of the Remuneration Policy for FY24 is outlined 
+on pages 135 to 136. The Committee considered how remuneration 
+should be implemented for FY24. Part of this process was reviewing 
+current practice against both market and best practice, wider 
+workforce remuneration and pay ratios. The outcome of the review 
+was that our current approach remains appropriate.The key decisions 
+made by the Committee in relation to FY24 include: 
+Base salary: During the year the Committee reviewed the salary 
+increases for the wider workforce, taking into account high inflation 
+and the increase in cost of living. As a result, the wider workforce 
+received an average increase of 5%. The Committee reviewed the 
+base salary levels for Executive Directors and determined that the 
+salaries should be increased by 3%. This increase was materially 
+below the average workforce increase and also recognised that the 
+CEO's salary had not increased for several years. 
+Pensions: The Company currently contributes 15% of base salary for 
+Allan Lockhart. This will reduce at the end of forthcoming AGM to 4% 
+of salary, the rate applying to the workforce.  Will Hobman’s Company 
+pension contributions are also 4% of base salary.
+Annual Bonus: Executive Directors will have the opportunity to earn a 
+bonus up to a normal maximum of 125% of salary. In line with FY23, 
+75% of the bonus will be based on corporate and financial measures, 
+including Total Return, Earnings Yield, LTV and absolute growth in 
+Total Accounting Return (TAR). 25% will remain based on strategic 
+measures (including measurable ESG objectives consistent with the 
+Company’s ESG commitments and strategy). 30% of any bonus paid 
+will be deferred into shares for two years.
+Long-term incentives: Grant levels will be 100% of base salary. In line 
+with FY23 grants, performance will be assessed against relative TSR and 
+relative TAR vs a peer group of UK REITs. Awards must be held by 
+Executive Directors for a further two years after vesting.
+Closing remarks
+We believe that the operation of our Remuneration Policy recognises  
+the experience of shareholders, employees and other stakeholders. 
+Bonuses have been awarded to the wider team to ensure alignment 
+with the level of bonuses awarded to the Executive Directors. In 
+recognition of the inflationary pressures on the wider workforce, staff 
+have received pay increases at higher percentage levels than the 
+Executive Directors and Members of the ExCo.  
+We welcome feedback and if shareholders have any questions about 
+remuneration generally, or the contents of the report, I can be 
+contacted through our investor relations email at info@nrr.co.uk.
+My fellow Directors and I intend to attend the AGM and we would be 
+pleased to answer any questions you may have about the 
+Committee’s work.
+Alastair Miller
+Committee Chair
+14 June 2023
+Remuneration Committee Report continued
+120 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Remuneration at a Glance 
+FY23 Annual Bonus Performance
+LTV
+TAR Return
+100%
+0%
+100%
+100%
+90%
+90%
+CorporateFinancial Strategic
+Corporate and financial measures (75% weighting)
+Measure
+Total return vs 
+IPD All Retail
+Earnings yield (UFFO)
+Director
+Achievement (% of max)
+Achievement (% of max) 
+Strategic measures (25% weighting)
+Allan Lockhart
+Will Hobman
+Executive Pay in FY22/23 
+Total remuneration (£)
+350k
+700k
+1.05m
+1.4m
+0k
+Allan 
+Lockhart
+Will
+Hobman1
+£1,295,657
+£674,918
+£984,462
+£399,453
+Salary  
+Pension
+Benefits  
+Annual Bonus
+LTIP
+2022202320222023
+FY21-23 Performance Share Plan 
+100%
+0%
+Achievement (% of max)
+50%
+Measure
+Relative TSR vs 
+Peer Group
+Relative Total Accounting 
+Return vs Peer Group
+Total
+PSP
+Implementation of Policy in FY24
+Base Salaries Allan Lockhart: £484,100
+Will Hobman: £334,750
+Benefits No change
+Pension Allan Lockhart: 15% of salary to reduce 
+at AGM 2023 to 4% of salary
+Will Hobman: 4% of salary
+Annual Bonus Maximum opportunity is 125% of salary
+Performance conditions:
+75% Corporate Targets
+25% individual strategic objectives
+30% deferred into shares for two years
+Long Term 
+Incentive Plan
+Grant levels at 100% of salary 
+Performance conditions:
+Relative TSR (50%)
+Relative TAR (50%)
+Two-year post-vesting holding  
+period applies
+Shareholding 
+requirements
+200% of salary1. Remuneration was pro-rated in 2022 because Will was appointed 
+during FY22.  No value for the LTIP award vesting is included in 2023 
+as the award relates to his employment below board level.
+121NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Remuneration Committee Report continued
+Remuneration Policy
+In accordance with the remuneration reporting regulations, the 
+remuneration policy as set out below is intended to apply, subject to 
+shareholder approval at the 2023 AGM to be held on 26 July 2023, 
+for a period of three years from that date. 
+Following a detailed review of the remuneration policy and 
+shareholder engagement, the following changes are proposed. 
+These are limited to modest amendments which do not substantively 
+alter the previous policy:
+Pension
+The policy has been updated to reflect that Executive Directors may 
+receive a pension contribution in line with the contribution available  
+to the wider workforce (currently 4% of salary). The CEO’s pension  
+will reduce from 15% of salary to 4% of salary from the date of the 
+2023 AGM.
+Performance Share Plan 
+The policy wording in respect of performance conditions has been 
+broadened so that non-financial measures may be incorporated 
+alongside financial and stock market based measures. This will 
+provide greater flexibility to operate the policy in line with the 
+evolving business strategy including, potentially, the use of ESG 
+based measures. We have also flexibility for the dividend equivalent 
+calculation to take into account the holding period (where applicable) 
+and not just up to the point of vesting.
+Shareholding guidelines
+The post-employment shareholding guideline has been updated to 
+align with the IA guidelines and market best practice such that 
+Executive Directors will be required to retain 200% of salary for two 
+years post-cessation of employment (or the actual shareholding, if 
+lower). Previously the requirement reduced to 100% of salary for the 
+second year. 
+In addition, we have made some minor wording changes to the policy 
+to enhance clarity.
+Decision making process for the determination,  
