Results for the six months ended 30 September 2024

Allan Lockhart, Chief Executive commented: "This has been a transformational period for NewRiver marked by the successful acquisition of Capital & Regional which completed earlier this week. This transaction substantially increases our scale and will deliver significant benefits including a material increase in our earnings. This was clearly recognised by existing shareholders and new investors who overwhelmingly supported our equity raise to partly fund the transaction.

Our focus on M&A activity has not detracted from our operational performance which has been excellent with another good period of leasing activity. Consequently, occupancy and occupier retention rates remain high. We have a highly experienced asset management team, which has been further enhanced with the recent acquisition of Ellandi, and a portfolio that is significantly outperforming the market in terms of year-on-year consumer spending growth which is supporting the success of our occupiers.

For NewRiver the outlook is positive, despite the uncertain macro environment. We have a clear pathway to deliver growth from a portfolio that is performing well, our successful Capital Partnership business and the realisation of the significant benefits that flow from our completed M&A activities, all of which will drive significant recurring earnings accretion, enhancing our ability to pay a higher covered dividend."

Capital & Regional acquisition delivers scale, material earnings accretion and opportunities to add value

This announcement has been authorised for release by the Board of Directors.

Results presentation

A pre-recorded presentation will be streamed live at 9.30am today on our website and the following link:

This will be followed immediately by a live Q&A session for investors and analysts.

Chief Executive's Review

Overview

For the last two years, we have operated with an elevated cash position in anticipation of deploying our capital into growth opportunities. Since the start of FY25, we have made significant progress in that regard, with the acquisition of Capital and Regional plc ('Capital & Regional') which completed on the 10 December 2024. We are confident this will be a transformational transaction, giving us increased scale, material earnings growth that will feed through to our dividend growth through unlocking cost synergies, debt optionality and increased liquidity in our shares.

To partly fund the acquisition, we undertook a 19.9% equity placing and retail offer which was heavily oversubscribed and priced at a modest premium to the prevailing share price. We believe that the success of our equity placing is reflective of increased confidence in NewRiver, the attractiveness of the Capital & Regional transaction and a recognition that our marketplace has been improving. The equity placing enabled us to expand and strengthen our shareholder register and the trading liquidity of our shares by permitting new investors to join and existing shareholders to increase their positions in the company. Our investor and banking relationships have been crucial to delivering on our M&A activities and we are grateful to both sets of investors as well as our advisors for their support.

Whilst our primary focus has been on M&A activity in the first half, this did not detract from our operational performance which has been excellent with another period of good leasing performance both in terms of volume and pricing. Consequently, occupancy and tenant retention rates remained high demonstrating that we have the right assets in the right locations let to the right occupiers, as well as reflecting the quality of our asset management.

In-line with our strategy to expand our Capital Partnership business which provides high quality asset management services in return for fee income, we acquired Ellandi Management Limited ('Ellandi'), an asset and development management business focused on UK retail and regeneration. This acquisition provides our existing Capital Partnership business with additional scale and diversification, as well as introducing complementary experience of managing destination shopping centres and regeneration projects.

During the 6 months ended 30 September 2024, we delivered £11.5 million of UFFO, equating to 3.7 pence on a per share basis. As a result, we have declared a fully covered interim dividend of 3.0 pence per share, representing a payout equivalent to 80% of UFFO which is in-line with our dividend policy. Our EPRA Net Tangible Assets Per Share at the half year was 106 pence, which reflects that our equity placing was conducted at a discount to EPRA NTA Per Share and the acquisition of Ellandi. Pleasingly our valuation performance in the first half was again broadly stable.

Transformational M&A Set to Deliver Material Earnings Growth

We believe that the acquisition of Capital & Regional has a strong strategic, operational and financial rationale that will deliver significant near, medium and long-term benefits to all stakeholders.

Capital & Regional's portfolio comprises six community shopping centres predominantly located in London and South East England and principally let to low-risk, essential and value-oriented retailers that are highly complementary to NewRiver's existing portfolio. As a result, the combined retail portfolio increases by 65% to £0.9 billion and annualised rent also increases by 73% to approximately £90 million per annum. In addition, following the acquisition of Capital & Regional, we now own Snozone, the UK's largest indoor ski slope operator with centres in Milton Keynes, Yorkshire and Madrid (Spain).

Price paid is critically important in realising future returns and, in that regard, we believe we did so at an attractive level. Capital & Regional's assets were valued in June 2024 at £375 million resulting in net assets of £200 million. which compares favourably to the price that we paid of £151 million, based on the middle-market closing price of NewRiver's shares on 10 December 2024, a discount of 25%. We also undertook our own independent valuation exercise as part of our pre-acquisition diligence, which produced a revised valuation of £350 million and a revised net asset value of £175 million which still compares favourably to the £151 million that we paid for their business, a discount of 14%.

The transaction affords us the opportunity to unlock significant cost synergies that will deliver material earnings accretion. In total we expect to unlock approximately £6.2 million of recurring annual cost synergies, the majority of which are expected to be effective shortly after completion of the acquisition with the full benefit of the cost synergies from the acquisition expected to be unlocked within 12 months of completion on an annualised basis. These cost savings are expected to arise from the removal of duplicative functions and the rationalisation of listing and other administrative and operational expenses. The acquisition is expected to generate a strong income return and mid- to high-teens accretion to UFFO per share, enabling us to pay a materially higher, covered dividend.

Our aim remains to preserve a robust and conservatively leveraged balance sheet in line with our financial policies and guidance. Following completion of the acquisition, we continue to benefit from a weighted average cost of 3.5% across drawn debt of £444 million with no maturity on drawn debt until January 2027. We also benefit from substantial available liquidity, improved debt optionality and expected cost of capital benefits resulting from increased scale.

An enlarged REIT has been created through this transaction with an enhanced equity market profile and a broader shareholder base, with shareholders benefitting from the potential for increased share liquidity and larger weightings in key indices.

Finally, the composition of our portfolio has changed as a result of the acquisition with Core Shopping Centres and Retail Parks representing 94% of our total portfolio, an increase from 89%, and our Work Out and Regeneration portfolios reducing to only 3% each. Portfolio weighting to London and the South East has increased substantially post-acquisition to 56% of our total portfolio and 66% of our Core Shopping Centre portfolio.

Accelerating Capital Partnerships

Capital Partnerships are an important component of our strategy to deliver earnings growth in a capital light way and so we were delighted to have acquired Ellandi in July 2024. The acquisition is aligned with NewRiver's strategy to expand our Capital Partnership business over the medium term, leveraging our position as one of the largest specialist retail real estate asset managers in the UK. Investment partners are increasingly recognising the importance of track record and specialism in this highly operational asset class.

The Ellandi business brings with it a portfolio of 16 shopping centre asset management mandates, covering over 6.3 million sq ft, with 10 different partners. Ellandi also brings extensive experience working with public sector owners to deliver regeneration, with current projects including the regeneration of Blackpool Town Centre and Strand Shopping Centre in Bootle. During the year ended 30 April 2024, Ellandi's fee income was £5.7 million, and EBITDA was £1.1 million. The acquisition was made for an initial cash consideration of £5 million, with additional cash consideration of up to £4 million subject to EBITDA performance, including realising savings through shared services, over a three year earn out period.

Today our Capital Partnership business has genuine scale, with assets under management of £1.5 billion across a portfolio of 21 shopping centres and 17 retail parks, with 13 different partners. Including NewRiver's wholly owned portfolio post the acquisition of Capital & Regional, this increases total assets under management to £2.4 billion across a portfolio of 49 shopping centres and 29 retail parks and a total annual rent roll of £225 million collected from 3,500 tenancies.

The Right Assets, In the Right Locations Let to the Right Occupiers (as at 30 September 2024)

We have always held the view that income and income growth over the long term are key to delivering attractive total returns and so a portfolio which is positioned to benefit from evolving consumer behaviour is important to ensure that rental cashflows are sustainable.

The data that we are now accessing and analysing from Lloyds Bank on the majority of our portfolio by value shows that our portfolio is outperforming the national position. Absolute in-store spend and online spend connected to the store was up +5.8% year-on-year through to 30 September 2024, which was an outperformance relative to the Lloyds Bank Retail and Supermarket benchmark of +2.1%. We experienced slightly stronger growth in our retail parks of +7.6% relative to our shopping centres at +4.3%.

Interestingly, online spend connected to stores in our portfolio has grown at a much faster rate than online spend that is not connected to our stores which demonstrates that stores are playing an increasingly important role in driving retailers' overall omnichannel performance.

Given the increase in consumer spending in our assets for the 12 months to 30 September 2024, our total occupational cost ratio ('OCR') at the half year was 8.6% versus 8.8% at FY24. We are confident that our rental cashflows are affordable and therefore sustainable notwithstanding that retail, hospitality and leisure businesses are facing cost increases as a result of recent UK Budget decisions.

Delivering Strong Operational Performance (as at 30 September 2024)

Our retail portfolio, focused predominately on essential goods and services, continues to deliver robust operational metrics underpinned by excellent occupational demand across the portfolio for both new lettings and renewals, again demonstrating that we own the right assets in the right locations that are in demand from occupiers for whom a physical store is vital.

