Add files using upload-large-folder tool

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_11.txt

@@ -0,0 +1,107 @@
+Pleasingly, our Core Shopping Centre portfolio, representing 37% 
+of our total portfolio, proved to be broadly stable with a -0.7% capital 
+return for FY23. Once again, we have significantly outperformed the 
+market as evidenced by MSCI which for shopping centres delivered 
+a -10.8% capital return over the last twelve months. 
+Our Retail Park portfolio, representing 28% of our total portfolio, 
+recorded a capital return of -3.2% entirely due to yield expansion 
+offset by ERV growth of 2.7%. Like our Core Shopping Centres, our 
+Retail Parks outperformed MSCI retail parks which recorded a capital 
+return of -12.1% over the same period. 
+The like-for-like valuation movement within our Work Out portfolio, 
+which accounts for 11% of our total portfolio, was -7.8%, outperforming 
+the MSCI Shopping Centre Index. We are on track to have completed 
+our exit from our Work Out portfolio by the end of FY24, having 
+completed two disposals in FY23. 
+Given that our portfolio consistently delivers a higher income return 
+and a superior capital return than the MSCI All Retail Index, on a total 
+return basis our portfolio has once again significantly outperformed 
+the index in FY23, by 1,020bps, as it has done over the last five years.
+Our Balance Sheet is in great shape with an LTV of 33.9% at the year 
+end, in line with the prior year. Equally important is Balance Sheet 
+gearing which for us is less than 50%, Net debt to EBITDA is only 
+4.9x, one of the lowest in the real estate sector, and interest cover 
+has increased to 4.3x, one of the highest in the real estate sector. 
+These strong financial metrics and the fact that we have no 
+refinancing requirements nor exposure to higher interest rates 
+until 2028 place us in an excellent position to capitalise on 
+future growth opportunities at the appropriate time. 
+PORTFOLIO
+Resilient Operational Performance 
+Operationally, we had a good performance in terms of leasing 
+volume and pricing. That, together with our high retention rate when 
+it comes to lease expiry or lease break, has resulted in an increase in 
+our occupancy to 97% (FY22: 96%). Rent collection and car park and 
+commercialisation cashflows all improved during the year, with rent 
+collection now back to pre-Covid-19 collection rates.
+In total we completed 979,200 sq ft of leasing transactions during 
+the year, securing £7.9 million of annualised income. Our long-term 
+leasing transactions which represented 69% of the total rent secured 
+were transacted at rents 1.1% above valuer ERVs. Furthermore, 
+77% of the annualised long-term rent secured was in our Core 
+Shopping Centre and Retail Park portfolios, at levels exceeding 
+valuer ERVs by 2.3% and 0.8% respectively. 
+Whilst rent secured within our Regeneration Portfolio was down 
+-3.9% versus valuer ERV, it was +9.0% ahead of the previous passing 
+rent and therefore accretive to rental cashflows. It is also reflective of 
+our ongoing strategy to ensure greater lease flexibility to support our 
+vacant possession strategy. The Work Out portfolio leasing activity 
+was on terms -2.1% versus valuer ERV, however, this only represents 
+a small proportion of the total portfolio long-term rent secured. 
+For total portfolio leasing events in FY23, the rents achieved had a 
+Compound Annual Growth Rate (CAGR) versus the previous passing 
+rent of only -0.5% over the average previous lease period of 10.3 
+years. Over the past three years, which totals £15.4m of annualised 
+rent, this is only -0.4% based on an average previous lease period 
+of 10.0 years. Taking into account the significant disruption the retail 
+sector has faced over the last 10 years from the growth of online 
+retailing and Covid-19, this clearly demonstrates the underlying 
+resilience in our rental cashflows. 
+OUR HIGHLIGHTS
+Occupancy
+96.7% 
+FY22: 95.6% 
+Rent collection
+98% 
+FY22: 96%
+Leasing vs ERV
++1.1.% 
+FY22: +7.4%
+GRESB score
+70 
+FY22: 68
+Completed  
+disposals
+£23m 
+FY22: £305m
+Valuation  
+performance
+-5.9% 
+FY22: -0.9%
+Retail Underlying 
+Funds From Operations
+£25.8m 
+FY22: £20.5m
+Retail UFFO 
+per share
+8.3p 
+FY22: 6.7p
+LTV
+33.9% 
+FY22: 34.1%
+Net debt
+£201.3m 
+FY22: £221.5m
+Total Accounting  
+Return
+-4.6% 
+FY22: -6.6%
+Ordinary Dividend  
+per share
+6.7p 
+FY22: 7.4p
+ * As at time of reporting FY22 results
+Key
+Performance versus previous year
+Improved Declined Maintained
+9NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_14.txt

@@ -0,0 +1,31 @@
+ 
+ROBUST  
+MARKET
+The UK economy and retail real estate 
+market has never before endured such 
+volatile conditions including international 
+health pandemics and war as well as 
+political and fiscal instability. This has 
+led to cost inflation, rising interest rates 
+and increased caution amongst both 
+investors and consumers.
+ 
+Yet contrary to perception and media 
+narrative, the consumer has remained 
+resilient and those retail occupiers with an 
+omnichannel offer, reliant on the physical 
+store and focused on providing essential 
+goods and services, have continued to 
+perform well.
+ 
+This is the robust sub-sector of the market 
+that we specialise in, meaning our resilient 
+retail real estate portfolio is well-positioned 
+for growth.
+RESILIENT RETAIL
+12 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic report
+Our marketplace
+12 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+The secret object #5 is a "towel".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_15.txt

@@ -0,0 +1,110 @@
+Consumers
+ 
+Rising Housing Costs
+The housing market has shown resilience in 2023 as mortgage 
+rates eased and the labour market remained tight in part 
+reversing the negative sentiment following the jump in the Bank 
+of England interest rates as a result of the somewhat calamitous 
+September mini-budget. House prices are stabilising and the 
+average house price is still 20% higher compared with March 
+2020 (Halifax). Borrowers are choosing longer mortgage terms 
+to satisfy affordability requirements whilst many potential first 
+time buyers are delaying their plans and resorting to the rental 
+market, putting further pressure on rental costs already impacted 
+by a significant demand supply imbalance (UK Finance).
+High But Easing Inflation
+UK inflation appears to have peaked at 11.1% in the 12 months to 
+October 2022, falling more slowly than anticipated over the 
+subsequent months to 8.7% in April as rates across transport 
+and clothing declined but offset by persistent food price 
+inflation. It is expected further easing in commodity and goods 
+prices will result in a continued downward trend in inflation later 
+in the year, with perhaps the key risk in respect of ongoing 
+inflation in 2023 being the impact of higher wage costs. Whilst 
+annual wage growth as at March 2023 stands at 5.8%, in real 
+terms it is -3.0%, the largest real total decline since April 2009 
+(ONS) albeit the negative differential is widely expected to 
+narrow through 2023 and reverse by the end of 2024 (Shore 
+Capital).
+Consumers Still Spending
+Early 2023 has followed a stronger than forecast Christmas 2022, 
+with sales values and volumes (excl. fuel) +2.4% and +1.0% in the 
+three months to April 2023 compared with the previous 
+three months. April sales figures compared to pre-Covid levels 
+are +17.9% in value and +0.3% in volume, indicating consumers are 
+purchasing at similar levels to pre-pandemic. Despite the 
+narrative around the consumer squeeze and wide-scale 
+belt-tightening, this is not yet reflected in the data and consumers 
+are still sitting on excess savings built up during the pandemic.
+Changing Purchasing Behaviour
+Due to cost of living pressures, patterns of spending have shifted 
+away from luxuries towards essential and cheaper alternatives. 
+Barclays data shows that 34% of consumers are buying “dupes”, 
+affordable versions of expensive products, especially in food and 
+drink products with 68% of consumers opting for the cheaper options. 
+There is an evident pattern of down trading in the grocery sector, 
+discount stores continue to experience month on months sales 
+growth and in terms of eating out, there is shift in preference from 
+expensive restaurants to more value focused, deal driven options.
+NewRiver’s response
+• Despite the cost of living crisis, retail sales have remained 
+strong with the first half of 2022 benefiting from a buoyant 
+period of post-lockdown spending with positive sales figures 
+continuing into early 2023 following a strong Christmas 
+period. Positive consumer spending has led to strong 
+sentiment among retailers and is reflected within NewRiver’s 
+retention rate of 92% and increased occupancy of 97%.
+• Consumers are evidently changing their purchasing behaviour, 
+down-trading across product categories as a reaction to 
+adjustments on their disposable income and will be awaiting 
+signs that mortgage rates, food and fuel inflation have peaked 
+prior to increasing their discretionary spend. NewRiver’s 
+occupier base has limited exposure to discretionary spend 
+with 78% by rent from within essential sub-sectors.
+• The GfK consumer confidence index shows that whilst 
+confidence is low, it is improving significantly. Since March 
+2023, there has been a 13 point jump in positivity for 
+personal finance situations – such a large jump suggests 
+household finances are stronger than perceived and the 
+overall consumer confidence index is at its highest level 
+since March 2022 playing into spend across our portfolio.
+• The increased cost of living and impact of rising mortgage 
+costs is not equal across the UK, with those living in cities 
+and within London and South East likely to be most 
+impacted where mortgages are higher and disposal 
+income as a percentage of gross income is lower. 
+NewRiver’s portfolio is located throughout the UK, 66% 
+outside the South East, in areas which on average have a 
+house price of £208,000, compared to the UK average of 
+£287,000 (Halifax). The NewRiver consumer is therefore 
+impacted to a lesser extent due to rising mortgage costs.
+• As inflation eases throughout 2023, real disposable 
+incomes will improve, confidence will continue to 
+recover alongside record low unemployment levels of 
+only 3.9% (as at March 2023), and there is the potential that 
+retail sales by volume should continue to increase.
+Retail Sales Values and Volumes
+80
+85
+90
+95
+100
+105
+110
+115
+120
+125
+130
+0
+2
+4
+6
+8
+10
+12
+Retail Sales  Index Feb-20 = 100
+CPI (YoY%)
+Value Volume CPI (RHS)
+2020 Feb 2021 Sep 2023 Apr
+Source: ONS
+13NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_16.txt

@@ -0,0 +1,141 @@
+Retailers
+ 
+Strong Occupational Market
+There is positive sentiment amongst retailers, with strong 
+reported sales results especially in-store performance and 
+renewed retailer expansion plans for 2023. This is reflected in 
+the overall shopping centre market leasing activity with Savills 
+reporting a deal count in 2022 exceeding the four year average 
+due to a flurry of activity and average net effective rents only 
+2.9% down compared to 2019. Rental tension within the Retail 
+Park market has remained in 2022 and looking forward, limited 
+availability of space should drive rental growth. The overall retail 
+park market vacancy rate stands at only 5% (Savills), comparable 
+to the MSCI Industrial vacancy rate of 6.3% which has seen 21% 
+ERV growth over the past two years.
+Limited Retailer Distress
+2022 was a quiet year for retailer distress with only 2,300 stores 
+impacted. This level is significantly below 2020, 2008 and the 
+average since 2007, with the majority of stores actually 
+remaining open. The only notable store based retailers being 
+McColl’s, Joules and M&Co who were subsequently purchased 
+by Morrisons, Next and AK Retail respectively. Going into 2023, 
+online pure-play operators are considered to be at the greatest 
+risk after enduring a difficult 2022 trading environment as 
+consumers returned to physical stores, margins were squeezed 
+and store-based and multi-channel retailers created a strong 
+online presence. Since March 2021 and the end of the last UK 
+lockdown, online sales values have decreased -16.0% and 
+pure-play -6.6% against overall retail sales value growth of 
++15.7% during this period. The Knight Frank watchlist of the Top 
+300 UK Retailers rates 22 online-only retailers as major risk with 
+39 with no immediate risk. Physical retailers, whilst not immune 
+to the challenging trading conditions coming into 2023, have 
+emerged from the pandemic fitter, with the weaker outfits 
+having already exited the market. 
+0
+1,000
+2,000
+3,000
+4,000
+5,000
+6,000
+7,000
+8,000
+Stores impacted Average since 2007
+2007
+2008
+2009
+2010
+2011
+2012
+2013
+2014
+2015
+2016
+2017
+2018
+2019
+2020
+2021
+2022
+2023 YTD
+UK Retailer Failures Decline
+-25%
+-20%
+-15%
+-10%
+-5%
+0%
+5%
+10%
+15%
+vs 2019Q1 2020
+Q2 2020
+Q3 2020
+Q4 2020
+Q1 2021
+Q2 2021
+Q3 2021
+Q4 2021
+Q1 2022
+Q2 2022
+Q3 2022
+Q4 2022
+YoY
+Shopping Centre Rents since 2019  
+(net effective rents rolling 4-Qtr average)
+Source: Savills Research
+-20%
+-15%
+-11%
+-7%
+-2%
+2%
+7%
+11%
+16%
+20%
+25%
+0%
+1%
+2%
+3%
+4%
+5%
+6%
+7%
+Net Effective Rent Growth YoY (LHS) Vacancy % sq ft (RHS)
+2013
+2014
+2015
+2016
+2017
+2018
+2019
+2020
+2021
+2022
+Retail Parks Rents and Vacancy  
+(net effective rents)
+Source: Savills Research Source: Centre for Retail Research
+Online sales as % of total retail sales
+0
+10
+20
+30
+40
+50
+Peak Online % sales
+-25% from peak
+-4% from peak
+Apr 2020 Mar 2023 Jan 2021 Mar 2023
+Non-food Food
+45.8%
+21.1%
+12.1%
+8.2%
+Source: ONS
+14 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our marketplace continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_17.txt

@@ -0,0 +1,82 @@
+Continued Rise of Omnichannel
+Online is considered a channel of distribution rather than 
+category of retail and given the consumer desire for flexibility 
+to purchase goods when, where and how they want, omnichannel 
+retail with the converging of physical and online channels is 
+becoming ever more popular. 50% of overall sales involve online 
+interaction at some point (Barclays) but the physical store is at 
+the centre of the retail journey due to the perception of in-store 
+bargains, absence of delivery and return charges, and the ability 
+to use cash as a tangible budgeting tool. Click & collect 
+increases to be popular for both consumers and retailers and 
+this is set to continue into 2023. 
+Positive 2023 Rates Revaluation Outcome
+The 2023 rates revaluation was a welcome outcome for retailers 
+and will provide significant occupational cost savings at a time when 
+other operational costs have increased. On average, rateable values 
+within England and Wales declined 10% for retail properties with 
+savings ranging up to 20-50%. This compares incredibly favourable 
+to the 27% increase within Industrial and 10% in Offices. Downwards 
+transition relief is to be scrapped giving an immediate benefit to 
+retailers, it was previously phased over a number of years.
+“The physical store 
+remains at the centre  
+of the retail journey”
+16%
+average reduction in 
+rateable values for 
+retailers across the 
+NewRiver portfolio
+NewRiver’s response
+• The strong retail occupational market is reflected in our leasing 
+statistics with 979,200 sq ft of new lettings and renewals agreed 
+in FY23 with long-term transactions on average +1.1% ahead of 
+ERV, 9.7% ahead of previous rent and with a Weighted Average 
+Lease Expiry of 8.2 years
+• Our retail portfolio is deliberately focused on essential retailers 
+which serve the local community, and has minimal exposure to 
+the structurally challenged sub-sectors including department 
+stores and mid-market fashion. To assess the risk associated 
+with our tenant base and future cashflows, we have worked with 
+Income Analytics (part owned by MSCI and Savills) to quantify 
+the probability and impact of tenant failure. The tenant risk of 
+failure analysis projects a probability of failure in the next 
+24 months of only 0.9%.
+• The resilience of NewRiver’s rental cashflows is underpinned 
+by affordable rents and low occupational costs. Given the 
+downward pressure on retailer margins as a result of material 
+increases in retailer’s cost and revenue pressures which are set 
+to continue in the short to medium term, we have assessed the 
+continuing rental affordability over the next 3 years. As expected, 
+maintaining the retailer’s existing net margin, the affordability 
+level falls -1.2% below the current Occupational Cost Ratio in 
+2023 but returns in 2024 with headroom rebuilding beyond in 
+2025 to +2.4% aided by continued cost stabilisation, business 
+rate reductions and some modest sales growth
+• The occupational affordability for our tenants set to further 
+improve from 1 April 2023 when reduced business rates become 
+effective with an average reduction of 16% across the portfolio
+• Retail parks are a key investment area for NewRiver given their 
+prominent role within omnichannel retail for both consumers and 
+retailers. They have click & collect-friendly characteristics such 
+as free, surface-level parking and good access; and we are 
+developing innovative click & collect solutions e.g collection & 
+return pods in car parks. Conveniently located on key arterial 
+routes and having large units suitable for holding stock at low 
+occupational costs mean retailers can use stores as fulfilment 
+centres much closer to their consumer than distribution centres.
+-10
++7
++10
++27
+Retail
+All Properties
+Offices
+Industrial
+-16NewRiver
+Source: VOA
+Percentage Change in Rateable Values 2017-23 leading 
+to lower occupational costs
+Revaluation Movement (%)
+15NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret transportation is a "train".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_28.txt