+review and implementation of the policy
+When reviewing the remuneration policy, the Committee considers a 
+wide range of factors, including: 
+• The Company’s strategic priorities and KPIs and culture and values
+• The remuneration policies and practices for the workforce and the 
+cascade of remuneration throughout the Company and where 
+practicable improving the consistency of the Executive Directors’ 
+remuneration policy with that of the workforce
+• The latest guidance from our institutional shareholders, investor 
+representative bodies, regulators and statutory requirements
+• The overall market competitiveness of the senior  
+executives’ packages
+To manage any potential conflicts of interest, the Committee ensures 
+that no individual is involved in discussions regarding their own 
+remuneration arrangements.
+The implementation of the Policy is considered annually by the 
+Committee for the year ahead in light of the strategic priorities  
+and the wider stakeholder experience, whilst incentive targets are  
+also reviewed to check if they remain appropriate or need to  
+be recalibrated.
+In addition to the decision-making process set out above, the 
+Committee addressed the following factors when determining the 
+remuneration policy and practices, as recommend by the UK 
+Corporate Governance Code:
+122 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Principle Committee approach
+Clarity
+Remuneration arrangements should be transparent and 
+promote effective engagement with shareholders and  
+the workforce.
+• As noted above there is a consistent approach taken, where possible, in 
+relation to the application of the remuneration policy throughout the Company. 
+For instance, all employees participate in an annual bonus plan and the PSP.
+• We consult with employees to explain how the policy for Executive Directors 
+aligns with the pay and conditions of the workforce other than, for instance, 
+where there are more stringent requirements in the Executive Directors’ policy 
+for corporate governance reasons.
+Simplicity 
+Remuneration structures should avoid complexity and their 
+rationale and operation should be easy to understand.
+• The components of our Remuneration Policy are consistent throughout the 
+Company so they are simple to operate and communicate.
+Risk 
+Remuneration arrangements should ensure reputational 
+and other risks from excessive rewards and behavioural 
+risks that can arise from target-based incentive plans are 
+identified and mitigated.
+• We look carefully at the range of likely performance outcomes when setting 
+performance target ranges and use discretion where this leads to an 
+inappropriate pay outcome.
+• Bonus deferral, holding periods on LTIP awards, shareholding requirement and 
+clawback and malus provisions all help to mitigate risk.
+Predictability
+The range of possible values of rewards to individual 
+directors and any other limits or discretions should  
+be identified and explained at the time of approving  
+the policy.
+• Incentive plans are determined based on a proportion of base salary so there 
+is a sensible balance between fixed pay and performance-linked elements.
+• There are provisions to override the formula driven outcome of incentive plans 
+and deferral and clawbacks to minimise the likelihood of a poor link between 
+reward and performance. 
+Proportionality 
+The link between individual awards, the delivery  
+of strategy and the long-term performance of the  
+company should be clear. Outcomes should not  
+reward poor performance.
+• Incentive plans are determined based on a proportion of base salary so there 
+is a sensible balance between fixed pay and performance-linked elements.
+• There are provisions to override the formula driven outcome of incentive plans 
+deferral and clawbacks to ensure that poor performance is not rewarded.
+Alignment to culture 
+Incentive schemes should drive behaviours consistent  
+with company purpose, values and strategy.
+• All staff are eligible for bonus plans which are approved by the Committee to 
+ensure consistency with Company purpose, values and the performance 
+measures are linked to the business strategy.
+Remuneration Policy Table Executive Directors
+Element
+Purpose  
+& Link to Strategy Operation Maximum Performance Target
+Fixed
+Salary Market competitive 
+remuneration base 
+reflecting role, 
+responsibilities, skills 
+and experience
+Normally reviewed annually,  
+effective 1 April, although salaries  
+may be reviewed more frequently  
+or at different times of the year if  
+the Committee determines this  
+is appropriate.
+Salaries are set taking into account  
+the performance of the individual, the 
+responsibilities and size of the role, 
+salary increases across the Group  
+and market data for peer companies.
+Paid in cash monthly.
+There is no prescribed maximum.
+Increases will typically be dependent 
+on the results of an annual review in 
+the context of the average increase  
+for the wider work force, inflation and 
+market data.
+Increases will not normally be above 
+the level implemented across the 
+wider workforce. Increases may be 
+above this level, for example if there  
+is an increase in the scale, scope or 
+responsibility of the role.
+Not applicable.
+Pension To provide 
+competitive 
+post-retirement 
+benefits.
+To assist with 
+recruitment and 
+retention.
+The Executive Directors may 
+participate in the Company’s  
+defined contribution plan or receive  
+a cash supplement in lieu of pension 
+contributions.
+A pension contribution is payable in 
+line with the pension available to the 
+workforce, currently 4% of salary. The 
+CEO’s pension contribution will reduce   
+from 15% of salary to this level from the 
+2023 AGM.
+Not applicable.
+Benefits To provide a 
+competitive and 
+cost-effective 
+benefits package.
+To assist with 
+recruitment and 
+retention.
+The Company provides a range of 
+non-pensionable benefits to Executive 
+Directors which may include medical 
+insurance, life assurance, permanent 
+health insurance, holiday and sick pay. 
+Other benefits such as relocation 
+allowances may be offered if 
+considered appropriate and 
+reasonable by the Committee.
+Benefits are set at a level which the 
+Committee considers appropriate 
+when compared to the Company’s 
+listed real estate investment trust 
+peers.
+There is no prescribed maximum.
+Not applicable.
+123NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret flower is a "tulip".