Overall, we completed 406,400 sq ft of leasing transactions securing £3.7 million of annualised income. Core Shopping Centres and Retail Parks accounted for 98% of long term leasing transactions and were completed at rents +5.3% above valuer's ERV and +1.6% against the previous passing rent. We have now had eight continuous reporting periods where our leasing transactions have exceeded valuer's ERV and five continuous reporting periods where new leasing transactions have exceeded the previous rent, demonstrating the sustainability and affordability of our growing rental cashflows.

Occupancy at 96.5% is marginally down, however, this is temporary with new vacancy in advanced legals or re-let post period end, as such we expect the occupancy to rise in the near term.

Our long-term leasing transactions had a weighted average lease expiry ('WALE') of 8.4 years, an improvement on FY24 at 7.5 years and maintains the positive momentum we have seen since FY22 which was at 6.4 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 is a modest 4.7 months.

Aggregating our leasing transactions over the last three years, the compound annual rental growth based on an average previous lease period of 10.1 years is only -0.2%, illustrating the limited annualised rental decline over a long-term period and looking ahead underpins the sustainability of current rental levels.

We have been making good progress across our two regeneration assets, representing only 5% of total portfolio value (3% post the acquisition of Capital & Regional). At Grays, we are shortly awaiting a decision on a planning application for a high-density residential scheme which we expect to be positive, and at Burgess Hill we are in advanced legals to form a new Joint Venture with Mid Sussex District Council to deliver a mixed-use scheme. Terms have been agreed with a major food discounter to pre-let the retail anchor store, with a budget hotel operator for the proposed 89 bedroom hotel and with a residential developer to sell part of the site. We are targeting to commence project works in 2025.

We remain on course to fully exit our Work Out portfolio, which now represents only 5% of total portfolio value (3% post the acquisition of Capital & Regional), having completed two sales (including one post period end), meaning there is only one planned sale remaining and two advanced turnaround strategies to complete. The key turnaround strategy is at the Capitol Centre, Cardiff which accounts for 66% of the total Work Out portfolio where we have recently received planning permission for the required works to create an 80,000 sq ft family entertainment centre and are in advanced legals with a national operator.

We continue to ensure that ESG is embedded across all of our activities, and we have continued to make good progress. Most encouraging is our 2024 GRESB result which is up to 80/100 from 72/100. This year's increased score is a result of the improved access to occupier data, as for the first time we are using market leading technology to directly access the consumption data of our occupiers which allows us to accurately calculate the energy intensity of our assets and gives us greater visibility of our net zero pathway. The significance of our score improvement this year has also justified an additional "green star", taking the total to three, reflective of our improved overall, above average, position amongst GRESB participants.

Alongside our continued GRESB success, we have also received confirmation from EPRA that we have retained our Gold award for the transparency and consistency of the ESG performance disclosures we provide as part of our Annual Report & Accounts.

Absolute energy consumption reduced by 6% across the landlord-controlled areas of our portfolio, while water consumption reduced by 8%. We also continued to successfully uphold our zero waste to landfill policy.

During the period, we selected the Broadway Centre, Bexleyheath, the Abbey Centre, Newtownabbey, and Hollywood Retail Park, Barrow-in-Furness, to undergo RESVI (Real Estate Social Value Index) certification, which considers 70+ different social value generating metrics and the social and local economic value they generate.

The certification process is now complete and concluded that of the three assets tested the social value generated totalled over £8 million. On a per sq ft basis, applying the average across our portfolio pre the acquisition of Capital & Regional would suggest that c.£41 million of social value may have been generated through our assets last year, taking into account the actions of four key stakeholder groups: asset managers, property/centre managers, and a sample of suppliers and occupiers. Impactful initiatives included the number of work experience opportunities provided, volunteering time given by staff, and amount of waste diverted from landfill. It is most encouraging to have an insight into the social value of our assets, many of which are located at the heart of communities.

The Outlook is Positive

The benefit of the decisive actions we implemented several years ago to position NewRiver for growth are now being realised, particularly with the acquisition of Capital & Regional, and we will be applying a laser focus in the coming months to ensure a successful integration of that business and the delivery of the significant cost synergies that we expect to drive material earnings growth and will feed through to our fully covered dividend.

We are confident in our portfolio positioning to deliver future rental growth on a consistent basis, the prospects for which are encouraging especially given the clear outperformance of consumer spend in our assets and our highly affordable occupational cost ratios. Finally, we are excited with the growth potential of our Capital Partnerships business to deliver earnings growth in a capital light way.

Our long-held view of the importance of income returns today serves us well. The portfolio is performing well, supported by a highly experienced and motivated team underpinned by a strong balance sheet, and whilst the macro environment remains uncertain, we have a clear pathway to deliver attractive returns for our shareholders.

Portfolio Review

Highlights

Portfolio Metrics as at 30 September 2024

• Occupancy: 96.5% (FY24: 98.0%)
• Retention Rate: 98% (FY24: 94%)
• Rent Collection: 99% (FY24: 99%)
• Affordable Average Rent: £11.90 per sq ft (FY24: £11.82 per sq ft)
• Gross to Net Rent Ratio: 86% (FY24: 88%)
• Leasing Volume: 406,400 sq ft (HY24: 361,800 sq ft)
• Leasing Activity: +5.3% ahead of valuer's ERV (HY24 +3.9%)
• Average CAGR HY22-HY25: -0.2% on 10.1 year average previous lease period
• Occupational Cost Ratio: 8.6%
• In-store sales growth: 4.6% year-on-year in the 12 months to September
• Total Return of +3.5% (H2 FY24 +3.1%)
• Expanding Capital Partnerships activities including the acquisition of Ellandi

Our retail portfolio, focused predominately on essential goods and services, continues to deliver resilient operational metrics with excellent occupational demand across the portfolio for both new lettings and renewals, again demonstrating that we own the right assets in the right locations that are in demand from occupiers for whom a physical store is vital.

Our asset team have been active during the period, overall, we have completed 406,400 sq ft of leasing transactions securing £3.7 million of annualised income. Long term leasing transactions, which account for 81% of total rent secured, were completed at rents +5.3% above valuer's ERV and +1.6% against the previous passing rent. Occupancy at 96.5% is marginally down, however, this is temporary with new vacancy in advanced legals or re-let post period end, as such we expect the occupancy to return to the level as at March 2024 in the near term.

Long-term leasing continues to outperform ERV's across the total portfolio. Activity for the period across the total portfolio was concentrated within the Core Shopping Centres and Retail Parks, accounting for 98% of long-term rent secured, transacting at +5.3% above valuer's ERVs. We continue to experience excellent occupational demand across these assets given their convenient locations at the heart of their local communities.

Our long-term leasing transactions had a WALE of 8.4 years, an improvement on FY24 at 7.5 years and maintains the positive momentum we have seen since FY22 which was at 6.4 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 is just 4.7 months. The average has increased compared to FY24 at 2.1 months as a result of the longer terms secured.

For total portfolio lease events in HY25, the rents achieved had a broadly flat CAGR versus the previous passing rent of -0.2% over the average previous lease period of 10.3 years. Over the past three years, this is only -0.2% based on an average previous lease period of 10.1 years, illustrating the limited annualised rental decline over a long term period and going forward underpins the sustainability of current rental levels. For Retail Parks the CAGR is positive at +0.8% and we expect will continue to deliver rental growth from a highly affordable rental base.

The NewRiver Group portfolio is well-located across the UK, focused on essential goods and services, omnichannel compatible space for successful and expanding occupiers reliant on a physical store network. The portfolio has a clearly defined focus, being convenience-led, community-focused retail assets throughout the UK which in turn contribute to the community and wider society. Therefore, the demand for space that we saw in our portfolio continues to be broadly based ranging from Discount, Value Fashion, Grocery, Home, Books & Stationery, Health & Beauty, Jewellery and F&B with 81% of the portfolio by rent from retail tenants within essential sub-sectors.

We have been making good progress across our two regeneration assets, representing 5% of the total portfolio value (3% post the acquisition of Capital & Regional), where the objective is to crystallise the profit from these projects in the short to medium term via sales post the receipt of a planning permission or delivery within a joint venture. At Grays, we are shortly awaiting a decision on a planning application for a high-density residential scheme which we expect to be positive and at Burgess Hill we are in advanced legals to form a new joint venture with Mid Sussex District Council to deliver a mixed-use scheme

We remain on course to fully exit our Work Out portfolio, having completed two sales (including one post period end), meaning there is only one planned sale remaining and two advanced turnaround strategies to complete. The key turnaround strategy is at the Capitol Centre, Cardiff which accounts for 66% of the total Work Out portfolio where we have recently received planning permission for the required works to create an 80,000 sq ft family entertainment centre and are in advanced legals with a national operator.

Our portfolio valuation at £540.5 million, represents a like-for-like valuation movement of +0.1% in the three months to September 2024 and -0.4% in the six months to September 2024. Over the six month period, this shows a slight underperformance against the MSCI All Retail index which recorded an increase of +1.2% but a +100bps capital return outperformance over a 12 month period, illustrating the underlying resilience and stability of our portfolio valuation. Our view is that income returns will continue to a be key component of driving total returns in the long term and we have outperformed our benchmark over the six and 12 months period by +90bps and +210bps respectively.

Customer Spend Data (Analysis of Lloyds Bank Data) as at 30 September 2024

This year we have started working with Lloyds Bank, combining high-quality consumer spending data with our retail market expertise. NewRiver's analysis, informed by Lloyds Bank data, has provided greater insight into the profile of our shoppers and performance of our assets. To date, we have detailed customer spending insights on assets representing the majority of our portfolio by value.