@@ -0,0 +1,108 @@
+• The Board receives regular updates on market sentiment,  
+investor relations activity and share price performance 
+• The Remuneration Committee undertook a review of the 
+Remuneration policy in consultation with Shareholders for  
+which Shareholder provided positive support toward the  
+proposed revisions.
+Topics raised
+• Continued delivery of the Company’s revised strategy focused on 
+resilient retail following the pub business disposal in FY22
+• Financial performance
+• Operational performance 
+• Capital allocation 
+• Portfolio valuation performance
+• Progress on the disposal of our Work-Out portfolio 
+• Progress across our Regeneration portfolio
+• Growth of Capital Partnerships 
+• Sustainability
+• Retailer challenges and opportunities 
+• Macro-economic themes including how inflation and rising energy 
+costs impact our retailer
+How did we respond?
+• Post pandemic virtual engagement continue to form a part of our 
+Investor Relations programme, allowing us to capitalise on 
+effective use of management time, engaging with international and 
+regionally based investors, and helping reduce associated carbon 
+emissions 
+• Our investor feedback has helped enhance our disclosures and 
+the supplementary information provided in results materials. 
+OUR LENDERS
+We have strong working relationships with  
+our banks, bondholders and rating agency 
+who in turn help provide funding to facilitate 
+our strategy. 
+As part of this, we are in regular dialogue to ensure our banks and 
+bondholders understand the Company’s strategy and targets. These 
+relationships have helped ensure that the business remains in a 
+strong and flexible financial position with a fully unsecured balance 
+sheet. This structure is highly efficient and covenant-light, affording 
+us significant operational flexibility.
+Board Engagement during the year
+How did we engage?
+• The CFO and finance team held regular meetings with our 
+relationship banks, bondholders and rating agency to ensure  
+that they are kept up to date with business strategy, developments 
+and performance
+• Held meetings with our Bondholders as part of our FY22 and 
+HY23 results roadshow
+• Debt structure and current and future debt requirements are 
+considered by the Board on a regular basis as part of the  
+CFO’s review
+OUR SHAREHOLDERS
+Our shareholders are the ultimate owners 
+of our business. In order to deliver on all 
+our ambitions for the communities we are 
+invested in, it is critical that our shareholders 
+continue to understand and support the 
+Company’s strategy, business model, 
+investment case and progress. 
+We have an active engagement strategy, supported by our corporate 
+brokers, providing our shareholders with frequent business updates, 
+regular meetings, both in person and online, and on-site visits. 
+Where appropriate, our Board and members of the Executive 
+Committee will engage with shareholders.
+The comprehensive calendar of investor engagement includes the 
+AGM, regulatory announcements and non-regulatory news flow, 
+conference calls and shareholders roadshows, as well as regular 
+contact with financial analysts, financial media, investors, private 
+client fund managers, retail investors and equity sales teams. Regular 
+and targeted engagement ensures that our strategy, business model  
+and investment case are well understood by shareholders and the 
+wider market.
+Board Engagement during the year
+How did we engage?
+• Focused virtual and face to face investor meetings with 
+the CEO and CFO with a revival of face to face meetings
+• Engagement includes the AGM, regulatory announcements, 
+conference calls and investor roadshows, as well as regular 
+contact with financial analysts, financial media, investors, private 
+client fund managers, retail investors and equity sales teams 
+• As well as institutional investors, we engage with retail investors 
+via direct communications, our website, media, Annual General 
+Meetings (AGM) and platforms including Investor Meet, hosting 
+a dedicated retail investor presentation at our half year results
+• Our relaunched corporate website contains comprehensive 
+information about our business, regulatory news and press 
+releases alongside information about our approach to 
+Environmental, Social and Governance (ESG) issues
+• Management engaged with 96 investors during the year, including 
+shareholders and non-holders, and institutional and  
+retail investors
+• We hosted our first post-pandemic in-person results presentation 
+to analysts in November 2022 for our HY23 Results – a live audio 
+webcast was also available our website with a replay function
+• The 2022 AGM was again held as a physical meeting and was 
+attended by all of the Board. Recognising that some shareholders 
+may not have been comfortable attending in person, we provided 
+opportunities for shareholders to submit questions via email and to 
+attend via conference call
+• The Board reviews and approves material and communications 
+with investors, namely trading updates, results announcements,  
+the Annual Report and Accounts, and significant business events 
+and transactions. 
+• The respective Committee Chairs engage with shareholders on 
+significant matters related to their specific areas of responsibility 
+26 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Stakeholder engagement continued
+The secret drink is "water".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_39.txt

@@ -0,0 +1,87 @@
+26.1%
+-4.2%
+0.8%
+FY21 FY22 FY23
+13.3%
+-0.6%
+-1.5%
+0.6%
+FY21 FY22 FY23 average
+98%
+92%
+100%
+FY21 FY22 FY23
+97.1%
+97.6%
+97.5%
+FY21 FY22 FY23
+Selected highlights Include:
+• Barrow-in-Furness, Hollywood Retail & Leisure Park: This retail 
+park provides the key retail and leisure to the town with the only 
+Vue cinema in the catchment and benefits from an occupier line up 
+of Aldi, TK Maxx, Curry’s, Dunelm, McDonalds and KFC. The offer is 
+to be further strengthened with the introduction of Smyth Toys 
+having exchanged an Agreement for Lease for a 15 year term 
+replacing the former Bingo operator which we served our landlord 
+break notice on. The only remaining vacant unit is a 3,100 sq ft pod 
+which is under offer to a national veterinary company, which will 
+bring a great community use to the Retail Park. 
+• Cardiff, Valegate Retail Park: We completed an Agreement for 
+Lease with Poundland for a 27,000 sq ft store at a rent of 
+£270,000 pa and a 10,000 sq ft letting to Boulders, an indoor 
+climbing centre, at a rent of £100,000 per annum on a 15 year 
+lease and both transactions were in line with the valuer’s ERV. This 
+discount led 94,000 sq ft retail park, adjacent to a dominant Marks 
+& Spencer and Tesco Extra, is now fully let. 
+• Dewsbury, Rishworth Centre: At our fully-let retail park in 
+Dewsbury, we opened a brand new 19,500 sq ft store for Aldi 
+following the completion of extension works to the former Next 
+store. Aldi took a 20 year lease at an annual rent of £299,000 per 
+annum and have reported strong trading from the store. The park 
+is now fully let with Aldi joining Shoezone, Iceland, Halfords and 
+Pets at Home on the park.
+• Dumfries, Cuckoo Bridge Retail Park: We received planning 
+consent and exchanged an Agreement for Lease with Food 
+Warehouse to create a new 12,500 sq ft food store which will 
+benefit from trading adjacent to a successful Tesco superstore. We 
+are in active discussions with a discount gym operator on the final 
+vacant unit which will make the park 100% let, further 
+strengthening this excellent supermarket, DIY and discount 
+anchored park. 
+• Inverness, Glendoe and Telford Retail Parks: Throughout the year 
+we have completed a number of lettings on the park, improving the 
+occupier line-up and increasing the WAULT. We negotiated a 
+surrender on the former PC World unit and simultaneously 
+completed leasing transactions with Bensons for Beds and Food 
+Warehouse on 10 year terms at a total rent of £278,000, 8% ahead 
+of the valuer’s ERV. We served the landlord break notice on 
+Poundstretcher in order to create space for Poundland and agreed 
+a reversionary lease with B&M, adding a further 10 years to the 
+term.
+• Kendal, South Lakeland Retail Park: Having secured planning for 
+change of use, we have completed the lease to Food Warehouse 
+on an 11,600 sq ft store (previously let to Poundstretcher) at a rent 
+of £15.50 per sq ft on a 10 year lease. Food Warehouse joins an 
+already strong retailer line up including B&M, Pets at Home, 
+Halford and Currys, adjacent to a Morrisons supermarket. 
+• Leeds, Kirkstall Retail Park: We have agreed to construct a 
+drive-thru unit for Burger King with terms including 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. 
+• Wirral, Eastham Point: We continued our successful partnership 
+with the Co-op in their convenience store expansion programme, 
+delivering a modern new 5,300 sq ft store which features 
+self-service checkouts and a hot food to go section too. Co-op 
+took a 15 year lease at a rent of £70,000 per annum. Kutchenhaus 
+also took a new 10 year lease for a new store and together these 
+lettings bring the park to 100% occupancy.
+Strong leasing pricing
+1%
+CAGR
+-1.5%
+Retention rate
+100%
+Occupancy
+98%
+37NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_40.txt

@@ -0,0 +1,37 @@
+Portfolio review continued
+Our Core Shopping Centres are located in the 
+heart of their local communities, playing a key 
+role to the local social and economic 
+prosperity of their conurbations by providing a 
+range of essential goods and services to local 
+people. Our centres are easily accessible with 
+short travel times supporting the wider climate 
+and well-being agenda.
+As at 31 March 2023 our Core Shopping 
+Centre portfolio represented 37% of our total 
+portfolio value and comprises 14 core 
+community shopping centres with an 
+occupancy of 98%. 
+FY23 HIGHLIGHTS
+• Portfolio weighting: 37%
+• No. assets: 14
+• NIY 9.6% versus MSCI Shopping Centre NIY of 7.5%
+• Average lot value: £19.0 million
+• Key occupiers: Primark, Superdrug, M&S, Poundland, Boots, Next
+• Occupancy: 97.7%
+• Retention rate: 90%
+• Rent collection: 98%
+• Affordable average rent: £13.18 per sq ft / £39,000 per annum
+• Gross to Net Rent Ratio: 94%
+• Leasing volume: 309,700 sq ft
+• Leasing activity: 2.3% ahead of valuer ERV
+• Average CAGR FY21-FY23: -0.8% on 9.9yr average previous 
+lease period
+• Total Return 10.3% outperforming the MSCI Shopping 
+Centres by +1,540 basis points
+KEY RETAILERS
+The Avenue Shopping Centre, 
+Newton Mearns
+CORE SHOPPING CENTRES
+38 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_42.txt

@@ -0,0 +1,86 @@
+Portfolio review continued
+WORK OUT
+Our Work Out portfolio represents 11% of our portfolio and comprises 
+assets which we intend to dispose of or complete turnaround 
+strategies for. Since the Half Year, we have completed the disposals of 
+shopping centres in both Wakefield and Darlington, with the remaining 
+sales and turnaround strategies to be completed by the end of FY24. 
+The key turnaround strategies include:
+• Cardiff, Capitol Shopping Centre: We are planning the wholesale 
+repositioning of the asset to competitive and social leisure with an 
+enhanced F&B provision. The Capitol Shopping Centre sits 
+alongside the Council’s major upgrade to the wider area which will 
+improve the infrastructure and public realm, including reinstating a 
+stretch of canal next to the Centre’s entrance, and is due to 
+complete in the Autumn 2023. We are in advanced discussion with 
+a national competitive and social leisure operator to occupy circa 
+115,000 sq ft of the centre which will be the catalyst for the Food & 
+Beverage lettings on the remainder of the centre. 
+• Kilmarnock, Burns Mall: We are working collaboratively with the 
+Council on plans to demolish the former BHS to create a surface car 
+park to be let to the Council on a long-term lease and upsize key 
+occupiers within the centre. We are confident that the removal of 
+surplus retail, improvement in public realm and accessibility will 
+revitalise the centre. The works are to be part funded by the Council.
+• Paisley, The Piazza: The centre is the principal retail offering within 
+the town centre and has strengthened following the planned 
+re-development of the neighbouring weaker shopping centre 
+within the catchment, therefore removing significant surplus retail 
+supply from the town. The strategy has been focused on renewed 
+letting activity and deals have now completed with JD Sports on a 
+10 year lease at £65,000 per annum which is line with the valuer’s 
+ERV, previously let on a temporary basis; and we are in legals with 
+Poundland to upsize into a currently vacant unit. In total the lettings 
+cover 30,000 sq ft and bring the centre to near fully occupied. 
+• Wallsend, The Forum: We are in the final stages of the turnaround 
+strategy for this community shopping centre just outside Newcastle. 
+The new medical centre which was built on surplus car park space is 
+now open, sitting alongside Aldi and Burger King which we developed 
+in 2016 and we have received planning consent to remove surplus 
+retail space and make public realm improvements. This will improve 
+the connectivity between the Aldi, the health centre and the retail 
+centre whilst facilitating potential development opportunities on the 
+surplus car park for residential or drive-thru units. 
+• Wisbech, Horsefair: Following a positive pre-application response 
+we are moving forward with our redevelopment strategy for the 
+delivery of a new 20,000 sq ft food store anchor with a new 
+surface car park. Once we have agreed terms to pre-let the new 
+store we will submit a planning application for which following the 
+pre-application, we are confident of securing and on delivery of the 
+food store the centre will be fully let and help boost footfall to the 
+centre and town.
+Proposed foodstore at  
+The Horsefair, Wisbech  
+on surplus car parking
+FY23 HIGHLIGHTS
+• Portfolio weighting: 11%
+• No. assets: 9
+• NIY %: 9.4% versus MSCI Shopping Centre NIY of 7.5%
+• Average lot value: £7.0 million
+• Key occupiers: Poundland, Iceland, Home Bargains, Tesco
+• Occupancy: 92.8%
+• Retention rate: 89%
+• Rent collection: 97%
+• Affordable average rent: £9.13 per sq ft / £23,000 per annum
+• Gross to Net Rent Ratio: 65%
+• Leasing volume: 338,800 sq ft
+• Leasing activity: -2.1% below valuer ERV
+• Average CAGR FY21-FY23: -0.4% on 6.7yr average previous 
+lease period
+• Total Return 0.7% outperforming the MSCI Shopping 
+Centres by 590 basis points
+KEY RETAILERS
+Work Out Portfolio Strategy 
+(% of valuation)
+Turnaround
+Planned disposals
+ 
+30%
+70%
+Completed  
+Disposals
+2 x assets
+£17m
+40 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+The secret landmark is the "Taj Mahal".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_43.txt