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+Remuneration Committee Report continued
+Executive Directors
+Element
+Purpose &  
+Link to Strategy Operation Maximum Performance Target
+Variable
+Bonus To incentivise 
+performance in 
+the reporting 
+year. Targets are 
+consistent with 
+the Group’s long 
+term strategy. 
+The deferral of a 
+proportion of the 
+bonus in shares 
+aligns directors’ 
+interests with 
+those of 
+shareholders and 
+to discourage 
+short term 
+decision making.
+All measures and targets will be reviewed 
+and set annually by the Committee at the 
+beginning of the financial year and levels 
+of award are determined by the 
+Committee after the year end based on 
+achievement of performance against the 
+stipulated measures and targets.
+The Committee retains an overriding 
+discretion to adjust pay-outs from 
+formulaic performance condition 
+outcomes to ensure that overall bonus 
+payments reflect its view of corporate 
+performance during the year and are fair 
+to both shareholders and participants. 
+30% of the bonus must be deferred into 
+shares for two years.
+Vesting of the deferred shares will be 
+subject to continued employment.
+The value of the bonus does not 
+contribute to the pensionable salary.
+Clawback and malus provisions apply.
+The maximum bonus is 125%  
+of salary.
+On target performance would result in 
+a bonus payment of 50% of maximum 
+bonus. Threshold performance would 
+result in bonus payment of up to 25%  
+of maximum bonus.
+All measures and 
+targets normally relate 
+to a financial year of 
+the Company and are 
+reviewed on an annual 
+basis.
+At least 50% of  
+the bonus will be 
+subject to financial 
+performance 
+conditions.
+Performance 
+Share Plan
+To incentivise  
+and reward the 
+delivery of returns 
+to shareholders 
+and sustained 
+long-term 
+performance.
+Aligns the 
+Executive 
+Directors’ 
+interests with 
+those of 
+shareholders.
+Rewards and 
+helps retain/ 
+recruit executives.
+Discretionary grant of nil-cost options or 
+conditional awards of shares.
+Awards normally vest three years from the 
+date of award. 
+Vesting of awards is subject to 
+satisfaction of performance targets 
+normally measured over a three-year 
+period. 
+The Committee retains an overriding 
+discretion to adjust the vesting level from 
+formulaic performance condition 
+outcomes to ensure that the overall level 
+of vesting reflects its view of corporate 
+performance over the performance period 
+and is fair to both shareholders and 
+participants.
+A holding period of two years will apply 
+following vesting before participants are 
+entitled to sell their shares. 
+Clawback and malus provisions apply as 
+described in the notes to this table.
+The maximum award level permitted 
+under the 2016 PSP plan rules and this 
+policy is 200% of salary. The normal 
+annual award is 100% of salary for all 
+Executive Directors.
+Awards would not be increased above 
+100% of base salary without prior 
+consultation with shareholders.
+25% of the award is payable at 
+threshold performance.
+Performance targets 
+will apply over the 
+performance period.
+The Committee will 
+determine the 
+applicable 
+performance targets 
+and their weightings to 
+ensure they are 
+appropriate. 
+Performance 
+conditions may be 
+based on financial, 
+stock market based 
+and/or non-financial 
+measures (including 
+strategic and ESG 
+measures). A majority 
+of the award will be 
+based on financial and 
+stock market based 
+measures. 
+Shareholding 
+Requirement
+To encourage 
+long-term share 
+ownership and 
+support alignment 
+of interests with 
+shareholders.
+At least half of the net shares vested under 
+the deferred annual bonus and the LTIP 
+must be retained until the shareholding 
+requirement is met. 
+During employment, Executive 
+Directors must build up a shareholding 
+worth 200% of salary. 
+After employment, Executive Directors 
+will be required to retain the lower of 
+the shareholding requirement during 
+employment or actual shareholding at 
+cessation for two years. The Committee 
+has the discretion to relax this 
+requirement in exceptional 
+circumstances (e.g. serious ill-health). 
+Shares that have been purchased 
+voluntarily may be excluded from the 
+post-cessation shareholding 
+requirement.
+Not applicable
+124 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Remuneration Committee Report continued
+Remuneration Report 
+This section sets out how the Directors’ Remuneration Policy 
+was implemented during the financial year ended 31 March 2023. 
+Where stated, disclosures regarding Director’s remuneration have 
+been audited by the Company’s external auditors, PwC. This section, 
+together with the Chair’s Statement, is subject to an advisory vote at 
+the 2023 AGM.
+Remuneration Committee 
+The Remuneration Committee is comprised of all the Non-Executive 
+Directors, including the Chair. Karen Miller was appointed to the Board on 
+30 May 2022 and joined the Committee on this date. The Remuneration 
+Committee meets at least four times a year, together with adhoc 
+meetings when required. It met four times during the year.  A Board and 
+Committee attendance chart is contained in the Governance report on 
+page 106. FY23 Remuneration Committee activity
+May
+• Review outcome of Corporate and personal targets  
+for Exec Director bonuses
+• Review and approve ExCo bonuses
+• Consider DBS and PSP awards and targets
+• FY23 targets and objectives
+• Review Remuneration report
+▼
+September 
+• Plan and discuss the proposed new Remuneration Policy
+• Review Terms of Reference
+▼
+November
+• Consider the Remuneration Policy proposal
+• Review the shareholder consultation process
+▼
+March
+• Consider shareholder feedback
+• Report from Korn Ferry on developments in market  
+practice in remuneration
+• Review wider workforce arrangements and pay policy
+• FY24 targets and objectives
+Committee members
+Alastair Miller: Committee Chair
+Margaret Ford
+Colin Rutherford
+Charlie Parker
+Dr Karen Miller
+The Chief Executive Officer and Chief Operating and People Officer 
+were invited to attend all or part of the meetings as relevant. These 
+individuals were not present when their own remuneration was 
+discussed. The Company Secretary acts as secretary to the Committee.
+Role of the Remuneration Committee
+The role of the Remuneration Committee is to establish a formal and 
+transparent procedure for developing and implementing the 
+Remuneration Policy. The Policy should have regard to the risk 
+appetite of the Company and Executive remuneration should be 
+aligned to the Company’s purpose and values and be clearly linked 
+to the successful delivery of the Company’s long-term strategy. The 
+Committee also reviews the remuneration of the Chair and senior 
+executives below Board level. Terms of reference for the 
+Remuneration Committee can be found on the Company’s website.