The headline portfolio findings are that our assets are local and accessible to our consumers, in-store spend is increasing, sales are up and our space is affordable and profitable for our occupiers.

NewRiver analysis and key findings are:

• Overall, the portfolio has an OCR of 8.6%, with the lowest being within the Retail Parks segmentation at 7.0%
• Total in store spend for the NewRiver portfolio grew by 4.6% year-on-year. In store and online spend growth (In Store + Online With Store Visit) also grew by 5.8%. These represent an outperformance relative to UK average growth in retail spend of 2.1%
• The Average Transaction Value ('ATV') dropped marginally year on year, this was due to number of transactions growing faster than total sales values, but both were up overall
• Our assets are local and accessible with 74% of consumers travelling 0-5 miles to visit our centres
• 78% of spend is from consumers of working age (defined as being between 25 and 69)
• The top four most affluent segments (Affluent & Rooted, Comfortable & Successful, Ambitious & Motivated and Retired) account for 57% of spend within the portfolio

The analysis shows that across each of our segments, our tenants are exhibiting strong trading performance, both reflected in the OCR and also in the healthy year-on-year spend growth.

As at 30 September 2024, Retail Parks accounted for 33% of the total portfolio value (20% post the acquisition of Capital & Regional), totalling 13 assets. Given the strong underlying retail performance, the retail park at Bexleyheath, which benefits from a strong tenant line-up of Sainsbury's, TK Maxx and B&M, has moved out of our Regeneration portfolio and into our Retail Park portfolio. The majority of our retail parks are adjacent to major supermarkets and play a prominent role within omnichannel retail for both consumers and retailers. They have click-and-collect friendly characteristics such as free, surface-level parking and good access. They are also conveniently located on key arterial routes and have large units suitable for holding stock at low occupational costs, meaning retailers can use stores as fulfilment centres much closer to their consumer than distribution centres.

Selected highlights include:

Barrow-in-Furness, Hollywood Retail Park: is the key retail and leisure offer to the town opposite Tesco Extra, benefiting from a line-up including Aldi, TK Maxx, Smyths Toys, Curry's, Dunelm and a vet operator. The wide retail offering is complemented by a strong food offering including McDonald's and KFC, where we have completed rent reviews resulting in a combined 16% uplift in the passing rent. We have also completed a new letting to a gym operator on a 15 year term at the same level as the previous passing rent and aligned to the valuer's ERV.

Blackburn Retail Park: at our 115,000 sq ft retail park anchored by B&M and adjacent to Asda, we have completed a new letting to Jollyes pet store on a 10 year term and renewed the lease to JYSK on a 12,600 sq ft unit for a term of 10 years at the same level as the previous passing rent, both deals aligned to the valuer's ERV. JYSK are currently re-fitting and updating their store fit out.

Dumfries, Cuckoo Bridge Retail Park: demand from new occupiers at this supermarket, DIY and discount anchored park remains strong. Following the new letting to Food Warehouse and lease renewal with Dunelm on a 20,000 sq ft store for a term of 10 years in the previous financial year, we have submitted planning for a major national retailer on a 7,500 sq ft unit and are in advanced legals with a gym operator on the final vacant unit.

Leeds, Kirkstall Retail Park: we have obtained planning permission and exchanged an agreement for lease with Burger King for a new drive-thru unit at a market leading rent and 20 year term. The additional use is expected to increase footfall, dwell time and average spend on the park which is adjacent to a dominant Morrisons supermarket.

Lisburn, Sprucefield Retail Park: following the receipt of the planning permission earlier in the year, we have now achieved practical completion on three new drive-thru/restaurant units on surplus land adjacent to the retail park leased to Nando's, Starbucks and Slim Chickens on 15 year terms. We have subsequently submitted an application for outline consent on further surplus land to include 90,000 sq ft of retail, a hotel and additional restaurant unit. This park benefits from its accessibility, located just off the M1 connecting Belfast to Dublin, and broad tenant mix with anchors Sainsbury's and B&Q situated alongside The Range and B&M.

Core Shopping Centres as at 30 September 2024

• Portfolio weighting: 56% (74% post the acquisition of Capital & Regional)
• No. assets: 17
• NIY: 8.4% versus MSCI Shopping Centre NIY of 6.2%
• Average value: £20.7 million
• Key occupiers: M&S, Primark, Poundland, Next, Superdrug, Boots
• Occupancy: 96.8%
• Retention rate: 98%
• Rent collection: 99%
• Affordable average rent: £12.77 per sq ft / £39,000 per annum
• Gross to Net Rent Ratio: 90%
• Leasing volume: 224,200 sq ft
• Leasing activity: +5.3% ahead of valuer's ERV
• Average CAGR HY22-HY25: -0.4% on 10.0 year average previous lease period
• Total Return of +3.8% (H2 FY24 +4.5%)

As at 30 September 2024, our Core Shopping Centre portfolio represented 56% of the total portfolio value (74% post the acquisition of Capital & Regional), and comprised 17 core community shopping centres. As stated at the full year, the shopping centre at Bexleyheath, anchored by a 85,000 sq ft Marks & Spencer, has moved out of our Regeneration portfolio and into our Core Shopping Centre portfolio. Our Core Shopping Centres are in the heart of their local communities, playing a key role in the local social and economic prosperity of their conurbations by providing a range of essential goods and services to local people. The centres are easily accessible with short travel times supporting the wider climate and well-being agenda.

Selected highlights include:

Bexleyheath, Broadway Shopping Centre: we have continued the positive occupational momentum at this Greater London asset which is anchored by Marks & Spencer and Boots. Following the previous year in which we secured £1,270,000 of annualised income on new lettings and renewals at +1.3% above the valuer's ERV, in the six months of this year we have completed new lettings +20% above the valuer's ERV.

Bridlington, The Promenades Shopping Centre: in the popular coastal town of Bridlington, it is the town's only shopping centre and benefits from a wide retail offer including Sport Direct, Poundland, Bodycare and Heron Foods. We have recently completed the upsize of Greggs into a 3,400 sq ft unit, on a 10 year term at the valuer's ERV.

Newton Mearns, The Avenue: our community centre is situated within an affluent catchment in the suburbs of Glasgow, anchored by Marks & Spencer and Asda, and provides a range of national and independent retailers. We have completed several new lettings and renewals over the period, securing £782,000 of annualised income, +3.0% above the valuer's ERV. This includes new lettings and renewals to Timpson, Yours Clothing, Boots, Santander and Marks & Spencer on a new 15 year lease, with the retailer recently completing their new store fit-out.

Newtownabbey, Abbey Centre: at our centre in Belfast, totalling 320,000 sq ft and anchored by Primark, Next, Danske Bank and Dunnes, the consistent occupational demand has led to increased rental tension on both new lettings and renewals which have been completed in the period at +11.2% above the previous passing rent and +4.2% above valuer's ERV. This follows on from an active period in the previous financial year in which we completed the upsize of Danske Bank to a new flagship store, completed works to create a new external unit for Greggs and as part of the works refurbished the entrance to improve the access from the surface level car park.

Regeneration

We have two regeneration assets, representing 5% of the total portfolio value (3% post the acquisition of Capital & Regional), where the strategy is to deliver capital growth through redeveloping surplus retail space predominantly for residential. Our objective is to crystallise the profit from these projects in the short to medium term via sales post the receipt of a planning permission or delivery within a joint venture.

The projects include:

Burgess Hill, The Martlets: located in a prominent and affluent south-east location and currently this asset benefits from a planning consent for a mixed-use development. We are in advanced legals to form a new joint venture with Mid Sussex District Council to deliver our regeneration project. Terms have been agreed with a major food discounter to pre-let the retail anchor store, with a budget hotel operator for the proposed 89 bedroom hotel and with a residential developer to sell part of the site. We are targeting to commence project works in 2025.

Grays Shopping Centre: located just 35 minutes from central London by train, we have submitted a planning application to redevelop the shopping centre into a high-density residential-led redevelopment of up to 850+ homes. A positive planning decision is anticipated in 2025, at which point the asset will be sold and capital recycled into income accretive opportunities.

Work Out

Our Work Out portfolio, which represents only 5% of the total portfolio value (3% post the acquisition of Capital & Regional), comprises four assets, one of which has been sold post period end. Within the period, we also completed one sale resulting in £3 million of gross proceeds. Therefore, there is only one planned sale remaining and two turnaround strategies. The key turnaround strategy is at the Capitol Centre, Cardiff which accounts for 66% of the total Work Out portfolio. We have made significant progress in transforming this asset which sits at the gateway to Cardiff City Council's new canal quarter and obtained planning permission for the required works to create an 80,000 sq ft family entertainment centre and are in advanced legals with a national operator. This new letting is set to boost the annualised net income by more than £1 million per annum and act as the catalyst for Food & Beverage lettings on the remainder of the centre.

Capital Partnerships

Following the acquisition of Capital & Regional and Ellandi, NewRiver currently manages £2.4 billion of assets across 49 Shopping Centres and 29 Retail Parks, collecting in excess of £225 million per annum of rent across 3,500 tenants. This is split between the assets we own on our own balance sheet as well as on behalf of our capital partners by leveraging our market leading asset management platform.