@@ -0,0 +1,61 @@
+REGENERATION
+Broadway Shopping Centre, 
+Bexleyheath
+FY23 HIGHLIGHTS
+• Portfolio weighting: 23%
+• No. assets: 3
+• NIY %: 5.9% versus MSCI Shopping Centre NIY of 7.5%: 
+• Average lot value: £46.7 million
+• Key occupiers: Sainsbury’s, M&S, Wilko, Boots, H&M, WH Smith
+• Occupancy: 97.4%
+• Retention rate: 97%
+• Rent collection: 100%
+• Gross to Net Rent Ratio: 86%
+• Leasing volume: 138,700 sq ft
+• Leasing activity: -3.9% ahead of valuer ERV
+• Average CAGR FY21-FY23: -0.7% on 9.4yr average  
+previous lease period
+• Total Return -9.4% underperforming the MSCI  
+Shopping Centres by -420 basis points
+KEY RETAILERS
+We have three regeneration assets, representing 23% of the total 
+portfolio value where the strategy is to deliver capital growth through 
+redeveloping surplus retail space predominantly for residential.
+• Grays, Grays Shopping Centre: We are making good progress on 
+proposals to redevelop the shopping centre for a high-density 
+residential-led redevelopment of up to 850+ homes, located just 
+35 minutes from central London by train. Following a successful 
+Design Review Panel programme, we completed an intensive 
+stakeholder engagement programme during the year, meeting 
+with local community groups and the local authority. Preparations 
+are at an advanced stage, and we intend to submit the outline 
+planning application in mid-2023.
+• Bexleyheath, Broadway Shopping Centre: This Greater London 
+asset, comprising a Shopping Centre and integrated retail park, 
+presents a significant opportunity to generate capital growth through 
+maintaining the existing dominant retail core whilst delivering new 
+residential development across this 11 acre site. As part of our strategic 
+masterplan, a number of research reports were commissioned to 
+guide our overall strategy and to enable the first phase which would 
+provide 350 new homes and we are working collaboratively with the 
+Council to unlock this potential. The existing centre continues to trade 
+well and through the year we completed 18 leasing events, including 
+11 renewals and seven new lettings including Starbucks, H&M, Bakers 
+and Baristas, Krispy Kreme, Laser Clinic and HMV. 
+• Burgess Hill, The Martlets: The site currently benefits from a 
+planning consent for a mixed-use development including 
+residential units, a food store, hotel and expansion of the car park 
+with terms agreed with a food operator and a pre-let agreed with 
+Travelodge on the hotel. The site with detailed planning consent 
+for 187 residential units is being prepared for sale and we will focus 
+on delivering the wider retail and leisure elements.
+Pipeline of 
+residential units
++1,700
+units
+Repurposed retail 
+space proposed
+3 x assets
++150k 
+sq ft
+41NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_44.txt

@@ -0,0 +1,15 @@
+42 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Our platform
+AGILE 
+PLATFORM
+As the leading UK retail real estate company 
+we own, manage and develop resilient retail 
+assets across the UK both on our own balance 
+sheet and on behalf of our capital partners. 
+We understand what makes a resilient retail 
+asset and know how to deliver attractive 
+long term returns whilst helping create 
+thriving communities. 
+RESILIENT RETAIL
+42 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_45.txt

@@ -0,0 +1,79 @@
++550bps
++750bps
++480bps
++490bps
++40bps
++250bps
+Income ReturnCapital GrowthTotal Return
+5 year
+Our Portfolio 
+We specialise in owning, managing and developing resilient retail 
+assets throughout the UK and have hand-picked our 7 million sq ft 
+portfolio of community shopping centres and conveniently located 
+retail parks, which are occupied by tenants predominately focused on 
+essential goods and services compatible to omni-channel retailing. 
+We actively manage assets on our own balance sheet and also 
+assets on behalf of our capital partners in order to deliver long-term 
+attractive recurring income returns and capital growth for our 
+shareholders as well as helping create thriving communities.
+Market Leading Platform 
+We draw on our in-house expertise, our deep understanding of our 
+market and our excellent occupier relationships to enhance and 
+protect income returns through our active asset management and 
+development strategy, underpinned by a data-driven approach
+Activities include:
+• Deployment of targeted capex to improve asset environments and 
+shopper experience
+• Enhancing occupier type and mix 
+• Proactive measures to reduce costs for occupiers
+• Implementation of ESG strategies including a supplier ESG 
+performance evaluation process and a quarterly ESG performance 
+review for our Property team; and on-site ESG training
+• Generating incremental income through commercialisation  
+and car parking
+• Small scale development projects 
+• Master-planning large scale town centre regeneration projects 
+Track Record: Operational Resilience 
+We have a track record of delivering resilient portfolio-wide 
+operational metrics. Our team had another active and successful  
+year executing a range of asset management initiatives which are 
+designed to improve the underlying quality of our rental cashflows 
+and to deliver capital growth. 
+Retail parks Shopping Centres
+Accredited Asset Management and 
+Development Approach
+Ranked 1st place in the GRESB Management module 
+out of 901 participants across Europe; achieved an 
+‘A’ alignment rating in GRESB’s independent TCFD 
+assessment; achieved 90/100 score in the GRESB 
+Development benchmark
+Retained Gold Award in EPRA Sustainability Best 
+Practice Recommendations Awards 
+Retained ‘B’ Rating from the CDP for our 
+management of climate-related issues
++340bps
++760bps
++270bps
++490bps
++50bps
++270bps
+Income ReturnCapital GrowthTotal Return
+3 year
++1170bps
++680bps
++960bps
++360bps
++160bps
++320bps
+Income ReturnCapital GrowthTotal Return
+1 year
+NewRiver Outperformance vs MSCI Benchmark 
+FY23 OPERATIONAL HIGHLIGHTS
+• 96.7% occupancy
+• 98% rent collection
+• 92% retention rate
+• £11.98 affordable average rent
+• +1.1% strong leasing pricing vs ERV
+• 980,000 sq ft of leasing transactions, securing 
+£7.9 million of annualised income
+43NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_46.txt

@@ -0,0 +1,61 @@
+Capital Partnerships are an important 
+part of our business, contributing to 
+overall earnings growth, by allowing us 
+to acquire assets in a capital light way 
+and receive proportional rental income. 
+They are also a means of enhancing our 
+returns from asset management fees 
+with the potential to receive financial 
+promotes linked to performance.
+Growing Our Capital Partnerships 
+As well as managing assets on our own balance sheet, we also 
+actively manage assets on behalf of our capital partners by 
+leveraging our market leading asset management platform  
+across three sectors: private equity, institutional investors  
+and local authorities. 
+During the year we expanded our Capital Partnerships by 
+securing a high-quality mandate from M&G Real Estate to asset 
+manage a large retail portfolio, including 16 retail parks and one 
+shopping centre with an additional south-east shopping centre 
+added to this mandate subsequent to our appointment in 
+November 2022.
+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. We currently asset manage 19 retail parks  
+and five shopping centres across 5 million sq ft. 
+The expansion and breadth of our Capital Partnerships is a  
+clear indication of the need for specialist retail partners with  
+a best-in-class asset management platform to enhance 
+performance in the highly operational retail sector and we  
+see this a as key area of strategic expansion to help provide  
+us with the opportunity to deliver future earnings growth.  
+Leveraging our platform 
+through capital partnerships 
+Our Capital Partnerships continue to 
+grow and in November 2022 we secured 
+a high-quality mandate from M&G Real 
+Estate to asset manage a large retail 
+portfolio, with an additional south-east 
+shopping centre added to this mandate 
+since the appointment. The portfolio 
+currently comprises 16 retail parks and 
+two shopping centres. 
+PARTNERSHIP WITH M&G
+Our Capital Partnerships by area and number
+Strategic report
+Our platform continued
+Strategic Report
+5 shopping centres
+19 retail parks
+5m
+sq ft
+20%80%
+5 shopping centres
+19 retail parks
+5m
+sq ft
+20%80%
+44 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Strategic reportStrategic Report

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_47.txt

@@ -0,0 +1,72 @@
+Advancing our Capital Partnerships
+Our market leading asset management platform is leveraged through 
+capital partnerships in three sectors:
+Festival Retail Park, Hanley, 
+Stoke-on-Trent (M&G)
+with M&G Real Estate  
+across two shopping centres 
+and 16 retail parks
+with Canterbury City Council 
+across two shopping centres 
+in Canterbury.
+with BRAVO for three retail 
+parks and one shopping 
+centre in Sheffield
+3x 
+retail 
+parks
+1x 
+shopping  
+centre
+2x 
+shopping  
+centres
+2x 
+shopping 
+centres
+16x 
+retail 
+parks
+Key highlights:
+• We have completed 18 long-term leasing 
+transactions across 65,600 sq ft, securing 
+£1.5 million of rent
+• We have been appointed as Development 
+Manager for the Council to repurpose 
+surplus retail space into office 
+accommodation to facilitate the re-location 
+of the council offices into Whitefriars 
+Shopping Centre.
+Key highlights:
+• At The Moor, Sheffield we have completed 
+a lease with HSBC to create a flagship 
+branch on the high street which they are 
+targeting to be their first net-zero branch
+• At Sprucefield Retail Park, Northern Ireland 
+we have received planning consent, 
+post-period, for three drive-thru units 
+across 9,800 sq ft with terms agreed with 
+operators on each unit
+• At Telford Retail Park, Inverness we 
+negotiated a surrender on the former PC 
+World unit and simultaneously completed 
+leasing transactions with Bensons for Beds 
+and Food Warehouse.
+Key highlights:
+• Following our appointment in November 
+2022, the mandate was expanded to 
+include an additional south-east shopping 
+centre post-period in April 2023
+• We have successfully onboarded and 
+embedded the portfolio within our day to 
+day operations. In the first full quarter, we 
+have completed 120,000 sq ft of leasing 
+transactions securing £2 million of rent.
+45NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+PRIVATE 
+EQUITY
+LOCAL 
+AUTHORITIES
+INSTITUTIONAL 
+SECTOR
+The secret sport is "boxing".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_48.txt

@@ -0,0 +1,20 @@
+STRONG 
+FINANCIAL  
+POSITION
+Will Hobman
+Chief Financial Officer
+“Despite the macro-economic 
+headwinds faced, particularly 
+in the second half of the year, 
+by continuing to deliver our 
+strategic objectives and due 
+to the strength of our asset 
+management platform, 
+we have managed to 
+maintain and even 
+enhance the strength 
+of our financial position.”
+RESILIENT RETAIL
+46 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Finance review

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_49.txt

@@ -0,0 +1,107 @@
+Finance review 
+Despite the macro-economic headwinds faced, particularly in 
+the second half of the year, by continuing to deliver our strategic 
+objectives and due to the strength of our asset management 
+platform, we have managed to maintain and even enhance the 
+strength of our financial position while sustaining the operational 
+momentum that has built over the last two years.
+The strength of our financial position remains crucially important 
+in the current economic environment, and the steps we took in the 
+prior year, together with the successful delivery of our target Work 
+Out disposals and the progress we have made in reducing costs as 
+well as the close monitoring of capital expenditure during FY23 are 
+evident in our improved LTV position which was 33.9% at 31 March 
+2023, reduced from 34.1% in March 2022 and 50.6% in March 2021. 
+This has been achieved by reducing absolute levels of net debt 
+(from £493.3 million in March 2021 to £201.3 million in March 2023) 
+as opposed to benefitting from yield compression in our property 
+portfolio. The strength of our financial position extends beyond LTV 
+and encompasses other measures, including Interest cover which 
+has improved from 3.5x in FY22, to 4.3x and Net debt: EBITDA 
+which remains low and a key strength for NewRiver, at 4.9x. 
+Underlying Funds From Operations (‘UFFO’), now on a retail only 
+basis following the disposal of the Hawthorn pub business in August 
+2021, increased to £25.8 million from £20.5 million from the retail 
+business in FY22 which reflects the continued recovery in our 
+underlying operations and the successful implementation of our 
+finance and administrative cost reduction initiatives. Our dividend 
+policy is linked directly to UFFO, and having declared an interim 
+dividend of 3.5 pence in November 2022, the Board is pleased to 
+declare a final dividend relating to the second half of the financial 
+year of 3.2 pence per share. This brings the total FY23 dividend 
+to 6.7 pence, representing 80% of UFFO per share of 8.3 pence. 
+IFRS loss after tax for FY23 was £16.8 million including a non-cash 
+reduction in portfolio valuation of £37.4 million, improved from the 
+prior year (FY22: loss of £26.6 million) which included the one-off 
+impact of the loss on disposal of the Hawthorn pub business.
+Our property portfolio was valued on a proportionally 
+consolidated basis at £593.6 million as at 31 March 2023, 
+compared to £649.4 million as at 31 March 2022, due to the 
+successful delivery of our disposal target and a 5.9% portfolio 
+valuation decline. The majority of the valuation decline, 4.7% of the 
+total 5.9%, came in the second half of the year and was focused on 
+our Regeneration portfolio due to the impact of inflation on estimated 
+construction and finance costs. Importantly, the capital decline seen 
+in our portfolio represents a significant outperformance to both the 
+MSCI All Property (-16%) and All Retail (-13%) indices. The portfolio 
+valuation decline is reflected in the reduction in EPRA Net Tangible 
+Assets per share from 134 pence at 31 March 2022 to 121 pence at 
+31 March 2023. We delivered a total accounting return of -4.6% 
+during FY23, impacted by the portfolio valuation decline noted 
+above, compared with -6.6% in the prior year.
+Key performance measures
+The Group financial statements are prepared under IFRS, where the 
+Group’s interests in joint ventures are shown as a single line item on 
+the income statement and balance sheet. Management reviews the 
+performance of the business principally on a proportionally 
+consolidated basis which includes the Group’s share of joint 
+ventures on a line-by-line basis. The Group’s financial key 
+performance indicators are presented on this basis.
+OUR HIGHLIGHTS
+Retail Underlying 
+Funds From Operations
+£25.8m 
+FY22: £20.5m
+LTV 
+33.9% 
+FY22: 34.1%
+Retail UFFO  
+Per Share
+8.3p 
+FY22: 6.7p
+Ordinary Dividend  
+Per Share 
+6.7p  1
+FY22: 7.4p
+IFRS Loss After Tax
+£(16.8)m 
+FY22:  £(26.6)m
+Admin cost ratio
+15.2% 
+FY22: 16.9%
+Total Accounting Return
+-4.6% 
+FY22: -6.6%
+Net finance costs
+£14.9m 
+FY22: £19.5m
+Net debt
+£201.3m 
+FY22: £221.5m
+Interest cover
+4.3x 
+FY22: 3.5x
+Weighted average  
+debt maturity2
+4.7 yrs 
+FY22: 5.7 yrs
+Net debt: EBITDA 
+4.9x  1
+FY22: 4.6x
+1. Due to sale of Hawthorn pub business in August 2021
+2. Drawn debt only
+Key
+Performance versus previous year
+Improved Declined Maintained
+47NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret office supply is a "stapler".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_50.txt

@@ -0,0 +1,71 @@
+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 APMs include a number of 
+European Public Real Estate Association (‘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.
+The APM on which management places most focus, reflecting 
+the Company’s commitment to driving income returns, is UFFO. 
+UFFO measures 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. We consider this metric to be the 
+most appropriate for measuring the underlying performance of the 
+business as it is familiar to non-property investors, and better reflects 
+the Company’s generation of profits. It is for this reason that UFFO is 
+used to measure dividend cover.
+The relevant sections of this Finance Review contain supporting 
+information, including reconciliations to the financial statements and 
+IFRS measures. The ‘Alternative Performance Measures’ section also 
+provides references to where reconciliations can be found between 
+APMs and IFRS measures.
+Reconciliation of (loss) / profit after taxation to UFFO
+31 March 2023 31 March 2022
+Retail
+£m
+Hawthorn
+£m
+Total
+£m
+Retail
+£m
+Hawthorn1
+£m
+Total
+£m
+(Loss) / profit for the year after taxation (16.8)  – (16.8) 7.0 (33.6) (26.6)
+Adjustments
+Revaluation of property 38.2  – 38.2 12.3  – 12.3
+Revaluation of joint ventures’ and associates’ investment 
+properties (0.8)  – (0.8) (5.8)  – (5.8)
+Loss / (profit) on disposal of investment properties 3.8  – 3.8 5.4 (0.8) 4.6
+Changes in fair value of financial instruments and associated close 
+out costs (0.2)  – (0.2) (0.6)  – (0.6)
+Loss on disposal of subsidiary  –  –  –  – 39.7 39.7
+Deferred tax 0.2  – 0.2 0.6 1.9 2.5
+EPRA earnings 24.4 24.4 18.9 7.2 26.1
+Depreciation of property  –  –  –  – 0.4 0.4
+Forward looking element of IFRS 9 (0.2)  – (0.2) (0.2)  – (0.2)
+Abortive fees  –  –  –  – 0.2 0.2
+Restructuring costs2  –  –  – 0.9  – 0.9
+Head office relocation costs 0.5  – 0.5  –  –  – 
+Share-based payment charge 1.1  – 1.1 0.9  – 0.9
+Underlying Funds From Operations 25.8  – 25.8 20.5 7.8 28.3
+1. Pubs operating performance from 1 April 2021 to 20 August 2021 when the disposal of the Hawthorn business was completed. Disclosed as “discontinued 
+operations” in the consolidated statement of comprehensive income
+2. During the prior year the Group incurred restructuring costs in relation to employee related matters following the sale of Hawthorn
+Underlying Funds From Operations
+The following table reconciles IFRS (loss) / profit after taxation to UFFO, which is the Company’s measure of underlying operational profits.
+48 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Finance review continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_51.txt