+Other main responsibilities of the Committee are to:
+• ensure that the Directors and executive management are provided 
+with appropriate incentives to encourage enhanced performance 
+and are, in a fair and responsible manner, rewarded for their 
+individual contributions to the success of the Company and to align 
+their interests with those of shareholders;
+• attract, retain and motivate Directors and executive management 
+of the quality required to run the Company successfully without 
+paying more than is necessary, having regard to views of 
+shareholders and other stakeholders;
+• review and have regard to workforce remuneration and related 
+policies and the alignment of incentives and rewards with culture, 
+taking these into account when setting remuneration policy for 
+Directors and especially when determining annual salary increases;
+• consider and set the objectives, annual pay and targets for the 
+Directors and executive management; and
+• review the operation of the Group’s share incentive schemes and 
+the granting and vesting of the schemes.
+Any potential conflicts of interest are managed carefully. No Director 
+is present when their own remuneration is being discussed and 
+Committee papers are redacted where appropriate to avoid 
+individuals seeing proposals before they are discussed by the 
+Committee. Each meeting minutes whether there are any potential 
+conflicts for any members or attendees.
+Statement of voting at the Annual General Meeting
+The following table summarises the details of votes cast for and against the Directors’ remuneration policy and the Directors’ remuneration 
+report at the 2020 and 2022 AGM, along with the number of votes withheld.
+Votes for % Votes against %
+Total shares for 
+and against Votes withheld
+That the Directors’ remuneration report be received and 
+approved (2022 AGM)
+130,803,393 91.13 12,735,708 8.87 143,539,101 19,847
+That the Directors’ remuneration policy be received and 
+approved (2020 AGM)
+160,581,406 94.19 9,902,752 5.81 170,484,158 89,031
+128 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Remuneration Committee advisor
+The Committee keeps itself fully informed on developments and best practice in the field of remuneration and it seeks advice from external 
+advisers when appropriate. The Committee appoints its own independent remuneration advisers and appointed Korn Ferry in 2018 following a 
+competitive process. During the year the Committee continued to retain the services of Korn Ferry. Korn Ferry is a member of the Remuneration 
+Consultants Group and signatory to its Code of Conduct which can be found at www.remunerationconsultantsgroup.com. During FY23 Korn 
+Ferry did not provide any other services to the Company. Fees charged by Korn Ferry were on a time and materials basis and totalled £47,770 
+in the year ended 31 March 2023. The Committee reviews the performance and independence of its advisers on an annual basis and is 
+satisfied that the advice provided is objective and independent.
+Total remuneration payable to Directors for FY23 (audited)
+The following tables show a single figure total of remuneration for the year ended 31 March 2023 for each of the Directors and compares this 
+figure to the prior year.
+Executive Directors
+Financial Year Salary £ Benefits1£ Pension3£
+Subtotal for 
+fixed pay £ Cash bonus £
+Value of bonus 
+deferred into 
+shares £
+Long-term 
+incentive 
+plans £
+Subtotal for 
+variable pay £ Total £
+Allan Lockhart 2023 470,000 5,001 70,500 545,501 338,870 145,230 266,056 750,156 1,295,657
+2022 470,000 3,337 70,500 543,837 308,438 132,187 – 440,625 984,462
+Will Hobman2 2023 325,000 2,168 13,000 340,168 234,325 100,425 – 334,750 674,918
+2022 189,583 855 7,583 198,021 141,002 60,430 – 201,432 399,453
+1. Benefits are the Directors’ private medical cover.
+2. Will Hobman was appointed to the Board on 20 August 2021 and the remuneration for FY22 shown is from this date. The value for the bonus has been pro-rated 
+from appointment, in FY22. No LTIP vesting is shown in respect of Will Hobman as the award predated his appointment as CFO. 
+3. Allan Lockhart received a pension contribution of 15% of salary. Will Hobman received a pension contribution of 4% of salary.
+Non-Executive Directors
+Financial Year Base Fee £
+Audit Committee  
+Chairman £
+Remuneration Committee 
+Chairman £
+Senior Independent 
+Non-Executive Director £ Total £
+Margaret Ford 2023 160,000 – – – 160,000
+2022 160,000 – – – 160,000
+Kay Chaldecott1 2023 16,667 – – – 16,667
+2022 50,000 – – – 50,000
+Alastair Miller 2023 50,000 – 7,500 7,500 65,000
+2022 50,000 – 7,500 7,500 65,000
+Charlie Parker 2023 50,000 – – – 50,000
+2022 50,000 – – – 50,000
+Colin Rutherford 2023 50,000 7,500 – – 57,500
+2022 50,000 7,500 – – 57,500
+Dr Karen Miller2 2023 42,051 – – – 42,051
+2022 – – – – –
+1. Kay Chaldecott stepped down from the Board on 26 July 2022. 
+2. Dr Karen Miller was appointed to the Board on 30 May 2022.
+129NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Remuneration Committee Report continued
+Annual bonus for the year to 31 March 2023 (audited)
+Executive Directors had the opportunity to earn a bonus up to a maximum of 125% of salary on the basis of the achievement of the following measures.
+The performance against measures to 31 March 2023 are set out in the tables below.  
+Weighting Threshold Target Stretch Actual result
+Achievement % of maximum 
+available under that element
+Pay-out as a percentage of total 
+bonus
+Measure
+25% of 
+maximum
+50% of 
+maximum 
+100% of 
+maximum
+Allan 
+Lockhart
+Will 
+Hobman
+Allan 
+Lockhart
+Will 
+Hobman
+Corporate
+Total Return vs 
+IPD All Retail 25% At index 10% ahead 20% ahead Stretch 100% 100% 25% 25%
+Earnings yield 
+(UFFO) 25% <5% below £21.7m
+>5% or 
+above £25.8m 100% 100% 25% 25%
+Financial
+LTV 10% <38% <36% <34% 33.9% 100% 100% 10% 10%
+TAR Return 15% <10% 6.7% >10% Miss 0% 0% 0% 0%
+Strategic
+Strategic 
+objectives 25% See below 90% 90% 22.5% 22.5%
+A summary of the strategic objectives are shown below:
+Strategic objectives Weighting Assessment of performance by the Committee Achievement 
+Allan Lockhart Will Hobman Allan Lockhart Will Hobman
+Cost reductions: unlock further cost saving 5% A further £900k of savings unlocked 5% 5%
+Achieve further disposals from the Workout portfolio 7.5% Disposal of Wakefield and Darlington assets 7.5% 7.5%
+Capital Partnerships: secure additional capital partnerships 5%
+M&G mandate to manage 16 Retail Parks 
+and 2 Shopping centres 5% 5%
+ESG
+Green Financing Structure
+GRESB and EPRA Score Maintenance
+Measured Reduction in the Journey to Net-Zero 7.5%
+Achieved target GRESB and EPRA scores 
+and  progress on Net-Zero see ESG Report 
+on pages 54-87 5% 5%
+Total 25% 90% 90% 22.5% 22.5%
+Based on performance to 31 March 2023, the annual bonus outcome for Executive Directors during the year are shown below. The Committee 
+is satisfied that no adjustments to the pay-outs is required, and that the outcome is reflective of underlying performance.