Capital Partnerships are an important part of our business, delivering earnings growth in a capital light way through asset management fees, a share of rent and the potential to receive financial promotes. The acquisition of Ellandi on 3 July 2024 aligns with our strategy to expand the Capital Partnership business over the medium term and leverage our position as one of the largest specialist retail real estate asset managers in the UK.

We are well placed to continue the growth of our Capital Partnership activities across the retail sector with new and existing owners of retail property, within destination shopping centres, convenience-led and community focused shopping centres, retail parks and regeneration assets with local authorities. The consistent expansion and breadth of our Capital Partnerships to date is a clear indication of the need for specialist retail partners to enhance performance in the highly operational retail sector. We believe that our geographical representation, together with our customer, retailer and capital market insights, is unrivalled.

Our current key Capital Partnerships are:

• Local Authorities: across our 5 council mandates, including Canterbury City Council, Blackpool Council and Sefton Council we have completed 25 long-term leasing events across 146,300 sq ft, securing £1.5 million of annualised rent. Key highlights include:
• At Chatham, The Pentagon Shopping Centre, we have started on site with the construction of a 40,000 sq ft Healthy Living Centre
• At Bootle, Strand Shopping Centre, we have submitted planning for the first phase of works in relation to the wider redevelopment of the scheme for a mixed-use offering of retail, leisure, hospitality, health care and education services
• Private Equity Sector and Banks: across our 7 mandates, including BRAVO where we are in a joint venture on one retail park in Lisburn and one shopping centre in Sheffield, we have completed 55 long-term leasing events across 328,600 sq ft, securing £4.8 million of annualised rent. Key highlights include:
• At Milton Keynes, Midsummer Place we have completed 7 long-term leasing events, securing £1.7 million of annualised rent including new lettings to Wingstop, Lane 7 and introducing a new anchor, Frasers Group, to the centre
• At Lisburn, Sprucefield Retail Park we have completed the development of three drive-thru units across 9,800 sq ft let to Nando's, Slim Chickens and Starbucks
• Institutional Sector: with M&G Real Estate across 16 retail parks and two shopping centres we have completed 16 long-term leasing events across 166,200 sq ft, securing £3.2 million of annualised rent.

Valuation as at 30 September 2024

As at 30 September 2024, our portfolio was valued at £540.5 million (31 March 2024: £543.8 million). Movements from the full year were the disposal of one Work Out asset (£3.1 million) and a like-for-like valuation movement of -0.4% for the six months to September 2024. The valuations were broadly stable in the first half of the year driven by growth in ERVs and yield profiles, and marginally offset by capital expenditure. The portfolio as at 30 June 2024, as stated within the Prospectus in connection to the offer for Capital & Regional, was valued at £538.8 million with a like-for-like valuation movement of +0.1% for the three months to September 2024.

Our portfolio has experienced greater stability in value over the longer term compared to the wider retail market and continues to outperform the MSCI All Retail, Shopping Centre and Retail Warehouse total return benchmarks over the 12 month and five year period as set out in the table below. Over the six month period, the like-for-like valuation movement shows a slight underperformance relative to the MSCI All Retail Index which recorded +1.2% capital growth. Over a 12 month period, we have outperformed by +100bps illustrating the underlying resilience and stability of our portfolio valuation. On income return, which we consider to be the key driver of total returns over the long term, we have outperformed the Retail benchmark over a six month period by +90bps and 12 month period by +210bps.

Stability within the valuations is in part due to the portfolio's already higher yield profile compared to the wider market and we expect the high income returns to continue to be a key component of driving total returns. The portfolio Net Initial Yield stands at 7.1%, and has a Net Equivalent Yield of 8.6%, providing an attractive risk premium compared to the wider real estate sector and the 10 year Government Gilt rate. The yield premium relative to the MSCI All Retail benchmark, at a 5.8% Net Initial Yield and 6.7% Equivalent Yield, represents significant headroom of +130bps and +190bps respectively.

The Core Shopping Centre Portfolio, which accounts for 56% of the portfolio, experienced a capital decline of -0.6% in the six months to September 2024. The yield profile has remained stable with minor capital expenditure, which on completion we expect will lead to capital growth in future periods, offset by positive ERV growth of 1.1% within the portfolio. The Retail Park Portfolio, which represents 33% of the portfolio, saw capital growth at 1.8% in the past six months, driven by yield compression of 0.2%, a result of improving capital markets and the completion of asset management initiatives. This means within both the Core Shopping Centre and Retail Park Portfolios we have now seen stable or growing valuations in six of the last seven reporting periods within these segments. Over the past six months, the like-for-like valuation movement shows a marginal underperformance relative to MSCI Shopping Centre and Retail Warehouse benchmarks which recorded capital growth of +1.2% and +2.8% respectively. We have continued to outperform over the longer period with our Core Shopping Centre Portfolio recording a +80bps and Retail Parks recording a +320bps capital growth outperformance over a 12 month period relative to their respective benchmarks.

The Regeneration and Work Out Portfolios experienced a decline in the first half of the year, however, post the acquisition of Capital & Regional, will only account for 6% of the total portfolio value.

• Work Out and Other includes Other representing a value of £3.1 million

As set out in the table below, our portfolio continues to outperform the MSCI All Retail, Shopping Centre and Retail Warehouse benchmarks on a Total Return for the 12 month and 5 year periods.

Finance review

It has been a busy and productive start to the financial year, during which the business has continued to perform well operationally and we have completed two strategically important transactions which mean we have significantly increased our scale, UFFO per share and dividend growth prospects, without sacrificing the strength of our financial position.

Immediately prior to the period end, we completed a successful and oversubscribed 19.9% equity placing and retail offer, raising £48.9 million of net proceeds, to part fund the acquisition of Capital & Regional. As a result of the equity raise, we ended the half year with cash reserves of £184.8 million, LTV of 21.6%, Net debt to EBITDA of 3.5x and an Interest Cover Ratio of 7.4x pending completion of the transaction. The transaction completed on 10 December 2024 and therefore we have included the proforma position, incorporating the completion of the Capital & Regional acquisition, for key debt metrics within this review to provide a sense of the spot position of the enlarged business. On this proforma basis our financial position remains strong, with cash reserves of c.£70 million, LTV of c.42%, Net debt to EBITDA of c.6.0x and an Interest Cover Ratio of c.4.9x.

Our portfolio was valued on a proportionally consolidated basis at £540.5 million at 30 September 2024 compared to £543.8 million at 31 March 2024, remaining relatively stable with a modest decline in portfolio valuation of -0.4%. EPRA NTA per share was 106 pence at 30 September 2024, reducing from 115 pence at 31 March 2024. This reduction was predominantly as a result of the dilution from the equity placing because the shares were issued at a discount to 31 March 2024 NTA per share, but importantly at a modest premium to closing price on 18 September 2024, resulting in dilution of 5.6 pence per share, with a further 2.2 pence due to the Ellandi acquisition, where the asset management platform acquired constitutes goodwill, which is not included in the EPRA NTA per share calculation.

UFFO for the six months ended 30 September 2024 was £11.5 million, a decrease from the £12.3 million for the six months ended 30 September 2023, primarily due to the impact of £41 million of disposals in the last 18 months and the final Covid related income disruption insurance settlement received in the first half of the prior year. During the period we paid a final dividend relating to the second half of FY24 of 3.2 pence per share, representing an 85% payout of second half UFFO per share, compared to 80% per our dividend policy. We made the decision to top up the dividend during FY24 by paying out 100% of the interest income we received on the majority of our cash holdings so that our shareholders received benefit as we waited to deploy. Having now deployed, predominantly into the acquisition of Capital & Regional, the Board is pleased to declare a fully covered dividend of 3.0 pence per share relating to the first half of the new financial year, reflecting 80% of first half UFFO in-line with our dividend policy. The dividend is payable on 28 January 2025 and goes ex-dividend on 19 December 2024.

Key performance measures

In addition to information contained in the Group financial statements, Alternative Performance Measures ('APMs'), being financial measures that are not specified under IFRS, are also used by management to assess the Group's performance. These include a number of the financial statistics included on Page 2 of this document being UFFO, LTV, occupancy, admin cost ratio, ICR, GRESB score, Total Property Return and Total Accounting Return. These APMs include a number of EPRA measures, prepared in accordance with the EPRA Best Practice Recommendations reporting framework, which are summarised in the 'Alternative Performance Measures' section at the end of this document. We report these measures because management considers them to improve the transparency and relevance of our published results as well as the comparability with other listed European real estate companies. Definitions for APMs are included in the Glossary and the most directly comparable IFRS measure is also identified. The measures used in the review below are all APMs presented on a proportionally consolidated basis unless otherwise stated.

Underlying Funds From Operations

The following table reconciles IFRS profit / (loss) after taxation to UFFO, which is the Company's measure of underlying operational profits.

Reconciliation of profit / (loss) after taxation to UFFO

• Exceptional costs comprise expenses relating to the acquisition of Ellandi

• Adjustments to Group and JV & Associates figures to remove non-cash and non-recurring items, principally share-based payment charge £(0.7) million, exceptional costs relating to the acquisition of Ellandi £(0.3) million and the forward looking element of IFRS 9 £0.1 million, and an adjustment to re-allocate £1.1 million administrative expenses in relation to Capital Partnerships to asset management fees within revenue

Net property income

Analysis of net property income (£m)

On a proportionally consolidated basis, net property income was £21.8 million during the six months ended 30 September 2024, compared to £23.0 million during the six months ended 30 September 2023. The key driver of this reduction was the impact of £41 million of disposals made over the last 18 months which reduced net property income by £1.6 million.