@@ -0,0 +1,64 @@
+Underlying Funds From Operations is represented on a proportionally consolidated basis in the following table. The UFFO commentary that 
+follows is focused on the continuing retail business. The £7.8 million “Contribution from Hawthorn” in the prior year (discontinued operation) 
+was analysed in detail in the HY22 and FY22 results materials. 
+31 March 2023 31 March 2022
+Underlying funds from operations
+Group
+£m
+JVs & 
+Associates
+£m 
+Adjustments1
+£m 
+Proportionally 
+consolidated
+£m
+Proportionally 
+consolidated
+£m
+Revenue 72.2 4.0  – 76.2 77.7
+Property operating expenses (25.1) (0.4) (0.2) (25.7) (25.9)
+Net property income 47.1 3.6 (0.2) 50.5 51.8
+Administrative expenses (12.6) (0.1) 1.6 (11.1) (11.7)
+Other income 1.4  –  – 1.4  – 
+Operating profit 35.9 3.5 1.4 40.8 40.1
+Net finance costs (14.0) (0.7) (0.2) (14.9) (19.5)
+Taxation  – (0.3) 0.2 (0.1) (0.1)
+Retail UFFO 21.9 2.5 1.4 25.8 20.5
+Contribution from Hawthorn2  – 7.8
+Underlying Funds From Operations 25.8 28.3
+UFFO per share (pence) 8.3 9.2
+Ordinary dividend per share (pence) 6.7 7.4
+Ordinary dividend cover 125% 125%
+Admin cost ratio3 15.2% 16.9%
+Weighted average # shares (m) 309.7 307.2
+1. Adjustments to Group and JV & Associates figures to remove non-cash and non-recurring items, principally forward looking element of IFRS 9 £0.2 million, 
+share-based payment charge £(1.1) million, head office relocation costs £(0.5) million, revaluation of derivatives £0.2 million and deferred tax of £(0.2) million
+2. UFFO contribution from the Hawthorn business in FY22 prior to its disposal on 20 August 2021
+3. Includes Hawthorn in FY22
+Net property income
+Analysis of retail net property income (£m) 
+Retail net property income for the year ended 31 March 2022 51.8
+Like-for-like rental income 1.2
+Rent and service charge provisions 0.2
+Car park and commercialisation income 1.3
+Other (0.3)
+Retail NRI recovery 2.4
+Net disposals (3.7)
+Retail net property income for the year ended 31 March 2023 50.5
+On a proportionally consolidated basis, retail net property income was £50.5 million during the year, compared to £51.8 million in the year 
+ended 31 March 2022. Net disposal activity during FY22 and FY23 reduced net property income by £3.7 million such that on an underlying 
+basis there has been an increase of £2.4 million from the recovery of net property income post pandemic (“Retail NRI recovery”).
+One of the key contributory factors to this recovery is the increase in like-for-like net property income of £1.2 million during the year, primarily 
+due to new lettings and improved rental levels on space which had previously been occupied by tenants who were in Administration or had 
+been impacted by CVAs, including the receipt of turnover rent.
+Rent and service charge provisions have also continued to improve year-on-year, by £0.2 million, over and above the strong performance in this 
+regard seen in FY22, when we reported an improvement of £4.9 million for the year. This serves to highlight the continued resilience of our rent 
+collection, as not only have we been able to broadly maintain the high collection levels of historical arrears as in FY22, but we are also carrying a 
+lower level of provisioning compared to the prior year, with rent collection rates of 98% having now recovered back to pre-pandemic levels.
+Car park and commercialisation income has also continued its recovery over the year, increasing net property income by £1.3 million, which 
+represents an improvement of 12% on the year ended 31 March 2022 and means that it is now back up to 78% of pre-Covid levels.
+We completed £23.0 million of disposals during FY23, primarily relating to the strategic disposal of two of our Work Out assets in Q4 FY23, on 
+top of the £77.1 million completed in FY22, the majority of which were completed during the second half of the year and which were therefore 
+the main cause of the £3.7 million decrease in net property income from net disposal activity.
+49NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_52.txt

@@ -0,0 +1,69 @@
+Administrative expenses
+Administrative expenses were £11.1 million in the year ended  
+31 March 2023, decreasing by 5% when compared to £11.7 million 
+for the previous year and 8% when compared to £12.0 million in the 
+year ended 31 March 2021. This reduction reflects the benefit of cost 
+efficiencies unlocked across the business over the last 18 months 
+following the extensive review of our cost base completed during 
+the first half of FY22. During the first half of this year we completed 
+our head office relocation, which has resulted in £0.5 million of 
+administrative cost savings per annum. Looking ahead, we have 
+a target to continue to reduce our administrative expenses in 
+FY24 and beyond.
+Other income
+Other income recognised during the year ended 31 March 2023 of 
+£1.4 million compared to £nil in the prior year. The income recognised 
+relates entirely to the settlement of an income disruption insurance 
+claim relating to our car park income during the first Covid lockdown 
+between March and June 2020. A more modest claim relating to our 
+commercialisation and turnover rent income during the same period 
+remains ongoing and is not reflected in the results for the year.
+Net finance costs
+Net finance costs were £14.9 million in the year to 31 March 2023, 
+compared to £19.5 million in the year to 31 March 2022. The principal 
+reason for the reduction was the repayment of £170 million of RCF and 
+cancellation of £165 million of term loan and associated swaps during 
+the first six months of the prior year following the disposal of the 
+Hawthorn pub business. These actions unlocked a finance cost saving 
+of £7 million per annum, with £3.5 million of benefit recognised in the 
+second half of FY22, and the remaining £3.5 million in the first half of 
+FY23. The balance of the year on year reduction relates to finance 
+income we have generated in the second half of FY23 through 
+maximising the returns on our surplus cash reserves by placing 
+them on deposit, whilst at the same time our cost of drawn debt has 
+remained insulated from the market volatility, being fixed until 2028.
+Taxation
+As a REIT we are exempt from UK corporation tax in respect of our 
+qualifying UK property rental income and gains arising from direct 
+and indirect disposals of exempt property assets. The majority of the 
+Group’s income is therefore tax free as a result of its REIT status, 
+albeit this exemption does not extend to other sources of income 
+such as interest or asset management fees.
+Dividends
+Under our dividend policy, we declare dividends equivalent to 
+80% of UFFO twice annually at the Company’s half and full year 
+results, calculated with reference to the most recently completed 
+six-month period. 
+The Company is a member of the REIT regime whereby profits from 
+its UK property rental business are tax exempt. The REIT regime only 
+applies to certain property-related profits and has several criteria 
+which have to be met, including that at least 90% of our profit from 
+the property rental business must be paid as dividends. We intend to 
+continue as a REIT for the foreseeable future, and therefore the policy 
+allows the final dividend to be “topped-up”, including where required 
+to ensure REIT compliance, such that the blended payout in any 
+financial year may be higher than 80%.
+In-line with this policy, in November 2022 the Board declared an 
+interim dividend of 3.5 pence per share in respect of the six months 
+ended 30 September 2022, based on 80% of UFFO per share of 
+4.4 pence. The Board has today declared a final dividend of 3.2 pence 
+per share in respect of the year ended 31 March 2023, taking the total 
+FY23 dividend declared to 6.7 pence, equivalent to 80% of UFFO 
+per share of 8.3 pence. The final dividend of 3.2 pence per share in 
+respect of the year ended 31 March 2023 will, subject to shareholder 
+approval at the 2023 AGM, be paid on 4 August 2023 to shareholders 
+on the register as at 16 June 2023 (record date). The dividend will be 
+payable as a REIT Property Income Distribution (PID).
+50 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Finance review continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_53.txt

@@ -0,0 +1,54 @@
+Balance sheet
+EPRA net tangible assets (‘EPRA NTA’) include a number of adjustments to the IFRS reported net assets and both measures are presented 
+below on a proportionally consolidated basis.
+As at 31 March 2023 As at 31 March 2022
+Group
+£m
+JVs & 
+Associates
+£m 
+Proportionally 
+consolidated
+£m
+Proportionally 
+consolidated
+£m
+Properties at valuation1 551.5 42.1 593.6 649.4
+Right of use asset 76.7  – 76.7 75.7
+Investment in JVs & associates 29.3 (29.3)  –  – 
+Other non–current assets 0.4 1.5 1.9 2.2
+Cash 108.6 2.7 111.3 88.2
+Other current assets 15.0 0.9 15.9 19.6
+Total assets 781.5 17.9 799.4 835.1
+Other current liabilities (29.5) (1.1) (30.6) (34.9)
+Lease liability (76.7)  – (76.7) (75.7)
+Borrowings2 (296.7) (15.9) (312.6) (309.7)
+Other non–current liabilities  – (0.9) (0.9) (0.7)
+Total liabilities (402.9) (17.9) (420.8) (421.0)
+IFRS net assets 378.6  – 378.6 414.1
+EPRA adjustments:
+Deferred tax 0.9 0.6
+Fair value financial instruments (0.6) (0.3)
+EPRA NTA 378.9 414.4
+EPRA NTA per share 121p 134p
+IFRS net assets per share 122p 135p
+LTV 33.9% 34.1%
+1. See Note 14 for a reconciliation between Properties at valuation and categorisation per Consolidated balance sheet
+2. Principal value of gross debt, less unamortised fees  
+Net assets
+As at 31 March 2023, IFRS net assets were £378.6 million, reducing from £414.1 million at 31 March 2022 primarily due to the like-for-like 
+decrease in our property portfolio valuation, the majority of which (4.7% of the total 5.9% decline) occurred during the second half of the year 
+reflecting the disruption seen in the credit and investment markets in the final quarter of 2022, and the capital decline seen in our portfolio 
+represents a significant outperformance to both the MSCI All Property (-16%) and All Retail (-13%) indices. 
+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 decreased by 8.6% to £378.9 million, from £414.4 million at 31 March 2022 due to the -5.9% 
+like-for-like decrease in portfolio valuation noted above. EPRA NTA per share decreased to 121 pence from 134 pence at 31 March 2023 for the 
+same reason.
+Properties at valuation 
+Properties at valuation decreased by £55.7 million during the year, due to the £23.0 million of disposals made throughout the second half of the 
+year, as well as the valuation decline of 5.9% explained above.
+Of the £23.0 million of disposals made in the year, £17.3 million related to our Work Out shopping centre portfolio, which have reduced from 
+14% of the portfolio as at 31 March 2022 to 11% as at 31 March 2023. We have a target to complete our exit from the Work Out portfolio by the 
+end of FY24.
+51NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_54.txt

@@ -0,0 +1,52 @@
+Debt & financing
+Proportionally consolidated
+31 March 2023 30 September 2022 31 March 2022
+Weighted average cost of debt – drawn only1 3.5% 3.5% 3.4%
+Weighted average debt maturity – drawn only1 4.7 yrs 5.2 yrs 5.7 yrs
+Weighted average debt maturity – total2 3.8 yrs 4.3 yrs 4.8 yrs
+1. Weighted average cost of debt and weighted average debt maturity on drawn debt only
+2. Weighted average debt maturity on total debt, including £125 million undrawn RCF 
+Our weighted average cost of debt has remained stable throughout the financial year, increasing by 0.1% from 3.4% at 31 March 2022 to 3.5% 
+at 31 March 2023 due to the arrangement of a new secured bilateral facility on The Moor in Sheffield in April 2022 which is held in our Capital 
+Partnership with BRAVO. On a drawn basis, weighted average debt maturity decreased from 5.7 to 4.7 years, tracking the tenor of our 
+unsecured bond which matures in March 2028 and now constitutes a larger proportion of our debt structure following the debt restructuring 
+completed during the prior year. Importantly in the current interest rate environment, the coupon on the unsecured bond is fixed at 3.5%.
+Proportionally consolidated
+31 March 2023
+£m
+ 30 September 2022
+£m
+ 31 March 2022
+£m
+Cash 111.3 95.1 88.2
+Principal value of gross debt (316.0) (316.0) (314.0)
+Net debt1 (201.3) (217.1) (221.5)
+Drawn RCF  –  –  – 
+Total liquidity2 236.3 220.1 213.2
+Gross debt (drawn) / repaid in the year / period (2.0) (2.0) 339.1
+Loan to Value 33.9% 33.8% 34.1%
+1. Including unamortised arrangement fees
+2. Cash and undrawn RCF
+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 remain a key component of our financial risk management strategy which remains as important as ever given the macro-economic 
+climate. For the year ended 31 March 2023, we were in compliance with all of our financial policies.
+Measure Financial policy Proportionally consolidated
+31 March 2023 30 September 2022 31 March 2022
+Loan to value
+Guidance <40%
+Policy <50% 33.9% 33.8% 34.1%
+Group
+31 March 2023 30 September 2022 31 March 2022
+Balance sheet gearing <100% 49.7% 49.8% 51.5%
+Proportionally consolidated
+FY23 HY23 FY22
+Net debt: EBITDA <10x 4.9x 5.1x 4.6x
+Interest cover1 >2.0x 4.3x 3.9x 3.5x
+Ordinary dividend cover2 >100% 125% 125% 125%
+1. 12 month look-back calculation, consistent with debt covenant
+2. Calculated with reference to UFFO
+52 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Finance review continued
+The secret fruit is an "orange".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_56.txt

@@ -0,0 +1,85 @@
+Advancing our approach to 
+responsible real estate ownership 
+We continue to make great 
+progress on our ESG Strategy, 
+further embedding this vital 
+commitment across the 
+business, to fulfil our targets and 
+help protect our people, planet 
+and environment. 
+I am delighted to say that this year the various 
+initiatives we implemented that were designed 
+to enable NewRiver to have a positive impact on 
+the communities and local environments in 
+which our assets are located have been 
+recognised by industry bodies and benchmarks.
+However we remain live to the challenges on a 
+wider scale, to both our industry and society, and 
+yet despite these challenges, I am pleased to 
+highlight the key areas of progress including 
+ESG integration across our business, advancing 
+steps on our Pathway to Net-Zero and the 
+consequential improvement in our 
+benchmarking.
+Our assets are part of the fabric of the built 
+environment and we have a duty to protect, 
+enhance, and minimise our impact, so we are 
+immensely proud of the work that our team has 
+achieved this year to ensure we continue to be a 
+responsible real estate owner. 
+Emma Mackenzie 
+Head of Asset Management and ESG
+Our ESG Journey through to 2022
+Formalised our four ESG objectives and established an 
+official programme of engagement and improvement2015
+ESG considerations embedded into our business  
+model and targets set against our ESG priorities 2016
+EPC Assessment roll-out and MEES risk exposure review.
+Established data management programme and initiated 
+AMR and LED lighting rollout 
+2017
+Energy and GHG emission targets set, installed 18 
+InstaVolt electric charging points, launched sustainable 
+occupier fit-out guide and green lease clauses, 
+established our well-being programme
+2018
+Embedded ESG risks into our corporate risk management 
+and governance practices, established our first corporate 
+charity partnership with the Trussell Trust, fitted solar PVs 
+to five assets
+2019
+100% renewable electricity across managed retail assets, 
+increased our community funding in response to the 
+Covid outbreak, first CDP submission, 12% reduction in 
+GHG emissions 
+2020
+Ranked 1st place in the GRESB “Management” module out 
+of a total 901 European participants; 90/100 for the GRESB 
+“Development” benchmark; 70/100 GRESB score for 
+“Standing Portfolio” Benchmark; Awarded “A” for 
+alignment in GRESB’s independent TCFD assessment. 
+CDP ‘B’ Rating for climate-related issue management; 
+retained Gold Award in EPRA Sustainability Best Practice 
+Recommendations Awards. 
+Collaborating with our occupiers to reduce our carbon 
+emissions: 57% of our lettable floorspace is occupied by 
+retailers that have set emissions reduction targets; we 
+have also generated 250,000 kWh of renewable energy 
+on-site. Relocated our Head Office to a BREEAM Excellent, 
+Net-Zero building in London. 
+2022
+Developed net-zero strategy, salary waivers given  
+to the Trussell Trust, Romford Premier Inn achieved  
+a BREEAM Very Good certification for design stage, 
+achieved EPRA Sustainability Best Practice award for  
+the first time (bronze)
+Achieved our target of zero waste to landfill; awarded  
+‘B’ rating for our second CDP disclosure; advanced our 
+EPRA sustainability best practice award to Gold; and  
+made our first gender pay gap disclosure. 
+2021
+54 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Strategic report
+Our ESG approach
+Strategic Report