+Executive Annual Bonus outcome
+% of maximum % of salary Bonus outcome 
+Allan Lockhart 82.5% 103% £484,100
+Will Hobman 82.5% 103% £334,750
+Thirty percent of the bonus will be deferred into shares for two years. Deferred shares are subject to continued employment.
+130 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Long-term Incentive Plans (audited)
+Vesting of Performance Share Plan awards
+Performance Share Plan Awards were granted to Allan Lockhart and Will Hobman on 21 August 2020.
+The performance targets for these awards are shown below: 
+Weighting Threshold Target Stretch Actual result
+Vesting  
+(% of max)
+Measure 25% of maximum 75% of maximum 100% of maximum
+Total Shareholder Return vs UK REITs1 50% Median 62.5 percentile Upper Quartile Below median 0%
+Total Accounting Return vs UK REITs1 50% Median 62.5 percentile Upper Quartile Below median 100%
+Total 50%
+1. The UK REIT peer group listed on page 132.
+The targets for the Total Accounting Return element were assessed against performance to 31 March 2023. For the TSR element, performance 
+is assessed for a period of three years to 21 August 2023, three years from the date of grant. Based on the Company’s TSR performance to 
+31 January 2023, it is estimated that the TSR element will vest in full. The actual TSR and vesting level will be provided in the FY24 Directors’ 
+Remuneration Report
+The Committee is comfortable that the formulaic outcome of the LTIP reflects wider business performance and so no discretion has been 
+applied. The estimated vesting levels for the FY21 LTIP awards are shown below:
+Executive Grant date Vest date
+Number of shares 
+granted
+Estimated number 
+of shares to vest
+Value of share  
+to vest 
+Dividend 
+equivalents Estimated value
+Allan Lockhart 21-Aug-20 21-Aug-23 497,354 248,677 £219,507 52,727 £266,056
+Will Hobman 21-Aug-20 21-Aug-23 158,730 79,365 £70,055 16,827 £84,911
+• Allan Lockhart’s FY21 award remains subject to a two-year post-vesting holding period. Will Hobman was the Finance Director (below Board 
+level) when the FY21 awards were granted and so no holding period applies. Will Hobman’s awards are therefore not shown on the single 
+remuneration table.
+• The value of the shares to vest are based on a three-month average share price of 88.27p to 31 March 2023. This value will be restated in 
+the single figure table next year based on the actual share price on the date of vesting.
+• Dividend equivalents include the final dividend declared for FY23 to be paid in August 2023 prior to vesting.
+• The share price at grant was 63p, therefore the share price has increased by 25.27p. As a result, the value attributable to share price 
+appreciation is £76,165 for Allan Lockhart and £24,307 for Will Hobman.
+PSP awards granted in the year to 31 March 2023 (audited)
+The following Performance Share Plan awards were granted to Executive Directors as nil cost options on 6 July 2022:
+Executive
+Value of awards at grant date1 
+(% salary)
+Number of shares comprising 
+award
+% of award vesting at 
+threshold Vesting Period End Date Holding Period End Date
+Allan Lockhart £470,000 ( 100%) 532,880 25% 6 July 2025 6 July 2027
+Will Hobman £325,000 (100%) 368,481 25% 6 July 2025 6 July 2027
+1. The closing price on the day before the grant date has been used to determine the number of shares comprising the award. This was 88.2p.
+Performance will be assessed from 1 April 2022 to 31 March 2025. The targets for both performance conditions are as follows:
+TSR ranking vs. UK REITs (50% of award) Total Accounting Return ranking vs. UK REITs (50% of award) Vesting (% of award)1
+Below threshold Less than Median (50th percentile) Less than Median (50th percentile) 0
+Threshold Equal to Median (50th percentile) Equal to Median (50th percentile) 25
+Equal to 62.5th percentile Equal to 62.5th percentile 75
+Maximum
+Equal to Upper Quartile  
+(75th percentile) and above
+Equal to Upper Quartile  
+(75th percentile) and above 100
+1. Vesting is calculated on a straight-line basis between 25%, 75% and 100%.
+2. 50% of each award may vest based on the Company’s TSR compared to a group of UK REITs. 
+3. 50% of each award may vest based on the Company’s Total Accounting Return (“TAR”) compared to a group of UK REITs that report their NAV on an EPRA basis. 
+TAR is defined as the annualised return over the performance period based on the change in EPRA NTA per share and the level of dividends paid per share.
+131NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Remuneration Committee Report continued
+The TSR and TAR comparator group was composed of the companies set out in the list below.
+• SEGRO • GREAT PORTLAND ESTATES • UNITE GROUP • LONDONMETRIC PROPERTY
+• LAND SECURITIES GROUP • WORKSPACE GROUP • TRITAX BIG BOX REIT • SAFESTORE HOLDINGS
+• BRITISH LAND • BIG YELLOW GROUP • GRAINGER • UK COMMERCIAL PROPERTY REIT
+• DERWENT LONDON • ASSURA • CLS HOLDINGS • PRIMARY HEALTH PROPERTIES
+• HAMMERSON • SHAFTESBURY CAPITAL
+Deferred Shares granted in the year to 31 March 2023 (audited)
+Awards of Deferred Bonus Shares over the Company’s shares were granted to Executive Directors as nil cost options in FY23 as shown below. 
+The deferred share awards are based on 30% of the bonus awarded for the year to 31 March 2022. Vesting of the awards is normally subject to 
+continued employment at the date of vesting in two years’ time. 
+Executive Number of shares granted1,2 Face value of the award at grant date Grant date Vest date
+Allan Lockhart 148,960 £132,187 6 July 2022 6 July 2024
+Will Hobman 109,255 £96,953 6 July 2022 6 July 2024
+1. The closing price on the day before the grant date has been used to determine the number of shares comprising the award. This was 88.74p.
+2. Awards are not subject to performance conditions.
+3. Vesting of awards is normally subject to continued employment unless an employee leaver is deemed a ‘Good Leaver’.
+4. Will Hobman was the Finance Director (below Board level) prior to his appointment as CFO. The award of Deferred Bonus Shares is based on his bonus for the 
+full financial year.
+Summary of Directors Interests (audited)
+The beneficial interests of the Executive Directors in share awards and share options as at 31 March 2023 are shown in the following tables. 
+Allan Lockhart
+Grant Date Plan Vesting by 1
+Share price at 
+date of award £
+Exercise 
+price £
+At 31 March 
+2022 Granted
+Dividend equivalent 
+shares added2 Lapsed Exercised
+At 31 March 
+2023
+May 2018 DBP May 2020 2.86 nil  62,194  –   – – –  62,194 
+Jun 2019 PSP Jun 2022 1.77 nil  314,327  –   – (314,327) –  –   
+Jun 2019 DBP Jun 2021 1.79 nil  66,952  –   – – –  66,952 
+Aug 2020 PSP Aug 2023 0.63 nil  537,381  –    44,340 – –  581,721 
+Sept 2021 DBP Sept 2023 0.78 nil  37,348  –    3,081 – –  40,429 
+Sept 2021 PSP Sept 2024 0.78 nil  622,480  –    51,362 – –  673,842 
+July 2022 DBP July 2024 0.88 nil  –    148,960  12,290 – –  161,250 