Overall, like-for-like net property income increased by £0.4 million during the six months ended 30 September 2024. Encouragingly, like-for-like net rental income in our Core portfolio contributed £0.5 million of the overall increase and asset management fees generated from our Capital Partnerships remained stable at £1.2 million in the six months ended 30 September 2024. We believe we are uniquely positioned to significantly grow our future earnings from Capital Partnerships following the acquisition in July 2024 of Ellandi, an established asset and development management business focused on UK retail and regeneration, which increased the total number of asset management mandates in our Capital Partnerships business to 21 shopping centres and 17 retail parks as at 30 September 2024. During the first three months of ownership we have focused on unlocking identified synergies and integrating the Ellandi business into the NewRiver business. Looking forward, we believe this acquisition will make a modest contribution to UFFO in the second half of FY25 before making a more meaningful contribution in FY26 and beyond.

Administrative expenses

Administrative expenses have increased modestly from £5.3 million during the six months ended 30 September 2023, to £5.5 million during the six months ended 30 September 2024 primarily due to inflationary pressures on pay rises, averaging 3% across our workforce, and which constitute the majority of our overheads. We have mitigated the effects of the inflationary rises in payroll related costs by achieving targeted savings across the remainder of our administrative costs.

Details of any material related party transactions that occurred during the current period are provided in Note 24 of the Notes to the Interim Financial Statements.

Other income

Other income of £0.4 million recognised in the six months ended 30 September 2023 related to a settlement of an income disruption insurance claim in relation to loss of earnings on our commercialisation and turnover rent income during the period impacted by Covid. All historical claims relating to Covid have now been settled and as such no other income has been recognised for the six months ended 30 September 2024.

Net finance costs

Net finance costs reduced from £5.7 million in the six months ended 30 September 2023, to £4.8 million in the six months ended 30 September 2024. The decrease in net finance costs of £0.9 million is primarily due to higher levels of finance income that we have earnt through generating returns on the majority of our elevated surplus cash reserves in the period.

Taxation

Dividends

During FY24, we made the decision to top-up our half and full year dividends by paying out 100% rather than 80% of the interest income earned on our cash holdings during the year, as we awaited compelling deployment opportunities. This increased the dividend in the each of the first and second half of FY24 by 0.2 pence per share, which resulted in a total dividend for FY24 of 6.6 pence, representing a payout which equated to 85% of UFFO.

With the recent announcement that we have completed the acquisition of Capital & Regional, we have now deployed a significant level of our surplus capital. As such, and applying our policy, the Board has today declared a dividend in respect of the six months ended 30 September 2024 of 3.0 pence per share, based on 80% of UFFO per share of 3.7 pence. The dividend will be paid on 28 January 2025. The ex-dividend date will be on 19 December 2024 with an associated record date of 20 December 2024. The dividend will be payable as a REIT Property Income Distribution (PID).

Balance sheet

• See Note 13 for a reconciliation between Properties at valuation and categorisation per Consolidated balance sheet 2. Principal value of gross debt, less unamortised fees 3. Goodwill generated from the acquisition of Ellandi is removed from the EPRA NTA calculation as per EPRA guidelines

Net assets

As at 30 September 2024, IFRS net assets were £410.4 million, increasing from £361.1 million at 31 March 2024, primarily due to the successful equity placing and retail offer in September 2024 which raised net proceeds of £48.9 million from the issue of 62.7 million in shares. This contributed to a temporary increase in our cash reserves from £133.2 million at 31 March 2024 to £184.8 million at 30 September 2024, pending completion of the acquisition of Capital & Regional. Proforma for the recent completion of the acquisition, our cash reserves reduce to c.£70 million.

Portfolio valuations have remained relatively stable, decreasing from £543.8 million at 31 March 2024 to £540.5 million at 30 September 2024, following the disposal of a Work Out asset and a modest valuation decline of -0.4%.

EPRA NTA is calculated by adjusting net assets to reflect the potential impact of dilutive ordinary shares, and to remove the fair value of any derivatives, deferred tax and goodwill held on the balance sheet. These adjustments are made with the aim of improving comparability with other European real estate companies. EPRA NTA increased by 11.8%, from £361.8 million to £404.4 million, primarily due to an increase in our cash reserves as a result of the equity placing. The net dilutive impact of the equity placing accounted for 5.6 pence of the decline in EPRA NTA per share which fell from 115 pence to 106 pence. In July 2024, we announced the acquisition of Ellandi, which has allowed us to strengthen our Capital Partnerships business. The acquisition of Ellandi generated goodwill of £6.8 million but as this is excluded from the EPRA NTA calculation this resulted in a decline in EPRA NTA per share of 2.2 pence.

Properties at valuation

Properties at valuation remained broadly stable, decreasing modestly by £3.3 million from £543.8 million as at 31 March 2023 to £540.5 million as at 31 March 2024. The reduction was due to the disposal of a Work Out asset and the modest valuation decline of -0.4%.

Debt & financing

Proportionally consolidated

1. Weighted average cost of debt and weighted average debt maturity on drawn debt only 2. Average debt maturity excludes two one-year extension options on the RCF. Assuming these options are exercised and bank approved, weighted average debt maturity on total debt at 30 September 2024 increases to 3.6 years and proforma for the acquisition of Capital & Regional increases to 3.3 years 3. Proforma for the acquisition of Capital & Regional which completed on 10 December 2024, using Knight Frank valuation of Capital & Regional portfolio at 30 June 2024 of £350m and adjusted for the cash component of the consideration, estimated remaining transaction costs and planned imminent repayment of £59m of Capital & Regional secured debt facilities. See Glossary for further details on proforma calculation.

• Including unamortised arrangement fees 2. Cash and undrawn RCF 3. Proforma for the acquisition of Capital & Regional which completed on 10 December 2024, using Knight Frank valuation of Capital & Regional portfolio at 30 June 2024 of £350m and adjusted for the cash component of the consideration, estimated remaining transaction costs, and planned imminent repayment of £59m of Capital & Regional secured debt facilities. See Glossary for further details on proforma calculation.

As at 30 September 2024, our weighted average cost of debt remains stable at 3.5% and our weighted average debt maturity has reduced to 3.4 years, from 3.9 years as at 31 March 2024. Our cost of debt and weighted average debt maturity are closely aligned to our unsecured corporate bond because this accounts for £300 million of our £304 million of drawn debt.

Following the recent completion of the acquisition of Capital & Regional, we plan to imminently repay three of Capital & Regional's existing secured facilities, totalling £59 million, and to retain the Mall facility, which is the largest of the Capital & Regional facilities at £140 million with a coupon of 3.45%, maturing in January 2027. Our blended cost of debt on a proforma basis therefore remains at 3.5%.

Financial policies

We have five financial policies in total, including LTV and Interest cover which also appear as debt covenants on our unsecured RCF and our bond. These form a key component of our financial risk management strategy which remains as important as ever given the macro-economic climate.

As noted earlier in this review, because of the timing of the equity placing and retail offer (immediately prior to the end of the half in September 2024) and the completion of the acquisition of Capital & Regional (in December 2024), we have included the proforma position, incorporating the completion of the Capital & Regional acquisition, for key debt metrics, including our Financial Policies, within this review to provide a sense of the spot position of the enlarged business.

We are in compliance with all financial policies as at 30 September 2024 and on a proforma basis.

• 12 month look-back calculation, consistent with debt covenant 2. Calculated with reference to UFFO 3. Proforma for the acquisition of Capital & Regional which completed on 10 December 2024, using Knight Frank valuation of Capital & Regional portfolio at 30 June 2024 of £350m and adjusted for the cash component of the consideration, estimated remaining transaction costs and planned imminent repayment of £59m of Capital & Regional secured debt facilities. See Glossary for further details on proforma calculation.

LTV reduced from 30.8% at 31 March 2024 to 21.6% at 30 September 2024, predominantly due to the successful equity placing and retail offer in September 2024 which raised net proceeds of £48.9 million. On a proforma basis, post the acquisition of Capital & Regional, LTV increases to c.42%, which remains comfortably within policy (<50%). At this level LTV is slightly above our guidance of <40%, which we remain committed to, and to reduce LTV within our guidance would require a modest level of disposals of c.£30 million, which we are comfortable we can achieve given we completed an average of £46 million of retail disposals per annum in the three years ended 31 March 2024. In the meantime, considering proforma LTV alongside our proforma net debt to EBITDA (c.6.0x) and Interest Cover ratios (c.4.9x), our financial position remains strong and in compliance with all financial policies post-acquisition.

Additional guidelines

Conclusion

We are pleased with continued operational performance of the underlying NewRiver business and the strength of our financial position.

Looking forward, we are focused on unlocking the cost synergies identified as part of the Capital & Regional acquisition, and delivering mid-to high-teens UFFO per share accretion, and achieving our medium-term target of a consistent 10% total accounting return.

Will Hobman

Chief Financial Officer

Principal risks and uncertainties

Managing our risks and opportunities

Risk is inherent in all businesses and effective risk management enables us to manage both the threats and the opportunities associated with our strategy and the operation of our business model. The Board has ultimate responsibility for the risk management and internal controls framework of the Company and continually reviews and monitors the principal risks and uncertainties which could have a material effect on the Group's results.