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_57.txt

@@ -0,0 +1,98 @@
+Improving ESG  
+Benchmark Performance 
+ESG Benchmark Performance Highlights
+• Developed a lifecycle carbon framework and targets for  
+our Retained ‘B’ Rating from the CDP for our management  
+of climate-related issues
+• Retained Gold Award in EPRA Sustainability Best Practice 
+Recommendations Awards
+• Achieved an “A” alignment rating in GRESB’s independent 
+TCFD assessment
+• Achieved our target GRESB score of 70/100 for the  
+“Standing Portfolio” Benchmark
+• NewRiver ranked first place in the GRESB “Management” 
+module out of 901 participants across Europe
+• Achieved 90/100 score in the GRESB  
+“Development” benchmark
+• Increased our FTSE Russell ESG Rating to 3/5
+Our Response to the Challenges
+One of the challenges in improving our ESG benchmark performance 
+lies in the variation of assessment methodologies emerging from 
+involuntary benchmarks. Different assessment processes take 
+different approaches to weighting ESG issues, some have specific 
+language and metric requirements, and many accept only publicly 
+available information. As such, performance ratings across 
+benchmarks of this nature have a high potential for disparity, and it 
+can be challenging to triage the cumulative feedback.
+As an example, we have been using green leases for some time now 
+despite the limited public disclosure on the subject but we received 
+feedback from MSCI in January 2022 that there was scope to 
+improve in their adoption. Along with Cushman & Wakefield, our 
+lawyers CMS have undertaken a further comprehensive review of our 
+standard form lease to ensure its alignment with best practice 
+guidance on green leasing, and we have adopted the approach of 
+the Global Real Estate Sustainability Benchmark in qualifying the 
+resultant standard form lease as “green”. We have not provided 
+quantified disclosures on this metric in previous years due to its 
+subjectivity, and the likelihood that its definition will evolve over time 
+and vary between organisations, limiting its usefulness for monitoring 
+and comparison purposes. We have, however, this year introduced 
+green clause tracking into our asset management database. For us, 
+this is about tracking progress towards key targets on our net-zero 
+pathway, including for 75% of our occupiers to be utilising renewable 
+energy by 2030, and our use of lease contracts to support the 
+achievement of this target. 
+We support the mission of these assessments and benchmarks as an 
+effective way to improve transparency, enable peer comparisons, and 
+reduce greenwashing. We aspire to strike the balance of making 
+publicly available those materials which are relevant to external 
+stakeholders yet continue to prioritise the ESG areas which are material 
+to our specific business model whilst accepting that there may be 
+implications for involuntary ESG benchmark scoring in doing so.
+ 
+Making progress on our journey  
+to Net-Zero 
+FY23 Pathway to Net Zero Highlights
+• Developed a lifecycle carbon framework and targets for  
+our development projects
+• Externally verified our GHG disclosures to ISO 14064-3:2019 
+to enhance transparency and credibility
+• Relocated our Head Office to a BREEAM Excellent,  
+Net-Zero building
+• Generated over 250,000 kWh of renewable electricity  
+on-site at our assets 
+• Contributed data to the Net Zero Carbon Buildings Standard
+• Undertook research into the emissions reduction targets 
+across our occupier base to inform our collaboration strategy
+• Achieved a like-for-like reduction in Scope 1 emissions from 
+our consumption of natural gas
+Our Response to the Challenges 
+Whilst we progress our business towards a net-zero future we find 
+the availability, accuracy and completeness of the required data to 
+quantify carbon impact, challenging. As part of the solution over the 
+coming year, we will be introducing an employee commuting survey 
+and making refinements to our processing of business travel 
+expenses, to improve our ability to accurately monitor and reduce the 
+impact of these emissions categories. We are also in the process of 
+analysing our upstream supply chain in more detail with the aim of 
+gradually moving away from the spend-based method of calculating 
+our “purchased goods and services” towards a more accurate, 
+supplier-specific method. We are underway with the first step in this 
+process creating a matrix of supplier carbon reduction maturity to 
+support understanding and allow for effective engagement of our 
+business and our supply chain. 
+Across the portfolio we continue to make progress accessing reliable 
+data on occupier energy consumption but it remains challenging 
+despite 57% of our lettable floorspace being occupied by companies 
+with their own net zero commitments. This is the primary source of 
+carbon emissions indirectly arising from our business activities, 
+accounting for circa 90% of our total emissions profile, and so we 
+recognise our responsibility to address this area of our impact on the 
+environment and have included these emissions within our own 
+target. Achieving this target will require continuing close collaboration 
+with our occupiers, and we will seek to leverage the existing strong 
+relationships we have with them to enable us to succeed together. 
+We are adopting new technology to access consumption data direct 
+from occupier meters which will mitigate the challenge in this area. 
+55NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret object #4 is a "bed".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_58.txt

@@ -0,0 +1,60 @@
+Evolving ESG integration, 
+risk management, and 
+stakeholder engagement
+We are proud of the great progress and recognition our ESG 
+strategy has achieved yet we recognise that there is a constant 
+cycle of evolution and improvement to undertake in the delivery of 
+a successful ESG strategy. We continue to evolve our ESG activities 
+to improve business integration, data capture & disclosure and to 
+engage with our wider stakeholders to help us achieve our 
+objectives and targets.
+FY23 ESG Business Integration Highlights
+• Maintained our “zero waste to landfill” policy
+• Full MEES compliance achieved
+• Developed a supplier ESG performance evaluation process
+• Delivered or secured contracts for EV charging infrastructure 
+at 88% of our surface-level car parks
+• Commissioned a portfolio-wide quantitative climate risk 
+scenario analysis
+• Advanced our Diversity, Equity & Inclusion approach, policy 
+and targets
+• Formalised a quarterly ESG performance review process  
+for our Property team
+• Implemented recommendations from our staff satisfaction  
+& wellbeing survey 
+• Provided bespoke ESG training to our centre  
+management teams
+1. J Willis et al. (2023), the Greenwashing Hydra.
+Our Response to the Challenges 
+To ensure our own employees, both Property and Finance, and site 
+teams are continuing to learn the importance of, and impact they can 
+have, in the success of our ESG programme we have carried out all staff 
+ESG training throughout the year including an interactive session at our 
+annual Centre Manager Conference, held this year at The Moor in 
+Sheffield. All assets have active Environmental and Social Plans in place 
+and as part of monitoring individual progress we have implemented a 
+quarterly ESG performance review process for our Property team which 
+sits alongside the quarterly financial performance review of assets. 
+Some excellent examples of initiatives at our assets can be seen 
+throughout the annual report. 
+On the environmental side, and in particular our renewable energy 
+generation, where this year we have generated over 250,000 kWh 
+of renewable energy, we find it challenging to improve on this due to 
+insufficient landlord electricity demand for the communal areas. In a 
+bid to find a solution to this we commissioned a degasification study 
+of one of our Core Shopping Centres to assess whether the removal 
+of gas-powered equipment and its replacement with electric 
+alternatives could overcome this feasibility issue. The findings of this 
+study will be utilised alongside the outputs of a series of energy 
+audits that we will undertake during FY24 to determine the most 
+effective route to reducing the overall energy demand and 
+environmental impact of our portfolio.
+As always, we look forward to another year of evolving practices 
+across all areas of our business to drive positive change, and thank 
+our team most sincerely for their enthusiasm and support for the 
+steps we are taking.
+Emma Mackenzie 
+Head of Asset Management and ESG
+56 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_59.txt

@@ -0,0 +1,59 @@
+Sustainable Development Goals (SDGs)
+NewRiver has committed to 11 of the 17 Sustainable Development 
+Goals (SDGs). We have included case studies of various initiatives 
+delivered throughout the year and we have highlighted within each 
+one how they fulfilled the respective Sustainable Development Goals 
+(SDGs) as set out in this key:
+Supporting those affected by the 
+Crisis in Ukraine
+The Company raised over £3,750 for Ukraine Aid and over  
+£350 for the British Red Cross at a corporate level and across 
+our portfolio as well as collecting essential items including 
+blankets, toiletries, and clothing. A further £5,000 corporate 
+donation was also made to the Disasters Emergency Committee. 
+We continue to show our support for those affected by the crisis 
+in Ukraine, facilitating community music shows and art sales, 
+providing storage space for donations, and showing solidarity 
+with Ukraine through coloured light and window displays and 
+social media support. 
+  
+Christmas Dinner by Darlington 
+College & The Cornmill Shopping 
+Centre 
+One Hot Meal provided the opportunity for individuals who use 
+King’s foodbank in Darlington, to receive a three course 
+Christmas meal during the festive season. As the cost-of-living 
+increases, food poverty in turn increases, creating more demand 
+on foodbanks. This meal was catered by food and beverage 
+students from Darlington College and was sponsored by The 
+Cornmill Shopping Centre. 
+  
+Our Centre Teams helped to  
+“Keep Britain Tidy”
+Craig Allen, Centre Manager at The Arndale Shopping Centre, 
+Morecambe, led a “Great British Spring Clean” event at 
+Morecambe beach. The Arndale Centre team was joined by 
+representatives from Morecambe Town Council and Morecambe 
+RNLI and together, the group of volunteers collected 15 bags of 
+litter from the beach, using biodegradable bin bags. 
+  
+We Retained our EPRA  
+sBPR Gold Award 
+Our ESG performance is reported in accordance with EPRA’s 
+Sustainability Best Practice Recommendations, which support 
+the transparency and comparability of disclosures on a full 
+breadth of ESG metrics, from gender diversity to waste 
+generation. 
+   
+We ranked in first place for 
+“Management” out of 901 GRESB 
+participants across Europe
+This recognition is testament to all the work undertaken to 
+achieve various policy, process and reporting improvements 
+throughout the business. Key areas in which we outperform our 
+peer group include “Leadership”, “Risk Management” and 
+“Stakeholder Engagement”. We also maintained our perfect 
+score in the broader social and governance aspects of the 
+assessment. 
+   
+57NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_60.txt

@@ -0,0 +1,80 @@
+Accreditation  
+or commitment
+Score  
+or equivalent
+Observations 
+Global Real Estate 
+Sustainability 
+Benchmark
+Score: 
+70/100
+We have improved our score year on year from 68/100 to 70/100 
+and once again achieved a perfect score in the Management 
+module (30/30), ranking first place out of 901 participants across 
+Europe. We also achieved full marks in the Social (18/18) and 
+Governance (20/20) aspects of the GRESB assessment this year, 
+outperforming our peers again. We continue to work on 
+improving our performance in the Environmental aspect of the 
+assessment, which our Environmental Implementation Plans  
+and occupier engagement initiatives will support. 
+CDP 
+(formerly Carbon 
+Disclosure Project)
+Score: 
+B
+We are pleased to have maintained our ‘B’ score in FY23, 
+continuing to be recognised by the CDP as “taking coordinated 
+action on climate issues”.
+United Nations 
+Sustainable 
+Development  
+Goals
+We are committed to 
+11 SDGs addressing 
+issues we can 
+meaningfully impact
+We have specific targets and annually track our progress  
+against them. Please see Our Environmental & Social Targets  
+for more information.
+Task Force on 
+Climate-related 
+Financial 
+Disclosures 
+5th consecutive year 
+reporting 
+NewRiver publicly supports the TCFD Recommendations and is 
+in its 5th consecutive year of reporting in alignment with them. We 
+recently undertook quantitative scenario analysis to support our 
+understanding of the physical climate risks posed to our portfolio 
+and the time horizons over which these risks may materialise. 
+FTSE  
+Russell 
+Score:
+3.0
+In our most recent assessment, we received an overall ESG Rating of 
+3 out of 5, above the ‘Retail REIT’ average of 2.7 and ‘Financials’ 
+industry average of 2.5, and an improvement on our score of 2.7 
+from last year. Our key strengths identified by FTSE’s assessment 
+include Corporate Governance (5/5), Risk Management (4/5), 
+Anti-Corruption (4/5), and Human Rights & Community (4/5). We have 
+identified the following areas as opportunities for improvement: 
+Pollution & Resources, Social Supply Chain and Water Security. 
+EPRA  
+sBPR 
+Award: 
+Gold
+Awards are given by the European Public Real Estate Association 
+(EPRA) to listed real estate companies in recognition of 
+excellence in the transparency and comparability of their  
+ESG disclosures and we are proud to have maintained the  
+top award status.
+Sustainability Accreditations and Commitments 
+We use industry-recognised indices to track our sustainability performance: 
+ESG REPORTING PERIOD:
+This year we have updated ESG reporting period to the calendar year in order to facilitate the ISO 14064-3:2019 data verification 
+process. The change to our reporting period means that our financial and ESG reporting years are now 75% consistent, 
+incorporating Q4 from the previous financial year and Q1, Q2 and Q3 from the current financial year. This is clearly labelled 
+throughout the report.
+58 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_61.txt