+July 2022 PSP July 2025 0.88 nil  –   532,880 43,968 – –  576,848 
+Total 1,640,683 681,840 155,041 (314,327)  –    2,163,236 
+Will Hobman
+Grant Date Plan Vesting by 1
+Share price at 
+date of award £
+Exercise 
+price £
+At 31 March 
+2022 Granted
+Dividend equivalent 
+shares added2 Lapsed Exercised3
+At 31 March 
+2023
+Jun 2019 PSP Jun 2022 1.77 nil 70,220 – – (70,220) – –
+Aug 2020 DBP Aug 2022 0.63 nil  48,668 – – – (48,668) –
+Aug 2020 PSP Aug 2023 0.63 nil  171,504 –  14,151 – –  185,655 
+Sept 2021 DBP Sept 2023 0.78 nil  21,852 –  1,802 – –  23,654 
+Sept 2021 PSP Sept 2024 0.78 nil  271,507 –  22,402 – –  293,909 
+July 2022 DBP July 2024 0.88 nil –  109,255  9,014 – –  118,269 
+July 2022 PSP July 2025 0.88 nil –  368,481  30,404 – –  398,885 
+Total 583,752 477,736 77,773 (70,220) (48,668) 1,020,373
+1. A holding period of two years is applied following vesting.
+2. The right to dividends is accrued and is only payable if and to the extent that the awards vest. The FY23 final dividend declared is not included in this figure.
+3. Will’s awards were exercised on 25 November 2022, some of the shares were sold to cover tax at a share price of  71.3p. The aggregate gain from exercising 
+this award was £34,840.
+DBP = Deferred Bonus Plan.
+PSP = Performance Share Plan.
+ 
+132 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Details of the Directors’ shareholdings and rights to shares (audited) 
+It is the Board’s policy that Executive Directors build up and retain a minimum shareholding of 200% of base salary. Beneficially owned shares, 
+the net of tax value of vested and unvested DBP awards plus vested but unexercised PSP awards may be counted towards the value of the 
+executives’ shareholdings for the purposes of the 200% holding guideline.
+The beneficial interests of Directors who served during the year, in the shares of the Company are as follows: 
+Beneficially 
+owned 
+shares held 
+at 31 March 
+2023
+Value of  
+beneficially 
+owned shares 
+as % of salary1
+Vested DBP  
+awards held at   
+31 March  
+20232
+Vested but 
+unexercised PSP 
+awards held at 
+31 March 2023
+Unvested DBP  
+awards held at  
+31 March  
+2023
+Value of 
+holdings 
+including 
+vested and 
+unvested DBP 
+and  PSP1
+Unvested PSP  
+awards held at  
+31 March  
+2023
+Total held as at 
+31 March 2023
+Shareholding % 
+of salary
+Allan Lockhart 374,286 63% 129,146 – 201,679 119% 1,832,411 2,537,522 119% (unmet)
+Will Hobman 188,517 46% – – 141,923 80% 878,449 1,208,889 80% (unmet)
+Margaret Ford 106,440 – – – – 106,440 N/A
+Alastair Miller 69,806 – – – – – – 69,806 N/A
+Colin Rutherford – – – – – – – – N/A
+Charlie Parker 11,454 – – – – – – 11,454 N/A
+Dr Karen Miller – – – – – – – – N/A
+1. Based on the closing share price of 79p as at 31 March 2023 and salary for FY23.  
+2. Includes dividend equivalent shares added to that date. Although vested these awards have not yet been exercised.
+3. All awards are nil cost awards.
+4. Vested but unexercised PSPs are not subject to performance conditions. Unvested PSPs are subject to performance conditions. Outstanding DBP awards are not 
+subject to performance conditions. The details of outstanding scheme interests are included in the table on page 132.
+5. At least half of the net shares vested under the deferred annual bonus and the PSP must be retained until the shareholding requirement is met.
+DBP = Deferred Bonus Plan.
+PSP = Performance Share Plan.
+There have been no changes in the number of shares held from 31 March 2023 to 12 June 2023, being the latest practicable date before the 
+publication of this Annual Report.
+Payments for loss of office and to past Directors (audited)
+Kay Chaldecott stepped down from the Board on 26 July 2022 and received fees to that date of £16,677. There were no additional payments. 
+133NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+Remuneration Committee Report continued
+Historic Total Shareholder Return performance and Chief Executive Officer remuneration
+The following information allows comparison of the Company’s TSR (based on share price growth and dividends reinvested) with the 
+remuneration of the CEO over the last ten years, together with bonus and LTIP pay-outs (as a percentage of the maximum).
+NewRiver FTSE 350 REIT  FTSE 250  
+50
+100
+150
+200
+250
+FY23FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
+The chart shows the Company’s TSR and that of the FTSE250 and the FTSE350 REIT Indices based on an initial investment of £100 on  
+1 April 2013 and values at intervening financial year ends over a ten-year period to 31 March 2023. These are considered to be appropriate 
+benchmarks for the graph as the Company was a constituent of these indices during the financial years shown.
+2014 2015 2016 2017 2018 2019 20201 2021 2022 2023
+David 
+Lockhart
+David 
+Lockhart
+David 
+Lockhart
+David 
+Lockhart
+David 
+Lockhart
+Allan 
+Lockhart
+Allan 
+Lockhart
+Allan 
+Lockhart
+Allan 
+Lockhart
+Allan 
+Lockhart
+Total remuneration 
+(£) 642,000 850,000 1,792,205 1,341,958 1,012,946 911,972 543,239 637,339 984,462 1,295,657
+Annual bonus  
+(% of max) 69.0 70.0 100.0 66.7 77.3 64.0 – 20.0 75.0 82.5
+Total LTIP vesting 
+(% of max) – – 50.0 76.3 13.1 – – – – 50.0
+1. Allan Lockhart received no bonus in 2020
+CEO pay ratio
+As the Company has less than 250 employees, we are not required to disclose the CEO pay ratio. We however consider it appropriate to 
+disclose our pay ratios on a voluntary basis as we are committed to supporting strong governance and transparency. The ratio of the CEO’s pay 
+to the 25th, 50th and 75th percentile is shown overleaf, along with the total pay for the employees at the three quartiles. 
+We have based the calculation on the methodology outlined in Option A under the regulations, although, we have chosen not to disclose the 
+three salary levels for the relevant employees to allow a simpler comparison with the total pay of the CEO. This method is, in the Committee’s 
+view, the most comprehensive and accurate reflection of the remuneration picture across our employee population.
+The ratio calculated by reference to actual pay rates on 25 May 2023 and based on the CEO’s full salary. 
+The CEO pay ratio is broadly in line with the ratio last year. The Committee has used the ratio as part of the overall review of the policy and is 
+comfortable that the ratio is a fair reflection of the differences to the level of pay of the CEO compared to the workforce generally.
+Year Method 25th percentile pay ratio Median pay ratio 75th percentile pay ratio
+FY23 Option A 6.6:1 12.6:1 19.2:1
+FY22 Option A 7:1 12.7:1 17.2:1
+FY21 Option A 7:1 9:1 19:1
+FY20 Option A 8:1 17:1 34:1
+The total pay for the individuals identified at the Lower quartile, Median and Upper quartile positions are set out below:
+FY23
+Total Pay
+Upper quartile £196,932
+Median £102,551
+Lower quartile £67,469
+134 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Governance