The Board considered the principal risks and uncertainties disclosed in the Annual report for the year ended

31 March 2024 and do not consider that they have changed significantly since that date. A summary of the principal risks and uncertainties are set out below. The full disclosure of these risks, including our approach to their mitigation is set out in the Principal risks and uncertainties section of the Annual Report 2024 on pages

93 to 101. Any changes to the Principal risks and uncertainties since the Annual Report are also included below.

External Risks

Directors' Responsibility Statement

The Directors confirm that these interim condensed consolidated interim financial statements have been prepared with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 namely:

• An indication of important events that have occurred during the first six months of the financial year and their impact on the interim condensed consolidated set of financial statements; and
• Material related-party transactions in the first six months of the financial year and any material changes in the related-party transactions described in the last Annual Report.

On the behalf of the Board

Allan Lockhart Will Hobman

Chief Executive Chief Financial Officer

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

There are no items of other comprehensive income for the current or prior period.

Earnings / (loss) per share

*Included in property operating expenses is an expected credit loss reversal of £0.6 million (30 September 2023: £0.8 million charge) relating to trade receivables.

INTERIM CONSOLIDATED BALANCE SHEET

As AT 30 SEPTEMBER 2024

condensed NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Accounting policies

General information

The interim condensed consolidated financial statements ('interim financial statements') including the notes to the interim financial statements are unaudited and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the year ended 31 March 2024 included in this report was derived from the statutory accounts for the year ended 31 March 2024, a copy of which has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter and did not contain a statement under sections 498 (2) or (3) of the Companies Act 2006.

These interim financial statements have been approved for issue by the Board of Directors on 12 December 2024.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these interim financial statements are set out below. These policies have been consistently applied to all periods presented.

Basis of preparation

These interim financial statements for the 6 month period ended 30 September 2024 have been prepared on the basis of the policies set out in the annual consolidated financial statements for the year ended 31 March 2024 and in accordance with UK adopted IAS 34 and the Disclosure and Transparency Rules sourcebook of the UK's Financial Conduct Authority.

The interim financial statements need to be read in conjunction with the annual consolidated financial statements for the year ended 31 March 2024 which were prepared in accordance with the requirements of the Companies Act 2006 and UK adopted international accounting standards.

The current period financial information presented in this document has been reviewed, not audited.

Going concern

The Group going concern assessment considers the Group principal risks, and is dependent on a number of factors, including cashflow and liquidity, continued access to borrowing facilities and the ability to continue to operate the Group unsecured debt structure within its financial covenants. The Group balance sheet is unsecured, which means that none of its debt is secured against its property assets. This type of financing affords significant operational flexibility and the only debt currently drawn by the Group is the £300 million unsecured corporate bond which matures in March 2028. This bond has financial covenants that the Group is required to comply with including an LTV covenant of less than 65% and a 12 month historical interest cover ratio of more than 1.5x.

The going concern assessment is based on a 12 month outlook from the date of the approval of these financial statements, using the Group Board approved budget and including the impact of the completion and integration of the Capital & Regional acquisition on 10 December 2024, flexed to create a reasonable worst case scenario, which includes the key assumptions listed below.

• Capital values to decline further to a blended valuation decline of -5.4% in FY25 on the like-for-like portfolio and a blended valuation decline of -2.0% per annum cross the entire enlarged portfolio throughout the remainder of the forecast horizon, in contrast to the decline noted across the like-for-like portfolio in HY25 of -0.4%, the majority of which related to the Work Out portfolio, with modest growth noted in Core Shopping Centres and Retail Parks.
• A 15% reduction in net income. This reflects a significant downside given rent collection rates have now stabilised at 99% for HY25, FY24 and FY23 rent billings, back to pre-Covid levels, and occupancy rates have been maintained at 97%.
• No further disposals are assumed throughout the forecast period which have not yet completed at the time of reporting, despite an average of £46.0 million of disposals completed in the three years ended 31 March 2024 and £3.1 million of disposals completed in the six months ended 30 September 2024.

Under this scenario, the Group is forecast to maintain sufficient cash and liquidity resources and remain compliant with its financial covenants over the going concern period. Further stress testing was performed on this scenario which demonstrated that the Group's drawn debt covenants could absorb a further valuation decline of 29% or a further 55% reduction in annual net rental income before breaching covenant levels. The Group maintains sufficient cash and liquidity reserves to continue in operation and pay its liabilities as they fall due throughout the going concern assessment period and as such the Directors conclude a going concern basis of preparation is appropriate.

At 30 September 2024, the Group had £284.8 million total liquidity, including a £100.0 million undrawn revolving credit facility.

Basis of consolidation

The interim financial statements incorporate the interim financial statements of the Company and its subsidiaries. The interim financial statements account for interests in joint venture and associates using the equity method of accounting per IFRS 11 and IAS 28 respectively. The Group's financial performance is not seasonal.

New accounting policies

Business Combinations

New standards and amendments

The Group has adopted the following amendments for the first time in the 6 months ended 30 September 2024:

• Leases on sale and leaseback (Amendment to IFRS 16)
• Non-current liabilities with covenants (Amendment to IAS 1)
• Supplier finance Arrangements (Amendment to IAS 7 and IFRS 7)

Adopting these amendments has not impacted amounts recognised in prior periods or are expected to have a material impact in future periods based on the Group's current strategy.

Standards and amendments issued but not yet effective

A number of new amendments relevant to the Group have been issued but are not yet effective for the current accounting period. The impact of these standards or interpretations on the Group's financial statements is currently being considered, but is unlikely to be material.

Critical accounting judgements and estimates

The preparation of interim financial statements requires management to make estimates and judgements affecting the reported amounts of assets and liabilities, of revenues and expenses, and of gains and losses. The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period, are discussed below. Estimates and judgements are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors.

Significant judgements

REIT Status

NewRiver is a Real Estate Investment Trust (REIT) and does not pay tax on its property income or gains on property sales, provided that at least 90% of the Group's property income is distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to meet certain conditions such as ensuring the property rental business represents more than 75% of total profits and assets. Any potential or proposed changes to the REIT legislation are monitored and discussed with HMRC. It is the Directors' judgement that the Group continues to meet the REIT conditions.

Sources of estimation uncertainty

Investment property

The Group's investment properties are stated at fair value. The assumptions and estimates used to value the properties are detailed in note 13. Small changes in the key estimates, such as the estimated rental value, can have a significant impact on the valuation of the investment properties, and therefore a significant impact on the interim consolidated balance sheet and key performance measures such as Net Tangible Assets per share.

Critical accounting judgement

Business Combinations

Management must assess whether the acquisition of property through the purchase of a corporate vehicle should be accounted for as an asset purchase or a business combination. Management exercise judgement to determine whether the assets and liabilities acquired contains processes and inputs in addition to property. On 3 July 2024, the Group acquired Ellandi Management Limited ('Ellandi'), an asset and development management business focused on UK retail and regeneration (see note 16). It was determined that a business had been acquired and as such the transaction would be accounted for as a business combination under IFRS 3.

Business combinations are accounted for using the acquisition method and any excess of the purchase consideration over the fair value of the net assets acquired is recognised as goodwill and if the fair value of the net asset assets is deemed to be higher than the purchase consideration then this is recognised as a bargain purchase.

Segmental reporting

In the prior period (six months to 30 September 2023) the Group had one identifiable segment, the retail business. The Group acquired Ellandi in July 2024 in order to enhance the capital partnerships arm of the business. The acquisition added 16 asset management mandates to the Group's existing 22 asset management mandates. Following on from the acquisition, the Group identified two operating segments, being Owned Retail and Capital Partnerships. The Board reviews the results of these two segments separately and the prior period comparative has been provided under the new basis below. The Owned Retail investments comprise shopping centres, retail parks and high street stores and Capital Partnerships comprise of income earnt through asset management mandates. All the Group's operations are in the UK and therefore no geographical segments have been identified.

The relevant revenue, net rental income and property and other assets, being the measures of segment revenue, segment result and segment assets used by the management of the business, are set out below. The results include the Group's share of assets and results from properties held in associates.

*Included within property rental and related income is car park income of £2.3 million (30 September 2023: £3.0 million) which falls under the scope of IFRS 15. The remainder of the income is covered by IFRS 16.

Property operating expenses

Six Months ended

* Depreciation is inclusive of £0.1 million right of use asset depreciation (30 September 2023: £0.1 million).

**Exceptional costs comprise expenses relating to the acquisition of Ellandi.

Net administrative expenses ratio is calculated as follows:

Six Months ended

* Exceptional costs comprise expenses relating to the acquisition of Ellandi

** This balance includes an expected credit loss reversal of £0.5 million (30 September 2023: £0.4 million charge), which excludes the £0.1 million expected credit loss reversal (30 September 2023: £0.4 million charge) forward looking element of the calculation.

Other income

Six Months ended

The Group did not recognise other income in the period. Prior period balance of £0.4 million relates to Covid-19 income disruption following agreement with the insurer.

Loss on disposal of a joint venture

Six months to 30 September 2024

There were no disposals of joint ventures in the six months ended 30 September 2024.

Six months to 30 September 2023

Included in the carrying value on disposal were investment properties of £32.2 million, cash of £1.3 million and third party debt of £(12.0) million.

£m

The total cash consideration for the sale was £64.0 million which included £62.6 million (NewRiver share: £31.3 million) consideration for the value of the JV properties.