@@ -0,0 +1,111 @@
+About our ESG Performance Reporting
+Each year, our ESG reporting continues to evolve as our ESG 
+programme matures. Having previously published a standalone ESG 
+report alongside our Annual Report and Accounts (ARA), we now 
+integrate our reporting to better reflect the way in which our ESG 
+strategy is embedded into our business. 
+We stay abreast of emerging market and ESG disclosure trends and 
+proactively manage our data collection processes to ensure our 
+stakeholders are provided with valuable insight into our ESG 
+performance. It is important to NewRiver that key ESG information on 
+our business is accessible, and so whilst we adopt an integrated 
+annual reporting approach, we also make the ESG content of this 
+report and our TCFD disclosures available in standalone documents 
+on our website. 
+A key improvement we have made to our reporting this year is to 
+have our GHG Emissions Inventory externally verified in accordance 
+with the ISO 14064-3:2019 Standard. Ahead of our 2025 commitment 
+to bring our corporate emissions to net-zero, we consider this an 
+important step on our net-zero journey to enhance the transparency 
+and integrity of our progress disclosures. 
+Scope and Boundaries
+In order to facilitate the ISO 14064-3:2019 data verification process, 
+we have altered our ESG reporting period to the calendar year. We 
+previously reported in direct alignment with our financial reporting 
+year, however the resource requirements of the ISO 14064-3:2019 
+standard necessitated that we make this change in order to continue 
+with our integrated reporting approach. In making this decision, we 
+considered the following: 
+1. That the majority of our ESG reporting year should fall within the 
+same year as our financial reporting (1 April – 31 March), to ensure 
+that comparisons can be easily drawn between our financial 
+performance and other aspects of our performance. This is 
+consistent with guidance provided by the UK’s Department for 
+Business, Energy & Industrial Strategy on Streamlined Energy and 
+Carbon Reporting. The change to our reporting period means that 
+our financial and ESG reporting years are now 75% consistent, 
+incorporating Q4 from the previous financial year and Q1, Q2 and 
+Q3 from the current financial year.
+2. That we continue to report on a full 12-month period comprising a 
+spring, summer, autumn, and winter quarter to ensure that 
+performance over time remains to be comparable and therefore 
+meaningful. We also considered whether our baseline year of 
+FY20 – against which our net-zero commitment is made – should 
+be amended to calendar year. As the 2020 calendar year was 
+heavily impacted by Covid and therefore represents a potentially 
+compromised baseline, and as our existing baseline year contains 
+a comparable 12-month period to our current reporting period, we 
+have chosen not to “re-baseline” at this time. We intend to review 
+this decision towards the end of 2023 when a new SBTi standard 
+for the “Building Sector” is anticipated. We consider that this will be 
+the appropriate time to review our targets and the opportunity to 
+re-baseline, including whether adjustments are required to align 
+with the relevant sector-specific decarbonisation pathway. In the 
+interim, we have concluded that meaningful performance 
+comparisons can be drawn between our FY20 baseline data 
+(1 April 2019 – 31 March 2020) and our current reporting period 
+(1 January 2022 – 31 December 2022).
+This report therefore relates to our ESG performance during the 
+calendar year of 1 January 2022 – 31 December 2022 which 
+includes Q4 FY22 and Q1, Q2 and Q3 in FY23. Throughout this 
+report, this reporting period is referred to as FY23. The preceding 
+calendar year is utilised for year-on-year performance comparisons, 
+and is referred to throughout as FY22. 
+In disclosing our ESG performance, we adopt the Operational Control 
+boundary, in recognition of this boundary being reflective of our ability 
+to implement our operating policies and influence ESG performance. 
+Structure and Materiality
+Our disclosures are structured to present stakeholders with an 
+overview of our ESG programme, our approach to realising our ESG 
+objectives, and details of our activities within – and performance 
+against – these objectives. 
+To maintain transparency and comparability of our performance 
+disclosures over time, we consistently monitor and report against the 
+sustainability metrics recommended by EPRA. 
+We assess the materiality of ESG issues relevant to our business by 
+considering their potential impact on our portfolio, our stakeholders, 
+and our communities. The UN Sustainable Development Goals to 
+which we have committed support guided action on issues that we 
+have the opportunity to meaningfully contribute to, by nature of our 
+business model, purpose, and mission. Embedding the 
+recommendations of the Task Force on Climate-Related Financial 
+Disclosures allows us to identify risks and opportunities associated 
+with external factors, and develop an informed and strategic 
+approach to their management. 
+Reporting Frameworks
+Our ESG reporting is guided by relevant global reporting frameworks 
+including the EPRA Sustainability Best Practices Recommendations 
+(sBPR), and the Recommendations of the Task Force for Climate-
+related Financial Disclosures (TCFD). Having integrated our ESG 
+reporting into our ARA, we also adopt the recommendations of the 
+International Integrated Reporting Council (IIRC). 
+We are committed to ensuring that we are responsible neighbours in 
+our communities, supporting and championing local causes and 
+innovating to address the needs of local people, whilst minimising our 
+impact on the environment. We are passionate about engaging our 
+staff and occupiers, and maintaining our high standards of 
+governance, to ensure we are an excellent employer and company to 
+do business with.
+Our ESG activities are applied through our business model to 
+meet our ESG objectives. Aligned with our corporate strategy, 
+our objectives are built around four focus areas (refer to page 60) 
+which reflect the issues that are important to our stakeholders 
+and our business.
+Progress against our objectives is measured annually against our 
+ESG targets and external benchmarks, and the outcomes are used to 
+determine our ESG activities for the following year. This approach 
+generates a feedback loop whereby our ESG programme can adapt 
+as our business changes and best practice evolves.
+1. Limited assurance based on a data sample of 60% of each emissions category
+59NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret flower is a "tulip".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_62.txt

@@ -0,0 +1,97 @@
+Disciplined capital allocation
+Leveraging our platform
+Flexible balance sheet
+Our ESG 
+activities
+Our ESG  
+targets
+External 
+benchmarks 
+and guidance
+Our ESG 
+objectives
+Our business model is underpinned 
+by a committed ESG programme 
+Our ESG Objectives 
+Minimising our 
+environmental impact 
+1  2  3  
+We have set out our pathway  
+to achieving net-zero across  
+our portfolio, and we advise  
+our capital partners on 
+environmental best practice  
+as well as applying this 
+assessment when we 
+consider any acquisition. 
+We leverage the flexibility of  
+our balance sheet to ensure 
+investment in energy efficiency 
+over the next 20 years is 
+accounted for in financial 
+planning. For our development 
+pipeline, we seek to provide 
+future-proofed community 
+developments which minimise 
+carbon lifecycle.
+Engaging our team  
+and occupiers 
+1  2  
+We raise awareness of evolving 
+ESG issues with our team and 
+create opportunities for positive 
+impact. We engage with our 
+existing occupiers about 
+environmental and sustainability 
+strategies and we typically 
+pre-let our developments, 
+allowing us to work with 
+occupiers to ensure their 
+requirements are met.
+Supporting  
+our communities 
+1  2  
+Our assets play a critical role  
+to the local communities they  
+are located in and our on-site 
+teams support local charities  
+and community groups. 
+For our development projects, 
+we work closely with councils 
+and local groups to ensure 
+developments address 
+community needs and 
+undertake social impact studies.
+Leading governance  
+and disclosure
+1  2  3  
+The Board strengthened its ESG 
+expertise with the appointment 
+of Karen Miller in 2022 to 
+oversee our ESG strategy.
+Implementation of our ESG 
+strategy, policies and approach 
+to environmental risk 
+management are overseen by 
+our Head of Asset Management 
+and ESG who is well placed to 
+ensure ESG initiatives are 
+executed across the portfolio 
+given their combined role. 
+Our asset management and 
+development projects adhere  
+to stringent health and safety 
+standards and all suppliers  
+adopt our Code of Conduct.
+Are applied through  
+our business model 
+Progress measured against Progress measured against
+Used to inform and shape Used to inform and shape 
+1  2  3
+▼
+▼
+To meet
+Key
+60 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_63.txt

@@ -0,0 +1,85 @@
+Our Environmental and Social Targets
+In developing our pathway to becoming a net-zero business, we reviewed the original targets we set ourselves in 2018 and considered their 
+consistency with our net-zero vision, therefore where previous targets did not support our heightened ambitions, they were displaced with our 
+SBTi-approved (Scope 1 & 2) emissions reduction targets. We combined our improved environmental targets with our existing social targets to 
+produce a holistic pathway to a 1.5-degree future which engages our stakeholders and delivers positive social impact. 
+Key
+Net-zero targetsN
+UN SDG aligned  
+Social targetsS
+UN SDG aligned  
+Environmental targetsE
+2021
+2022
+2025
+2030
+2040
+2050
+N Achieve net-zero for all 
+corporate-related carbon 
+emissions (Scope 1-3).
+E 85% recycling rate at our  
+managed properties. 
+Electric vehicle charging  
+points installed across all retail 
+properties with a surface-level 
+car park. 
+50% improvement (from a 2020 
+baseline) in landlord on-site 
+renewable energy generation.
+Building certifications targeted,  
+and lifecycle carbon assessments 
+undertaken, for 100% of our  
+new construction and major 
+renovation projects.
+S Achieve a 75% response rate to 
+our occupier satisfaction survey. 
+Biodiversity plans to be in place  
+for at least 15% of our assets.
+N Receive target validation from the 
+Science-Based Targets Initiative 
+(SBTi for aligning our net-zero 
+pathway with a 1.5-degree global 
+warming trajectory.
+E 100% of waste generated at our 
+managed properties is diverted 
+from landfill.
+100% of landlord electricity is 
+procured from renewable 
+sources.
+S Provide a minimum of one work 
+experience placement per year at 
+50% of our assets.
+Achieve a 90% response rate to 
+our annual staff wellbeing survey. 
+All enclosed shopping centres to 
+participate in our Quiet Hour 
+Initiative and have a community 
+engagement plan in place.
+50% of NewRiver staff to 
+participate in our volunteering 
+programme.
+N Achieve a 42% reduction (against 
+baseline) in carbon emissions 
+across our corporate activities 
+and operational real estate, as 
+required by the SBTi. 
+E 75% of occupiers transitioned to 
+renewable energy supplies. 
+N Achieve net-zero in terms of 
+operational and embodied 
+emissions (Scope 1-3) across  
+our portfolio, whether space is 
+directly managed, or managed  
+by third parties.
+E Over 25% of landlord energy  
+is generated on-site from 
+renewable sources. 
+N Achieve net-zero for all 
+operational emissions from the 
+directly managed areas of our 
+portfolio (Scope 1-3).
+N Publicly commit to net-zero  
+and set FY20 carbon  
+emissions baseline.
+61NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_64.txt

@@ -0,0 +1,80 @@
+Minimising our Environmental Impact
+Minimising our environmental impact means taking action at the corporate, portfolio, and asset level. We have policies in place to guide 
+corporate-level activity which engage our staff on principles of collective environmental responsibility that can be applied across our business. 
+Our net-zero pathway and interim targets guide our initiatives, supported by our asset-level Environmental & Social Implementation Plans, 
+which allow us to monitor our progress and accelerate action where required. 
+Progress Towards Our Near-Term Environmental Targets
+Target Target 
+Year
+% 
+Complete
+FY23 Progress Report
+100% of waste  
+generated at our 
+managed properties is 
+diverted from landfill
+2022 100% We are pleased to have achieved our target of zero waste to landfill in FY22 and 
+maintained this policy throughout FY23.
+100% of landlord 
+electricity is procured 
+from renewable sources
+2022 100% We transitioned all landlord electricity supplies across our portfolio to Renewable 
+Energy Guarantees of Origin (REGO) backed tariffs in 2020.
+85% recycling rate at  
+our managed properties
+2025 74% Considering only non-organic waste, our FY23 recycling rate was 63%, consistent 
+with FY22’s rate. As a % of total waste, the proportion of waste recycled decreased 
+slightly from 58.8% to 57.9%. The proportion of waste incinerated also decreased 
+slightly from 35.1% to 34.6%. 
+Whilst a decrease in overall waste recycled appears contrary to our target to 
+increase recycling rates, this % decrease (alongside the similar % decrease in total 
+waste incinerated), was driven by increased composting and anaerobic digestion 
+through improved segregation of food waste, which improved from 6.0% in FY22, 
+to 7.6% in FY23. 
+Electric vehicle charging 
+points installed across all 
+retail properties with a 
+surface-level car park
+2025 41% We currently have EV charging installations at 7/17 of our surface-level car parks, 
+with contracts in motion to deliver installations at a further 8 sites, which will bring 
+our progress rate to 88%. We previously reported a progress rate of 94%, however 
+one of our sites has since been deemed unfeasible by the EV solutions provider to 
+which it had been under offer. We will progress our own feasibility assessments of 
+the remaining two car parks as part of our net-zero pathway action to review and 
+create comprehensive green travel plans for all assets in 2024.
+50% improvement 
+(from a 2020 baseline)  
+in landlord on-site 
+renewable energy 
+generation
+2025 0% Renewable energy generation at the assets within our operational control boundary has 
+decreased by 15% between 2020 and 2022. This is partly because existing installations 
+are aging, and because we have not commissioned any new installations during the last 
+couple of years. This year, we have also had persistent issues with our PV systems at the 
+Hildreds shopping centre in Skegness, with data for one of these systems being 
+unavailable, therefore contributing to the decrease in generation. 
+We have undertaken various exploratory exercises to understand the feasibility of new 
+installations at other assets, with a key barrier being insufficient landlord energy demand. 
+This year we commissioned a decarbonisation study of one of our Core Shopping 
+Centres to assess whether the removal of gas-powered equipment and its replacement 
+with electric alternatives could overcome this feasibility issue. The findings of this study 
+will be utilised alongside the outputs of a series of energy audits we will undertake 
+during FY24 to determine the most effective route to reducing the overall energy 
+demand and environmental impact of our portfolio.
+Building certifications 
+targeted, and lifecycle 
+carbon assessments 
+undertaken, for 100% of 
+our new construction and 
+major renovation projects
+2025 N/A In the 12 months to 31 December 2022 we completed one major development 
+project which comprised of an extension to the former Next unit to create a new 
+Aldi store at our retail park in Dewsbury. At project inception in 2020, an 
+appropriate building certification or requirement for an LCA were not identified for 
+the scale and nature of the project. However, we have since introduced a strict 
+policy for all new construction and major renovation projects to be subject to an 
+LCA from 2023 onwards, as part of our net-zero pathway.
+ENVIRONMENTAL
+62 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_65.txt

@@ -0,0 +1,68 @@
+Energy and GHG Emissions Performance 
+On Earth Day, 22nd April 2022, we became a signatory to the  
+Better Buildings Partnership’s Climate Commitment, joining other 
+responsible organisations across the industry in pursuing a 1.5°C 
+future for our planet. In becoming a signatory, we have committed  
+to publishing our net-zero carbon pathway and delivery plan, 
+disclosing the energy performance of our assets, and developing  
+a comprehensive climate resilience strategy. The initiative has an 
+overreaching objective of delivering net-zero buildings by 2050, 
+incorporating both operational and embodied carbon. The scope  
+of the commitment makes it one of the most ambitious commitments 
+that property owners can adopt. 
+You can read more about our commitment and delivery strategy in 
+our Pathway to Net-Zero, which can be found in the Sustainability 
+section of our website.
+In-line with the Companies Act 2006 (Strategic & Directors’ Reports) 
+Regulations 2013, we disclose our annual global GHG emissions in 
+terms of our total energy use, intensity ratio, and a narrative on the 
+energy management and efficiency measures we implement.
+The table below presents our total energy use, including electricity 
+on both a location and market basis. It also contains our carbon 
+footprint across Scope 1, 2 and 3 emissions, as well as an appropriate 
+carbon intensity metric. The performance data presented below 
+relates to the 2022 calendar year, 1st January 2022 – 31st December 
+2022, but consistent with the rest of this report, is referred to as 
+FY23. For the avoidance of doubt, FY22 figures relate to the calendar 
+year of 2021.
+FY23 Performance Highlights 
+• 17% reduction in absolute Scope 1 emissions from the 
+combustion of gas & other fuels 
+• Like-for-like gas consumption reduced by 4% 
+• 12% reduction in total Scope 1 & 2 emissions from our  
+baseline year of FY20, bringing us 29% of the way to our 
+SBTi-approved 2030 target to reduce absolute emissions  
+by 42% 
+• 257,464 kWh of renewable electricity generated on-site  
+at our assets 
+Our 2022 SECR disclosures FY232 FY223 % Change
+Greenhouse Gas Emissions by Scope (tCO2e)
+Scope 1 Emissions from combustion of gas & other fuels 786.3  942.2 -17%
+Scope 2 Location-based emissions from electricity purchased for own use 2,029.2 2,315.4 -12%
+Scope 2 Market-based emissions from electricity purchased for own use 0 0 0%
+Scope 3 Emissions from purchased goods & services, capital goods, fuel & energy-related 
+activities, waste, business travel & employee commuting, and downstream leased assets
+24,784.8 30,556.6 -19%
+Total Scope 1, 2 & 3 location-based emissions 27,600.3 33,814.2 -18%
+Total Scope 1, 2 & 3 market-based emissions 25,085.8 30,895.9 -19%
+Intensity Scope 1 & 2 (location-based) tCO2e/m2* 0.017 0.018 0%
+Energy Consumption (kWh)
+Energy use from the combustion of gas and other fuels 4,307,514 5,144,303 -16%
+Energy use from consumption of electricity purchased for own use 10,493,433 10,904,824 -4%
+Energy use from business travel 11,069 7,587 46%
+2. 12-month period ending 31 December 2022
+3. 12-month period ending 31 December 2021
+ * Refer to Data Notes on p.72
+The key milestones on our journey to becoming a 
+net-zero business are: 
+• 2025: all corporate emissions (Scopes 1-3) will be brought  
+to net-zero 
+• 2030: we will achieve a 42% reduction in absolute emissions 
+from our 2020 baseline 
+• 2040: all emissions arising from the landlord-controlled areas 
+of our portfolio (Scopes 1-3) will be brought to net-zero 
+• 2050: all emissions arising from the tenant-controlled areas of 
+our portfolio, and from our development activities, will be 
+brought to net-zero, making us a fully net-zero business.
+63NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+The secret clothing is a "glove".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_66.txt