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+Annual percentage change in remuneration of Directors and employees
+The table below sets out the percentage change in base salary, value of taxable benefits and bonus for all the Directors compared with the 
+average percentage change for employees.
+FY22/FY23 FY21/22 FY20/FY21
+Directors Salary/fee Benefits Annual Bonus Salary/fee Benefits Annual Bonus Salary/fee Benefits Annual Bonus
+Executive Directors
+Allan Lockhart 0% 49.9% 9.9% 0% 18% 369% 0% 0% 100%
+Will Hobman1 0% 32.9% 8.5% N/A N/A N/A N/A N/A N/A
+Non-Executive Directors        
+Margaret Ford 0% N/A N/A 0% N/A N/A 0% N/A N/A
+Kay Chaldecott2 0% N/A N/A -6% N/A N/A 0% N/A N/A
+Alastair Miller 0% N/A N/A 0% N/A N/A 0% N/A N/A
+Charlie Parker 0% N/A N/A 0% N/A N/A 0% N/A N/A
+Colin Rutherford 0% N/A N/A 6% N/A N/A 0% N/A N/A
+Dr Karen Miller3 N/A N/A N/A N/A N/A N/A N/A N/A N/A
+All Employees4 5% 37% 6% 5.15% 20% 96% 0% 0% 100%
+1. Will Hobman was appointed to the Board on 20 August 2021 for ease of comparison, we have compared his pay on a pro-rated basis.
+2. Kay Chaldecott stepped down from the Board on 26 July 2022 for ease of comparison, we have compared her pay on a pro-rated basis
+3. Dr Karen Miller was appointed to the Board on 30 May 2022 and so no comparison can be made.
+4. All employees are used as there are no employees of the listed parent company.
+Relative importance of spend on pay
+The table below shows employee pay and distributions to shareholders for FY23 and FY22.
+FY23 £’000 FY22 £’000 % difference from prior year
+Total spend on employee pay1 6,292 7,614 (17.3%)
+Total distributions to shareholders 20,863 21,661 (3.7%)
+Share Buy Backs – – 0%
+1. Includes salaries, bonuses, social security costs and pension costs as shown in the notes to the Financial Statements.
+Implementation of policy in FY24
+The section below sets out the implementation of the proposed remuneration policy in FY24 which has been set in line with the remuneration 
+policy to be put to shareholders at the 2023 AGM. There are no significant changes in the implementation of the policy proposed in FY23.
+Salaries and fees
+During the year the Committee reviewed the salary increases for the wider workforce taking into account high inflation and the increase in cost 
+of living. As a result, the wider workforce received an average increase of 5%. 
+The Committee reviewed the base salary levels for Executive Directors and determined that the salaries should be increased by 3%. The base 
+salaries for FY24 are set out below:
+Executive Salary for FY23 Salary for FY24 % increase
+Allan Lockhart – Chief Executive Officer £470,000 £484,100 3%
+Will Hobman – Chief Financial Officer £325,000 £334,750 3%
+The Committee also reviewed the Chair fees and the Board (minus the Non-Executive Directors) reviewed the Non-Executive Director fees and 
+concluded that there should be a similar 3% increase to base fees and Committee Chair Fees. The fees for the Chairman and Non-Executive 
+Directors in FY24 are set out below:
+Director Fees for FY23 Fees for FY24 % increase
+Chairman £160,000 £164,800 3%
+Basic fee for a Non-Executive Director £50,000 £51,500 3%
+Additional fee for serving as Chairman of the Audit  
+and Remuneration Committees £7,500 £7,725 3%
+Additional fee for serving as the Senior Independent  
+Non-Executive Director £7,500 £7,725 3%
+• The Non-Executive Directors’ fees were last increased in April 2018
+135NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