The total cash consideration was distributed as follows:

• £24.0 million used to repay the Napier Joint Venture bank loans;
• £3.0 million used to repay the shareholder loan owed to NewRiver (recognised as part of the Investment in Joint Venture carrying amount)

After the deduction of the above amounts and the settlement of various costs associated with the disposal, £18.0 million was received by NewRiver. Net proceeds of £21.0 million recognised by NewRiver include the £3.0 million repayment of the shareholder loan.

(Loss) / profit on disposal of investment properties

Six Months ended

Performance measures

A reconciliation of the performance measures to the nearest IFRS measure is below:

Six Months ended

*Exceptional costs comprise expenses relating to the acquisition of Ellandi

** Forward looking element of IFRS 9 relates to a provision against debtor balances in relation to invoices in advance for future rental income. These balances are not due in the current period and therefore no income has been recognised in relation to these debtors.

Number of shares

Six Months ended

The below table reconciles the differences between the calculation of basic and EPRA NTA.

EPRA NTA per share and basic NTA per share:

*Shares include 1.9 million (31 March 2024: 0.4 million) of employee awards which have vested but remain unexercised.

Dividends

The dividends paid in the period are set out below:

Scrip dividends amounting to £1.4 million included within dividends paid in the period (30 September 2023:£1.0 million).

Property Income Distribution (PID) dividends

Non-PID dividends

Investment properties

*Capital expenditure of £1.2 million (2024: £5.3 million) is comprised of £0.3 million (2024: £3.4 million) of expenditure in the creation of incremental lettable space and £0.9 million (2024: £1.9 million) of expenditure on non-incremental lettable space.

The Group's investment properties have been valued at fair value on 30 September 2024 by independent valuers, Colliers International Valuation UK LLP and Knight Frank LLP, on the basis of fair value in accordance with the Current Practice Statements contained in The Royal Institution of Chartered Surveyors Valuation - Professional Standards, (the 'Red Book'). The valuations are performed by appropriately qualified valuers who have relevant and recent experience in the sector.

The Group is exposed to changes in the residual value of properties at the end of current lease agreements. The residual value risk borne by the Group is mitigated by active management of its property portfolio with the objective of optimising tenant mix in order to:

• Achieve the longest weighted average lease term possible;
• Minimise vacancy rates across all properties; and
• Minimise the turnover of tenants with high quality credit ratings.

Sensitivities of measurement of significant inputs

We consider +/-10% for ERV and +/-100bps for NEY to capture the increased uncertainty in these key valuation assumptions and deem it to be a reasonably possible scenario.

The investments are a portfolio of retail assets in the UK. The valuation was determined using an income capitalisation method, which involves applying a yield to rental income streams. Inputs include yield, current rent and ERV. Development properties are valued using a residual method, which involves valuing the completed investment property using an investment method and deducting estimated costs to complete, then applying an appropriate discount rate.

The inputs to the valuation include:

• Rental value - total rental value per annum
• Estimated development costs

There were no changes to valuation techniques during the period. Valuation reports are based on both information provided by the Group, e.g. current rents and lease terms which is derived from the Group's financial and property management systems and is subject to the Group's overall control environment, and assumptions applied by the valuers, e.g. ERVs and yields. These assumptions are based on market observation and the valuers' professional judgement, which includes a consideration of climate change and a range of other external factors.

30 September 2024: Sensitivity impact on valuations of a 10% change in estimated rental value and absolute yield of 100 bps.

31 March 2024: Sensitivity impact on valuations of a 10% change in estimated rental value and absolute yield of 100 bps.

Reconciliation to net valuation movement in consolidated statement of comprehensive income

Investment in joint venture

As at 30 September 2024 the Group has no joint ventures (31 March 2024: one joint venture).

The Group was the appointed asset manager on behalf of these joint ventures and received asset management fees, development management fees and performance-related bonuses. On 2 September 2024, NewRiver Retail Investments LP (NRI LP) was dissolved.

On 27 June 2023, the Group disposed of NewRiver Retail (Napier) Limited which owned Kittybrewster Retail Park in Aberdeen and Glendoe and Telford Retail Parks in Inverness. Please refer to note 8.

NewRiver Retail Investments LP had a 31 December year end as did NewRiver Retail (Napier) Limited. The aggregate amounts recognised in the consolidated balance sheet and consolidated statement of comprehensive income at 30 September and 31 March are as follows:

The table above provides summarised financial information for the joint venture. The information disclosed reflects the amounts presented in the financial statements of the joint venture. To arrive at the Group's share of these amounts under equity accounting, certain minor adjustments are required to be made.

The Group's share of contingent liabilities in the joint venture is £nil (31 March 2024: £nil).

Investment in associates

The Group has one direct investment in an associate entity in which it has a 10% stake, Sealand S.à.r.l, which owns 100% of NewRiver Retail (Hamilton) Limited and NewRiver (Sprucefield) Limited at 30 September 2024.

Goodwill

On 3 July 2024 the Company acquired 100% of the share capital of Ellandi Management Limited (Ellandi) and subsidiaries, an asset and development management business focused on UK retail and regeneration. The acquisition has been made for an initial cash consideration of £5.0 million, with additional cash consideration of up to £4.0 million contingent on EBITDA performance, including realising savings through shared services, over a three year earn out period.

The following disclosure has been provisionally prepared in accordance with IFRS 3. If any new information is obtained within 12 months of the acquisition date, about facts and circumstances that existed at the acquisition date, or that identifies adjustments to the amounts below or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised and an updated disclosure presented within the 2025 Annual Report and Accounts.

Reaching the EBITDA base-line target forecast for the Ellandi business per the acquisition model over the three years FY25-FY27 triggers the base-line Earn Out top-up payout of £2.0 million. Exceeding the base-line Earn Out up to 125% of the target EBITDA will trigger the maximum additional consideration. At the acquisition date, management consider the fair value of the contingent consideration to be £2.0 million, based on the assumption that the Ellandi business is expected to hit the On-target base-line EBITDA over the Earn Out period.

£m

*Included in service charge receivables is £1.9 million of service charge debtors (31 March 2024: £1.5 million), £nil of accrued income (31 March 2024: £nil) and £(0.6) million of bad debt provision (31 March 2024: £(0.8) million).

Trade receivables are shown net of a loss allowance of £1.3 million (31 March 2024: £1.9 million). Other receivables are shown net of a loss allowance of £0.1 million (31 March 2024: £0.1 million). The provision for doubtful debts is calculated as an expected credit loss on trade receivables in accordance with IFRS 9. The release to the consolidated statement of comprehensive income in relation to doubtful debts made against tenant debtors was £0.6 million (31 March 2024: £0.1 million charge). The Group has calculated the expected credit loss by applying a forward-looking outlook to historical default rates.

The Group monitors rent collection and the ability of tenants to pay rent receivables in order to anticipate and minimise the impact of default by tenants. All outstanding rent receivables are regularly monitored. In order to measure the expected credit losses, trade receivables from tenants have been grouped on a basis of shared credit risk characteristics and an assumption around the tenants ability to pay their receivable, based on conversations held and our knowledge of their credit history. The expected credit loss rates are based on historical payment profiles of tenant debtors and corresponding historical credit losses.

The restricted monetary asset relates to cash balances which the Group cannot readily access. They do not meet the definition of cash and cash equivalents and consequently are presented separately from cash in the consolidated balance sheet.

Cash and cash equivalents

As at 30 September 2024 and 31 March 2024 cash and cash equivalents comprised of cash held in bank accounts and treasury deposits. There were no restrictions on cash in either the current or prior period.

On 19 September 2024, the Group announced the successful result of the £48.9 million fundraise of net proceeds via a equity placing and retail offer to part fund its bid for Capital and Regional plc. This balance was held in an escrow account at 30 September 2024 and is disclosed in cash and cash equivalents.

Trade and other payables

* Service charge liabilities include accruals of £0.5 million (31 March 2024: £0.6 million), service charge creditors and other creditors of £4.0 million (31 March 2024 £3.8 million), Value added taxation of £1.5 million (31 March 2024: £0.9 million) and deferred income of £2.1 million (31 March 2024: £1.9 million).

Borrowings

The fair value of the Group's corporate bond has been estimated on the basis of quoted market prices, representing Level 1 fair value measurement as defined by IFRS 13 Fair Value Measurement. At 30 September 2024 the fair value was £283.6 million (31 March 2024: £275.5 million).

In the period the Group drew down £nil (31 March 2024: £nil) of the revolving credit facility.

Share capital and reserves

Share capital

*In September 2024, the Group raised £48.9 million of net proceeds for the issue of 62.7 million shares. The share premium, representing the amount received over the nominal value of shares, was £48.3 million. These newly issued shares carry the same rights as the existing share capital.

All shares issued and authorised are fully paid up.

Shares held in Employee Benefit Trust (EBT)

During November and December 2023, the Employee Benefit Trust purchased £3.0 million of shares to satisfy employee share awards, which amounted to 3,411,259 shares.

At 30 September 2024 there were 2,400,386 ordinary shares held by EBT (31 March 2024: 3,317,218).

Financial instruments and risk management

The Group's activities expose it to a variety of financial risks in relation to the financial instruments it uses: market risk including cash flow interest rate risk, credit risk and liquidity risk. The financial risks relate to the following financial instruments: trade receivables, cash and cash equivalents, trade and other payables and borrowings.