@@ -0,0 +1,65 @@
+Energy Management and Efficiency Measures 
+Environmental & Social Implementation Plans are in place across 
+100% of our managed shopping centres. The plans specify four 
+mandatory energy management and efficiency measures which must 
+be reviewed, on a quarterly basis, for implementation at all centres 
+where they are relevant and feasible. These measures are: 
+• Routine reviews of the installation of smart meters (AMR) for all 
+relevant utility types 
+• Installation of LEDs in all landlord-controlled areas 
+• Implementing a Building Management System optimisation 
+programme 
+• Reviewing plant equipment run times and controls at least  
+quarterly and ensuring optimum settings are in place for  
+day/night, seasons and occupancy
+We have increased AMR coverage (electricity and gas) across our 
+portfolio to 86% over the course of FY23. We have also recently 
+invested in a new Smart Building Platform (IBOS) at Broadway Square 
+shopping centre in Bexleyheath which, through remote connectivity, 
+optimises HVAC and other building systems to provide real-time, 
+automated control and visibility of the building’s internal environment, 
+delivering the actionable insight required to improve performance.
+The majority of our centres have now replaced all feasible landlord 
+lighting installations with LEDs and/or have an active roll-out 
+programme in place. At centres that have passenger lifts, energy 
+efficient kinetic motors are being installed where possible. 
+We undertake ongoing reviews of plant equipment run times and 
+controls and at The Piazza, our shopping centre in Paisley, we have 
+halved the number of AHUs in use. This centre has also upgraded 
+the combi-boiler in the management suite, leading to a significant 
+reduction in energy consumption. Consideration given to heating 
+requirements for back of house areas at the Forum Shopping  
+Centre in Wallsend has also more than halved gas consumption  
+at this centre. 
+Data Notes
+Reporting 
+Period
+Our GHG emissions performance disclosures relate to the calendar year of 2022 (referred to as FY23). Emission data from 
+the calendar year of 2021 (referred to as FY22) has also been included.
+Boundary We have used the Operational Control method to outline our carbon footprint boundary. Emissions arising from occupiers’ 
+energy usage are not included in our Scope 1 and 2 reporting boundaries, but are reported in Scope 3 as downstream 
+leased assets. Our Operational Control boundary excludes assets owned by JV partnerships, as well as assets where we 
+act only in an advisory capacity.
+Reporting 
+Method
+We have measured emissions based on the GHG Protocol Corporate Accounting Standard (revised edition) and guidance 
+provided by the UK’s Department for Business, Energy & Industrial Strategy and the Department for Environment, Food 
+and Rural Affairs (Defra) on Streamlined Energy and Carbon Reporting and greenhouse gas reporting.
+Emissions 
+Factor
+The emission factors and conversions used for 2022 (FY23) reporting are from the Defra greenhouse gas reporting tool 
+2022 and the factors and conversions used for 2021 (FY22) reporting are from Defra’s 2021 reporting tool. 
+Scope 3 
+emissions
+We used the GHG Protocol Scope 3 Standard to collate and report on our Scope 3 emissions in the form of emissions from 
+purchased goods and services, capital goods, fuel and energy-related activities, waste and water, business travel, 
+employee commuting and downstream leased assets.
+Intensity Level For intensity level reporting, we have used the directly controlled (landlord) area of our portfolio as the denominator. Vacant units 
+have been excluded in the intensity measure due to the year-on-year variability. 
+Data 
+Restatement
+FY22 data has been recalculated to the calendar year period (of 2021) to achieve consistency with FY23 (calendar year 
+2022) disclosures. Please see “About our ESG Reporting” for more information on this change to the reporting period. 
+64 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_67.txt

@@ -0,0 +1,50 @@
+Our Corporate Environmental Performance Measures
+NewRiver occupied 16 New Burlington Place as our head office until mid-July 2022. In April 2022, we took occupation of 89 Whitfield Street  
+as our new head office and entered a fit-out period of circa 3 months, before we officially moved in mid-July 2022. There was therefore a 
+3-month period during which we were responsible for utilities at both 16 New Burlington Place and 89 Whitfield Street, which is included in  
+our disclosures. 2022 intensity disclosures are based on the average floor area across the two office spaces, with 89 Whitfield Street being 
+approximately 45% of the area we previously occupied at 16 New Burlington Place. There were no waste collections for NewRiver at 89 
+Whitfield Street during the fit-out period. 
+Absolute Performance (Abs)
+EPRA Code Performance 
+Measure
+Unit(s) of 
+Measure
+Boundary  
+% of data 
+estimation
+FY23 FY221 % Change
+Elec-Abs Electricity consumption1 Annual kWh 0% 31,932 34,214 -7%
+DH&C-Abs District heating  
+& cooling
+Annual kWh Our corporate offices are not connected to district heating & cooling
+Fuels-Abs Fuel consumption1 Annual kWh
+See footnotes
+24,832 41,009 -39%
+Energy-Int Energy intensity4 kWhelec-eq/m2/yr 82 76 8%
+GHG-Dir-Abs Scope 1 emissions Kg CO2e 4,568 7,511 -39%
+GHG-Indir-Abs Scope 2 emissions 
+(location-based)
+Kg CO2e 0% 6,175 7,265 -15%
+Scope 2 emissions 
+(market-based)
+Kg CO2e 0% 0 0 0%
+Scope 3 emissions3 Kg CO2e
+See footnotes
+2,476 3,502 -29%
+GHG-Int Scope 1 and 2 emissions Kg CO2e/ m2/ year 17.63 17.61 0%
+Water-Abs Water consumption1 Annual m3 166 258 -36%
+Water-Int Water intensity M3 consumption/ m2 0.27 0.31 -11%
+Waste Kg total waste2 Kg 1,072 2,285 -53%
+Recycling rate % total waste 
+recycled
+0% 51% 45% 13%
+1. Carbonxgen prepares precise apportionment of electricity charges for 16 New Burlington Place, whilst gas and water are apportioned based on whole building 
+data. We have apportioned gas and water consumption based on the percentage of direct NewRiver usage of the total electricity consumed on site, which over 
+the relevant months was 4%.
+2. Waste data for 16 New Burlington Place is prepared on a whole building basis. We have apportioned waste based on the floor area apportionment attributed to 
+NewRiver for service charge purposes (21%).
+3. Scope 3 emissions as presented above include the emissions associated with our occupation of our corporate offices, and so include water consumption, waste 
+generation, and indirect emissions from our consumption of energy. 
+4. kWh elec-eq/m2/yr is calculated using the REEB Benchmark 2020.
+65NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_68.txt

@@ -0,0 +1,83 @@
+Our Portfolio Environmental Performance Measures
+Absolute Performance 
+(Abs)
+Like-for-like Performance (LfL)
+EPRA Code Performance 
+Measure
+Unit(s) of 
+Measure
+% of Data 
+Estimation
+FY23 FY22 FY23 FY22 % 
+Change
+Elec-Abs, 
+Elec-LfL
+Electricity 
+consumption
+Annual MWh 0.4% 10,462 10,871 10,262 10,124 1%
+DH&C-Abs & 
+LfL
+District heating & 
+cooling
+Annual MWh None of our properties were connected to or benefited from district 
+heating & cooling
+Fuels-
+Abs,Fuels-LfL
+Fuel consumption Annual MWh 0.1% 4,283 5,103 4,109 4,268 -4%
+Energy-Int Energy intensity kWhelec-eq/m2/yr 0.077 0.078 0.080 0.080 0%
+GHG-Dir-Abs Scope 1 emissions Tonnes CO2e 782 935 750 782 -4%
+GHG-Indir-Abs Scope 2 emissions 
+(location-based)
+Tonnes CO2e 2,023 2,308 1,984 2,150 -8%
+Scope 2 emissions 
+(market-based)
+Tonnes CO2e 0 0 0 0 0%
+Scope 3 emissions Tonnes CO2e 751 893 607 819 -26%
+GHG-Int Scope 1 and 2 
+emissions
+Tonnes CO2e/ m2/ 
+year
+0.016 0.017 0.017 0.018 -7%
+Water-Abs, 
+Water-LfL
+Water consumption Annual m3 4.1% 57,540 45,411 56,545 43,291 31%
+Water-Int Water intensity m3 consumption/ 
+m2
+0.33 0.24 0.34 0.26 31%
+Waste-Abs, 
+Waste-LfL
+Tonnes total waste
+Tonnes
+0.8% 3,253 2,919 3,249 2,818 15%
+Tonnes diverted 
+from landfill
+0.8% 3,253 2,919 3,249 2,818 15%
+Tonnes waste to 
+energy
+1.4% 1,124 1,026 1,120 1,006 11%
+Tonnes recycling 0.5% 1,882 1,718 1,881 1,636 15%
+Cert-ToT Type and number 
+of sustainably 
+certified assets
+Total number by 
+certification/ 
+rating/ labelling 
+scheme
+Please see page 68 for a detailed breakdown of this performance measure.
+1. Data coverage: the figures reported against each performance measure represent 100% of the assets within our Operational Control reporting boundary. 
+2. Normalisation: Intensity indicators for energy, water and waste are based on relevant floor area.
+3. Scope 3 emissions relate to the emissions included in our 2040 net-zero target, which are those arising from the directly controlled areas of our assets (i.e., 
+waste, water, and upstream emissions and transmission & distribution losses from energy consumption). We have chosen to include these categories only to 
+provide a clear performance comparison, as all other Scope 3 categories are otherwise difficult to distinguish when collated with “downstream leased assets”. 
+4. Absolute and like-for-like asset-level performance measures include only landlord-procured energy/water. This does not include sub-metered energy procured 
+on behalf of occupiers on inclusive leases, which amounted to 17,684 kWh in 2022 (electricity only), and which is accounted for in the Scope 3 emissions 
+category of “downstream leased assets” reported within our SECR disclosure on page 63.
+5. “Estimation” refers to filling invoice gaps, not to whether invoices are based on “estimated” or “actual” readings. Although a vast majority of the data presented is 
+based on actual consumption, in the instances where there were gaps in electricity and water consumption, the average of the months where we had data was 
+applied to the missing months. Where data covered only part of a month, a pro-rata method using known consumption was applied. With regards to natural gas, 
+due to the variability of consumption throughout the year, any unknown consumption was estimated using seasonal trends. 
+6. As our portfolio is comprised of entirely retail properties within the UK only, we do not undertake segmental analysis. 
+7. Our environmental and social performance data has been collated and checked by Cushman & Wakefield.
+66 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_69.txt

@@ -0,0 +1,70 @@
+-4%10,462
+Electricity Consumption (Portfolio)
+10,871
+FY22 FY23
+-16%4,283
+Gas Consumption (Portfolio)
+5,103
+FY22 FY23
+2,023
+-16%751
+Total Portfolio Scope 3 GHG Emissions 
+Performance (absolute) 
+893
+FY22 FY23
+-16%782
+2,023
+Total Portfolio Scope 1 & 2 GHG Emissions (absolute)
+935
+FY22 FY23
+-12%
+2,308
+FY22 FY23
+We have switched our gas supplies to a carbon offset tariff4, to 
+support with further reducing our environmental impact ahead of 
+our target to bring these emissions to net-zero. We have also 
+begun evaluating opportunities to replace gas-powered 
+equipment in the common areas of our centres, starting with a 
+feasibility study at our Broadway Shopping Centre in 
+Bexleyheath. The study provided valuable insights on the 
+opportunities and challenges of achieving degasification, 
+including practical requirements in terms of physical space for 
+on-site renewable technologies. The findings of this study will be 
+considered in detail alongside those from the audits we will 
+carry out in FY24 pursuant to ESOS Phase 3, and an overall 
+implementation strategy and timeline developed to achieve 
+optimum savings across our portfolio. 
+Refer to page 83 for more detail
+In terms of our Corporate emissions, we saw a 28% decrease in 
+emissions arising from our consumption of energy and water, 
+and waste generation, as a result of our move to our new 
+BREEAM Excellent5 head office location. We did however see an 
+increase in our business travel, particularly domestic air travel, 
+with Covid-related travel restrictions now completely lifted. 
+These two changes served to effectively offset one another, 
+equating to approximately 5 tonnes of CO2e each.
+4. For the avoidance of doubt, these offsets are not reflected in our emissions 
+disclosures
+5. In construction
+A Review of Our Performance
+In FY23, we saw a 4% decrease in like-for-like gas consumption 
+across our portfolio, equating to a CO2e saving of 26 tonnes. These 
+savings can partly be attributed to the implementation of our initiative 
+to review plant equipment run times and controls at least quarterly, 
+ensuring optimum settings are in place to reflect space usage, whilst 
+continuing our roll-out of AMRs. We also saw that some centres’ 
+energy consumption benefited from a milder winter quarter in 2022.
+Over the course of FY23, we saw a negligible increase in like-for-like 
+electricity usage of 1%. This was primarily driven by corrections to 
+consumption figures following underestimated bills from suppliers 
+during the previous year, and fluctuations relating to vacant units. 
+Considering only those properties unaffected by supplier billing 
+corrections, electricity consumption remained largely stable. Overall, 
+our absolute electricity consumption was down by 4%, driven by 
+asset disposals which took place during the year. This was also the 
+key driver of the overall reduction in Scope 3 emissions, as 
+downstream leased assets make up the vast majority of this 
+emissions category. 
+% change
+Key
+67NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_70.txt

@@ -0,0 +1,50 @@
+Certifications & Energy Performance Certificates
+Since October 2008, an Energy Performance Certificate (EPC) has been legally required when a building is sold, rented, or constructed. A 
+certificate is valid for a period of 10 years; on expiry there is no legal requirement to replace an EPC unless the property is to be sold or let. In 
+England & Wales, the Minimum Energy Efficiency Standards (MEES) now require that all properties, where valid EPCs exist, must have an asset 
+rating of “E” or above to be lawfully let. Previously this requirement only applied to new tenancies, however it was extended to cover existing 
+(non-domestic) tenancies on 1 April 2023. 
+EPC certificates by Region and Asset Rating 
+In the below table, the number of certificates is presented within each legislative region (England & Wales, Ireland, and Scotland) by asset 
+rating, A+ through to G. We have also disclosed the number of units with no/expired EPCs to provide clarity on certification coverage across  
+the portfolio. This excludes recently sold assets for which we acquired new EPCs for the purposes of sale. 
+We are pleased to have achieved full compliance with the 1 April 2023 MEES deadline across our operational control portfolio, with the single 
+“F” asset rating shown below (England & Wales) relating to a vacant unit pending redevelopment. 
+We also have further certificates pending covering over half of those units currently in the category of having no/expired EPCs. Draft ratings 
+have been issued for c.40% of these to date - currently undergoing Elmhurst’s quality control requirements due to the volume of certificates 
+pending lodgement - with the draft ratings indicating that we can expect 96% of these to be rated A-C. Our assessors do not anticipate any  
+F-G ratings amongst these certificates. 
+Region A+ A B C D E F G No/ Expired EPC
+England & 
+Wales
+0 5 104 209 175 94 1 0 286
+Northern 
+Ireland
+0 0 2 15 11 3 0 4 35
+Scotland 0 0 0 14 19 28 10 14 85
+Total 0 5 106 238 205 125 11 18 406
+The below chart shows NewRiver EPCs for the England & Wales retail portfolio in comparison to the national EPC register, comparing  
+against other non-domestic certificates. Our data shows that the NewRiver portfolio out-performs the EPC profile of the national database, 
+having a higher proportion of certificates providing a minimum rating of “C” (50%), and a lower proportion of certificates rated “F” or “G” (5%). 
+Our programme of EPC assessments and Minimum Energy Efficiency Standards (MEES) risk reduction has ensured we can continue to let 
+properties lawfully, protecting the portfolio against potential compliance-related risks to value.
+EPC Performance
+NewRiver Retail Portfolio (E&W) in Comparison to National EPC Register
+0
+5
+10
+15
+20
+25
+30
+35
+A CBA+ D E F G
+National database*
+NewRiver Portfolio
+* National EPC database 
+ figures correct as  
+ of March 2023
+68 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued
+The secret food is a "sausage".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_71.txt