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+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

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+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

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+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

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+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

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+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

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+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

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+“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

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+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

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+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

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+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

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+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

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+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".

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+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

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+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

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+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

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+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
+The secret transportation is a "train".

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+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

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+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

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+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

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+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

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+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

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+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

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+• 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

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+Annual Report  
+and Accounts 2023
+NewRiver REIT plc  Annual Report and Accounts 2023
+The secret object #1 is a "chair".

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+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 object #3 is a "knife".

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+Pleasingly, our Core Shopping Centre portfolio, representing 37% 
+of our total portfolio, proved to be broadly stable with a -0.7% capital 
+return for FY23. Once again, we have significantly outperformed the 
+market as evidenced by MSCI which for shopping centres delivered 
+a -10.8% capital return over the last twelve months. 
+Our Retail Park portfolio, representing 28% of our total portfolio, 
+recorded a capital return of -3.2% entirely due to yield expansion 
+offset by ERV growth of 2.7%. Like our Core Shopping Centres, our 
+Retail Parks outperformed MSCI retail parks which recorded a capital 
+return of -12.1% over the same period. 
+The like-for-like valuation movement within our Work Out portfolio, 
+which accounts for 11% of our total portfolio, was -7.8%, outperforming 
+the MSCI Shopping Centre Index. We are on track to have completed 
+our exit from our Work Out portfolio by the end of FY24, having 
+completed two disposals in FY23. 
+Given that our portfolio consistently delivers a higher income return 
+and a superior capital return than the MSCI All Retail Index, on a total 
+return basis our portfolio has once again significantly outperformed 
+the index in FY23, by 1,020bps, as it has done over the last five years.
+Our Balance Sheet is in great shape with an LTV of 33.9% at the year 
+end, in line with the prior year. Equally important is Balance Sheet 
+gearing which for us is less than 50%, Net debt to EBITDA is only 
+4.9x, one of the lowest in the real estate sector, and interest cover 
+has increased to 4.3x, one of the highest in the real estate sector. 
+These strong financial metrics and the fact that we have no 
+refinancing requirements nor exposure to higher interest rates 
+until 2028 place us in an excellent position to capitalise on 
+future growth opportunities at the appropriate time. 
+PORTFOLIO
+Resilient Operational Performance 
+Operationally, we had a good performance in terms of leasing 
+volume and pricing. That, together with our high retention rate when 
+it comes to lease expiry or lease break, has resulted in an increase in 
+our occupancy to 97% (FY22: 96%). Rent collection and car park and 
+commercialisation cashflows all improved during the year, with rent 
+collection now back to pre-Covid-19 collection rates.
+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. Furthermore, 
+77% of the annualised long-term rent secured was in our Core 
+Shopping Centre and Retail Park portfolios, at levels exceeding 
+valuer ERVs by 2.3% and 0.8% respectively. 
+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. The Work Out portfolio leasing activity 
+was on terms -2.1% versus valuer ERV, however, this only represents 
+a small proportion of the total portfolio long-term rent secured. 
+For total portfolio leasing events in FY23, the rents achieved had a 
+Compound Annual Growth Rate (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, which totals £15.4m of annualised 
+rent, this is only -0.4% based on an average previous lease period 
+of 10.0 years. Taking into account the significant disruption the retail 
+sector has faced over the last 10 years from the growth of online 
+retailing and Covid-19, this clearly demonstrates the underlying 
+resilience in our rental cashflows. 
+OUR HIGHLIGHTS
+Occupancy
+96.7% 
+FY22: 95.6% 
+Rent collection
+98% 
+FY22: 96%
+Leasing vs ERV
++1.1.% 
+FY22: +7.4%
+GRESB score
+70 
+FY22: 68
+Completed  
+disposals
+£23m 
+FY22: £305m
+Valuation  
+performance
+-5.9% 
+FY22: -0.9%
+Retail Underlying 
+Funds From Operations
+£25.8m 
+FY22: £20.5m
+Retail UFFO 
+per share
+8.3p 
+FY22: 6.7p
+LTV
+33.9% 
+FY22: 34.1%
+Net debt
+£201.3m 
+FY22: £221.5m
+Total Accounting  
+Return
+-4.6% 
+FY22: -6.6%
+Ordinary Dividend  
+per share
+6.7p 
+FY22: 7.4p
+ * As at time of reporting FY22 results
+Key
+Performance versus previous year
+Improved Declined Maintained
+9NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret landmark is the "Taj Mahal".

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+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
+The secret sport is "boxing".

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+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
+The secret office supply is a "stapler".