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Real estate investment trust NewRiver REIT grew its cashflow by 3.1% in the period since 1 April 2019, according to its half year results.
Funds from operations (FFO) hit £26.4m, up from £25.6m. Underlying FFO per share was 8.6p, up from 8.4p. Cashflow now covers 80% of NewRiver's dividend.
Allan Lockhart, chief executive, said: "Since 1 April 2019 to the date of this announcement we have completed, exchanged or are under offer on disposals at a blended yield of 5.4%, and have recycled most of this capital into five retail parks at a blended yield of 9.0%."
The REIT's NAV per share was 244p, down from 261p, having been impacted by a 3.3% portfolio valuation decline due to a reduction in estimated rental values of 2.7% and modest yield expansion.
Net assets fell to £745.4m from £796.1m at the end of March due to a non-cash valuation decline of £42.5 million.
At 8:22am: (LON:NRR) NewRiver Retail Ltd share price was -1.5p at 188.3p