Financial instruments

Contingencies and commitments

The Group has contingent liabilities of £2.0 million relating to the contingent consideration in relation to the acquisition of Ellandi, please see note 16 (31 March 2024: None). The Group was contractually committed to £0.4 million of capital expenditure to construct or develop investment property as at 30 September 2024 (31 March 2024: £0.7 million).

Related party transactions

During the period the Company paid £0.7 million (30 September 2023: £0.5 million) in professional legal fees to CMS Cameron McKenna Nabarro Olswang LLP for property services at commercial market rates. Allan Lockhart, CEO of NewRiver, has a personal relationship with one of the Partners at CMS who along with other Partners provides these legal services.

The Group has loans with associates of £3.2 million (31 March 2024: £3.2 million).

Total fees charged were:

As at 30 September 2024, an amount of £0.1 million (30 September 2023: £0.3 million) was due to the Group relating to management fees.

During the period, the Group recognised £0.1 million of interest from joint ventures and associates (30 September 2023: £0.2 million) and as at 30 September 2024 the amount owing to the Group was £0.1 million (30 September 2023: £0.2 million).

Post balance sheet events

On 24 September 2024, the boards of NewRiver REIT plc (NewRiver) and Capital & Regional plc (Capital & Regional) announced the recommended cash and share acquisition of the entire issued and to be issued share capital of Capital & Regional by NewRiver, to be effected by means of a scheme of arrangement of Capital & Regional under Part 26 of the Companies Act 2006, subject to the satisfaction of certain regulatory and other conditions. The consideration for the acquisition comprised £73.3 million of cash and the issue of 98.3 million ordinary shares valued at £77.6 million, in aggregate, based on the middle-market closing price of NewRiver's shares on 10 December 2024. The scheme of arrangement became effective and the acquisition of Capital & Regional was completed on 10 December 2024. This strategic acquisition significantly accelerates the Group's growth ambitions, whilst delivering significant value for both Capital & Regional and NewRiver shareholders and also maintaining NewRiver's core operational expertise in retail real estate. Since the transaction was completed on 10 December 2024, the Group is currently assessing the accounting for the transaction and the fair value of the acquired assets and liabilities on the completion date.

SUPPLEMENTARY INFORMATION: ALTERNATIVE PERFORMANCE MEASURES (APMs)

In addition to information contained in the Group financial statements, Alternative Performance Measures ('APMs'), being financial measures which are not specified under IFRS, are also used by management to assess the Group's performance. These include a number of measures contained in the 'Financial Statistics' table at the beginning of this document and do not form part of the interim financial statements. These APMs include a number of European Public Real Estate Association ('EPRA') measures, prepared in accordance with the EPRA Best Practice Recommendations reporting framework. We report these because management considers them to improve the transparency and relevance of our published results as well as the comparability with other listed European real estate companies.

*Exceptional items comprise expenses relating to the acquisition of Ellandi

Reconciliation of EPRA Earnings to Underlying Funds From Operations (UFFO)

EPRA NRV per share: 118p; EPRA NTA per share: 106p; EPRA NDV per share: 112p

Definition

Purpose

EPRA NIY: 6.6%, EPRA 'topped-up' NIY: 7.1%

Definition

Purpose

A comparable measure for portfolio valuations to assist investors in comparing portfolios.

EPRA Vacancy rate: 3.6%

Definition

Purpose

A 'pure' (%) measure of investment property space that is vacant, based on ERV.

The EPRA vacancy rate is based on the ratio of the estimated market rent for vacant properties versus total estimated market rent, for the whole portfolio excluding properties under development and any units that are not classified as retail. There are no significant distorting factors influencing the EPRA vacancy rate.

EPRA Cost Ratio (including direct vacancy costs): 37.6%

EPRA Cost Ratio (excluding direct vacancy costs): 34.5%

Definition

Purpose

A key measure to enable meaningful measurement of the changes in a company's operating costs.

In the current and prior period, employee costs in relation to staff time on development projects have been capitalised into the base cost of relevant development assets.

Property related capital expenditure and tenant incentives (additional disclosure)

Refurbishment expenditure in respect of major works is capitalised whilst renovation and refurbishment expenditure of a revenue nature is expensed as incurred. Our business model for major works and developments is to use a combination of in-house staff and external advisers. The cost of external advisers is capitalised to the cost of developments and employee costs in relation to in-house staff time on development projects are capitalised into the base cost of relevant assets subject to meeting certain criteria related to the degree of time spent on and the nature of specific projects. Staff costs amounting to £0.3 million (31 March 2024: £0.5 million) have been capitalised as such during the period. Capital tenant incentives of £nil (31 March 2024: £0.8 million) were paid during the period, with associated amortisation of £0.1 million (31 March 2024: £0.2 million) recognised in the consolidated statement of comprehensive income.

Glossary

Balance sheet gearing: Is the balance sheet net debt divided by IFRS net assets.

Book value: Is the amount at which assets and liabilities are reported in the financial statements.

EBITDA: Earnings Before Interest, Depreciation and Amortisation

EPRA: Is the European Public Real Estate Association.

EPRA earnings: Is the IFRS profit after taxation excluding investment property revaluations, fair value adjustments on derivatives, gains/losses on disposals and deferred tax.

EPRA NTA per share: Is EPRA NTA divided by the diluted number of shares at the period end.

Footfall: Is the annualised number of visitors entering our shopping centre assets.

Gross Asset Value (GAV): Is Gross Asset Value, the total value of all real estate investments owned by the Company.

Head lease: Is a lease under which the Group holds an investment property.

IFRS: UK-adopted International Accounting Standards.

Income return: Is the income derived from a property as a percentage of the property value.

Long-term leasing deals: Are leasing deals with a fixed term certain of at least one year.

MSCI: MSCI Inc produces independent benchmarks of property returns and NewRiver portfolio returns.

Net rental income: Is the rental income receivable in the period after payment of property outgoings. Net rental income will differ from annualised net rents and passing rent due to the effects of income from rent reviews, property outgoings and accounting adjustments for fixed and minimum contracted rent reviews and lease incentives.

NewRiver share: Represents the Group's ownership on a proportionally consolidated basis.

Passing rent: Is the gross rent payable under leases terms.

Pre-let: A lease signed with an occupier prior to the completion of a development.

Pre-sale: A sale exchanged with a purchaser prior to completion of a development.

Proforma for the acquisition of Capital & Regional: Where possible, key metrics have been provided proforma for the acquisition of Capital & Regional ('C&R'), which completed on 10 December 2024, including the impact of the cash component of the consideration, estimated remaining transaction costs and the planned imminent repayment of £59 million of C&R secured debt facilities. All C&R figures are calculated by adjusting the last reported financials as follows: for the profit and loss we have used the full year results for the year ended 30 December 2023, adjusted for the annualised impact of the acquisition of Edinburgh, The Gyle, which completed in September 2023, to reflect a full year of net rental income and the finance costs of the associated loan facility, and the disposal of Luton & Redditch, to reflect the removal of asset and property management fees earned by C&R pre the cessation of its involvement in Luton & Redditch in March 2023 and September 2023 respectively; for the Balance Sheet we have used the half year results for the six months ended 30 June 2024, adjusted to incorporate Knight Frank's valuation of C&R's property portfolio as at 30 June 2024 of £350 million and the updated cash balances as at 30 September 2024. Individual metrics have been estimated to require adjustment as follows:

• Proforma Cash of c.£70 million and Proforma Net Debt of c.£371 million include adjustments made to reflect the cash position of C&R as at 30 September 2024 (c.£30 million), the cash component of the transaction (£73 million), estimated remaining transaction costs (c.£13 million), and planned imminent repayment of £59 million C&R loans.
• Proforma Net Debt: EBITDA includes adjustments to proforma Net Debt as referenced above and a proforma EBITDA of c.£53 million, comprising NewRiver and C&R EBITDA on a 12 month look-back basis, adjusted for the annualised impact of net rental income from the acquisition of Edinburgh, the Gyle, in September 2023 (c.£3 million), the removal of asset and property management fees post the disposal of Luton & Redditch (c.£(1) million) and net cost synergies of c.£6.2 million expected to be fully unlocked within 12 months post completion on an annualised basis.
• Proforma LTV includes adjustments to proforma Net Debt as referenced above and incorporates Knight Frank's valuation of C&R's property portfolio as at 30 June 2024 of £350 million.
• Proforma Interest Cover Ratio ('ICR') includes proforma net rental income of c.£65 million and proforma net finance costs of c.£12 million, comprising NewRiver and C&R figures on a 12 month look-back basis, adjusted for the annualised impact of the acquisition of Edinburgh, the Gyle, in September 2023 on net rental income (c.£3 million) and on net finance costs from the associated loan facility (c.£(1) million), and to reflect the net finance costs impact of the cash component of the consideration, estimated remaining transaction costs and the planned imminent repayment of C&R secured debt facilities (c.£(1) million).

Retail occupancy rate: Is the estimated rental value of let units expressed as a percentage of the total estimated rental value of the portfolio, excluding development properties.

Underlying Funds From Operations (UFFO): is a measure of the Company's operational profits, which includes other income and excludes one off or non-cash adjustments, such as portfolio valuation movements, profits or losses on the disposal of investment properties, fair value movements on derivatives and share-based payment expense.

Yield on cost: Passing rents expressed as a percentage of the total development cost of a property.