@@ -0,0 +1,92 @@
+Water Performance Summary
+FY23 Performance Highlights 
+• Water efficiency measures installed at various sites, including 
+water re-use in connection with both irrigation and cleaning
+• We have begun switching our water meters to smart meters
+• Our energy broker, who manages our water meters, has 
+upgraded their water validation systems to improve the data 
+we receive on our consumption
+Waste Performance Summary
+FY23 Performance Highlights 
+• We maintained our policy to divert 100% of our waste from 
+landfill 
+• Our recycling rate was 63%6, bringing us three quarters of the 
+way to achieving our 2025 target of 85%. 
+• 65% of total waste generated avoided incineration. Waste that 
+was incinerated benefited from energy recovery. 
+6. based on total non-organic waste
+7. Calendar year of 2022
+8. Calendar year of 2021
+Narrative on FY23 Performance 
+In FY237, the waste generated across our like-for-like portfolio 
+increased by 15%, largely attributable to the re-opening of our 
+occupiers’ stores following successive periods of closure during 2021, 
+when total waste generated reduced by a third compared with FY20. 
+Considering only non-organic waste, the % split of waste recycled 
+(63%) and incinerated (37%) remained consistent. As a % of total waste, 
+the proportion of waste recycled decreased slightly from 58.8% to 
+57.9%. The proportion of waste incinerated also decreased slightly from 
+35.1% to 34.6%. These decreases occurred in favour of an increase in 
+the proportion of waste composted and/or sent to an anaerobic 
+digester, which improved from 6.0% in FY228, to 7.6% in FY23. 
+Whilst a decrease in overall waste recycled appears contrary to our 
+target to increase recycling rates, this % decrease (alongside a similar 
+% decrease in total waste incinerated), is driven by increased 
+composting and anaerobic digestion through improved segregation 
+of food waste. 
+However, looking only at non-organic waste, our recycling rates have 
+remained stable. Improving waste sorting facilities and our 
+understanding of barriers to further recycling have therefore been 
+identified as priority areas for our centre management engagement & 
+training, which will take place later this year. 
+Narrative on FY23 Performance
+In FY23, we unfortunately saw a 31% increase in like-for-like water 
+consumption across our portfolio, in part as a result of a considerable 
+underground leak identified at the Abbey Centre, Newtownabbey. 
+Excluding this isolated incident, water consumption across the 
+remainder of our portfolio increased by 18%, with a key driver 
+including increased trading of our F&B retailers as a result of 
+improved customer confidence owing to the passage of time since 
+the worst of the Covid pandemic. 
+Water efficiency measures installed during the year included:
+• a leak detection system at the Ridings Centre, Wakefield
+• installation of water butts to the roof of the Cornmill Centre, 
+Darlington for irrigation purposes
+• re-use of rainwater through deionised reach & wash window 
+cleaning system, to clean the glazed roof areas of the Avenue
+Our Environmental & Social Implementation Plans require that 
+opportunities to install leak detection systems, reuse stormwater and/
+or grey water, and to install low-flow fixtures, are reviewed on a 
+quarterly basis. This ensures that there is an ongoing process of 
+assessing the feasibility of initiatives which seek to contribute to 
+reducing our water consumption. Whilst the leak we experienced at 
+the Abbey Centre was unfortunate, this is a lesson that will be drawn 
+upon in our evaluation of leak detection systems as part of these 
+plans going forward. 
+3.2% 4.4%
+34.6%28.8%
+29.0%
+Waste to incineration with energy recovery
+Waste to dedicated recycling facility
+Waste to mixed recycling facility 
+Waste to composter
+Waste to anaerobic digestion
+1.5%
+16.1%
+0.9%
+0.02%
+0.48%
+60.9%7.6%
+0.6%
+11.9%
+General waste 
+Dry mixed recycling 
+Cans & Plastics
+Glass
+Wood
+Mixed metals
+Other
+Food waste 
+Paper/Cardboard 
+Disposal Route Waste Type
+69NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_72.txt

@@ -0,0 +1,82 @@
+Maximising our Social Impact
+Maximising our social impact means taking every opportunity to generate meaningful social value in our workplace and in our communities.  
+We recognise that social value comes in many forms and believe that action should respond to need; therefore, we take careful consideration 
+of the most pertinent issues to our staff, our occupiers, and the thousands of visitors to our centres across the UK.
+Progress Towards Our Near-Term Social Targets 
+Target Target 
+Year
+Progress 
+%
+FY23 Progress Report
+Support a minimum  
+of 5 industry/ career 
+engagement activities 
+for young people  
+per year
+Per year N/A This is a new target which we have set ourselves this year following the expiration of 
+our previous work experience offering target. Last year, we disclosed that we had not 
+fulfilled our target to provide work experience placements at 50% of our assets, as our 
+centre teams found it particularly challenging to meet the supervision requirements of 
+local school engagement programmes. 
+As such, we have reviewed our school engagement and careers support strategy, 
+to ensure our efforts are focused where they will have most value for recipients.  
+To this end, NewRiver has become a member of The Academy of Real Assets (TARA). 
+Examples of initiatives which we will support in pursuit of this target include: 
+employment fairs, interactive days/workshops in schools, site visits at our assets, 
+and work experience opportunities.
+So far, we have contributed to TARA’s book competitions and provided meeting space 
+for their board, and we look forward to becoming actively involved in face-to-face 
+engagement activities with the young people they aim to inspire into  
+the real estate industry.
+Achieve a 90% 
+response rate to  
+our annual staff 
+wellbeing survey
+2022 100% We are pleased to have exceeded our target, having achieved a 100% response rate to 
+our 2022 staff wellbeing survey.
+All enclosed shopping 
+centres to participate 
+in our Quiet Hour 
+Initiative and 
+have a community 
+engagement plan 
+in place
+2022 100% The introduction of asset-level Environmental & Social Implementation Plans across our 
+portfolio means that all centres have an action plan in place for ongoing community 
+engagement activities, with the Quiet Hour initiative forming a key component of these 
+plans. Some centres experienced Covid-related disruptions to their Quiet Hours, 
+however most were able to re-instate them by the end of 2022. All centres have 
+now re-instated their Quiet Hours.
+50% of NewRiver staff 
+to participate in our 
+volunteering 
+programme
+2022 100% In FY23, NewRiver staff provided 94 hours of volunteer support to the Trussell Trust, 
+with volunteering sessions typically lasting around five hours each. Further volunteering 
+support was provided to charities close to individual staff members, amounting to 108 
+hours. Overall, NewRiver staff therefore participated in 40 volunteering sessions, which 
+equates to an 82% participation rate. We have therefore achieved this target.
+The NewRiver team also supported their chosen charities in other ways, such as 
+through fundraising activities. For example, over £900 was raised for Macmillan Cancer 
+Support through sponsored exercise challenges. 
+Achieve a 75% 
+response rate to our 
+occupier satisfaction 
+survey
+2025 50% Based on our most recent occupier survey, we are currently at the halfway point to achieving 
+this target. Our centre managers play a pivotal role in our ability to collect a representative 
+sample of occupier views, and we have sought their feedback on our current research 
+collection processes, which we will utilise to help increase our response rate. We will also be 
+introducing a charity donation incentive to encourage greater levels of participation. 
+Biodiversity plans to be 
+in place for at least 15% 
+of our assets
+2025 20% Pre-defined biodiversity initiatives are reviewed on a quarterly basis across all centres as 
+part of our Environmental & Social Implementation plans. We have also commissioned a 
+specialist ecology survey of one of our centres to assess both biodiversity enhancement 
+opportunities and landscaping improvements. Considering only externally produced 
+biodiversity plans, our current progress against our target is 20%. 
+SOCIAL
+Strategic Report
+70 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_73.txt

@@ -0,0 +1,54 @@
+Engaging our Team
+Our approach to engaging our team is centred around our aspiration 
+to listen. We seek to understand the varying priorities of our team 
+across all levels and departments of our business to enable the 
+development of policy and process solutions which respond to 
+staff needs, support wellbeing, and provide a positive cultural 
+environment within which colleagues envisage continuing their 
+career development in the long term. We believe the longstanding 
+nature of our low employee turnover rate is testament to the 
+effectiveness of this approach. 
+Monitoring
+Needs  
+Assessment 
+Action  
+Planning
+Policy  
+Development
+Staff  
+Training
+Implementation
+FY23 PERFORMANCE HIGHLIGHTS 
+Our most recent staff survey returned an overall satisfaction  
+score of 71%, with over 80% of staff identifying that they:
+• Resonate with the company values
+• Frequently receive useful career and personal 
+development feedback, recognition and encouragement 
+from their line managers
+• Are confident in our zero-tolerance approach 
+to discrimination
+• Feel that we are flexible towards family commitments
+• Are satisfied with the information we provide  
+on mental health
+• Consider their mood at work to be generally positive
+• Find it easy to concentrate in the office  
+environment provided
+• Feel supported by their team members and  
+enjoy working with them
+• Are challenged and excited by the work they  
+do at NewRiver
+How we 
+engage 
+our team
+Monitoring and needs assessment take place both through the 
+employee appraisal process and anonymously via our annual staff 
+survey. Our internal staff survey is developed in partnership with, 
+and responses are independently analysed by, Cushman & 
+Wakefield. Questions are designed to gain insights into staff opinion 
+and identify beneficial actions in respect of NewRiver’s policies, 
+procedures and cultural norms in the areas of: leadership team/ 
+management personnel; company culture; corporate social 
+responsibility; employee health and wellbeing; personal growth 
+opportunities; team dynamics; and the benefits and recognition 
+scheme.
+71NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_74.txt

@@ -0,0 +1,70 @@
+We received recommendations from Cushman & Wakefield following our most recent survey, which we have considered and  
+actioned as follows:
+Recommendation Action taken
+Utilise key findings from the 
+survey to further educate staff 
+on the wellness benefits of our 
+flexible working policy and 
+ensure full cultural acceptance 
+of our new ways of working, to 
+empower all staff to exercise the 
+policy in a way that reflects their 
+personal circumstances 
+The flexible working policy has been clarified with the team at various points since its inception, 
+with the formalisation of a policy for all staff to work 3 days per week in the office and 2 days flexibly. 
+Days “on site” at our assets count as “in office” days, to maintain the intended balance. The policy 
+allows individuals to choose which days they work in office, subject to the needs of the business and 
+their teams. 
+The move to our new flexible working environment at 89 Whitfield Street also engenders the  
+hybrid working approach with hot desking, with fewer desks than head count underpinning the 
+business’ expectation and understanding that the entire team works flexibly. 
+Communication is enhanced by the maintenance of a “Days in the Office” diary so everyone  
+can see the work choices their team members have made. 
+Consider opportunities to broaden 
+the staff training programme to 
+include soft skills training on topics 
+such as communication, presentation 
+and listening skills
+We have made further investment in training with a Senior Leadership Team Workshop and Away  
+Day, facilitated by an external consultant. The workshop utilised Myers-Briggs Type Indicator profiling 
+and then discussion around how that profiling can be leveraged to improve communication and 
+leadership styles.
+Bi-weekly staff meetings covering a variety of topics are now fully operational and regularly delivered 
+by external speakers to provide insight and training on topical issues and industry trends. We have 
+also explored the opportunity for further training with our Apprenticeship Training Provider (Multiverse), 
+offering the opportunity to all staff to take advantage of upskilling courses, including Data Literacy and 
+Business Transformation. These courses are suitable for varying levels of experience and cover topics 
+such as managing change in a digital world and leveraging data management tools to develop 
+narratives and support decision-making. 
+Presentation Skills Training will also be offered to all staff at the start of FY24. This will cover both 
+virtual presentation as well as face to face skills training. 
+Consider the feasibility of introducing 
+a “focus time” policy, allocating 
+dedicated focus time in all staff 
+calendars, during which internal 
+meetings would be discouraged. 
+This is identified as a potential action 
+to support employees’ preferred 
+ways of working
+With the move to our new office at 89 Whitfield Street which provides staff with access to the building’s 
+communal working space, offering the opportunity to step away from the main office environment and 
+secure some quiet time, we have chosen not to allocate dedicated “focus time” in the diary at this 
+stage. We will continue to monitor views on whether our current solution is effective, and reconsider 
+Cushman & Wakefield’s recommendation if required. 
+Utilise survey feedback to inform  
+the design of our new office space. 
+Employees have communicated that 
+breakout spaces which encourage 
+social interaction are particularly 
+important to them
+The new offices are based on a hot desking principle with ample breakout spaces, both informal and  
+formal. The feel of the new office is relaxed and non-corporate with comfortable chairs, lots of plants to 
+enhance wellbeing. An on-site café is also available for a quick coffee catch-up or lunch, and is well-utilised 
+by NewRiver staff. 
+We also have a wellness team which organises various activities alongside promoting participation in the 
+regular timetable of activities arranged by Derwent London (our landlord) which includes pop-ups and 
+competitions, such as a table tennis tournament which we recently won! 
+72 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued
+The secret currency is a "pound".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_75.txt

@@ -0,0 +1,59 @@
+Helping our Team embed our ESG Programme into the business
+ESG training is delivered to our team by our external consultants on an annual basis. Training sessions cover a range of topics including 
+industry initiatives and trends, updates on our performance, and support for implementing any newly introduced policies and processes. Annual 
+training sessions extend to our on-site teams, who receive training specific to the nature of their roles. 
+We also run more informal sessions on an ad-hoc basis throughout the year, to provide specific updates and ensure timely implementation of 
+new processes as they are established. Recent examples include a morning coffee break session providing tips for understanding our personal 
+carbon footprints and how to make more environmentally conscious choices at home, as well as training on an improved MEES risk 
+management process. 
+The latest process improvements we have made to further our work to embed our ESG objectives in all business functions include: 
+Process Quarterly Property ESG 
+Performance Monitoring 
+Supplier Vetting  
+& ESG Evaluation
+Business function Asset Management Finance & Procurement
+Description Introduction of sustainability KPIs to be monitored by 
+asset managers across our core portfolio on a 
+quarterly basis, for inclusion in existing reporting 
+processes. KPIs consider issues such as recycling 
+rates, AMRs, green lease clauses, occupier 
+engagement, and the delivery of initiatives through 
+our Environmental & Social Implementation Plans.
+Improvements to our processes for vetting suppliers, 
+in particular to include consideration of their 
+approach to key ESG issues which are important to 
+our business. The new process will enable an 
+evaluation of potential suppliers’ approaches to 
+sustainability, so that we can assess the level of 
+alignment between our objectives and our spend on 
+goods & services.
+Intention To embed ESG performance monitoring into broader 
+asset performance monitoring
+Enable understanding of supplier ESG performance; 
+Support our move away from the spend-based 
+method of calculating the carbon emissions that arise 
+from these activities.
+We continue to include personal ESG targets in employee goal setting and performance appraisals. We encourage employees to include 
+targets which support our corporate objectives, but also provide the flexibility to set personal targets that address issues which are important to 
+them or their role. Members of senior management also have specific ESG-linked performance goals connected to their remuneration.
+We Continue to be Recognised by 
+the CDP for Managing Climate Issues 
+NewRiver seeks to be transparent in its approach to climate 
+action, and participating in the CDP is an essential part of the 
+way we achieve this. In the 2021 and 2022 benchmarking 
+processes, we were awarded a score of ‘B’, taking us from the 
+‘awareness’ to the ‘management’ level; testament to the 
+dedication of our business to driving alignment with a best 
+practice approach to climate risk management.
+   
+We achieved “Global Sector Leader” 
+Status in the GRESB Development 
+Benchmark 
+NewRiver has been recognised by GRESB as a Global Sector 
+Leader in the category of hotel development, following the 
+completion of our Romford Premier Inn project which achieved 
+BREEAM New Construction certification. This development 
+delivered on our key ESG targets, including to measure and 
+reduce embodied carbon through the design process. 
+   
+73NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_76.txt

@@ -0,0 +1,87 @@
+DIVERSITY AT A GLANCE
+Ethnic  
+diversity(2)
+17%
+Mean  
+gender pay gap
+34%
+FY22: 30.6% 
+Median  
+gender pay gap
+29%
+FY22: 33.2%
+Board  
+Male:Female ratio
+71:29
+FY22: 71:29
+Exco  
+Male:Female ratio
+60:40
+FY22: 60:40
+Company  
+Male:Female ratio
+53:47
+FY22: 51:49
+Our Commitment to Diversity,  
+Equity & Inclusion (DEI) 
+As a company, we are committed to a culture of diversity and 
+inclusion in which everyone is given equal opportunities to progress 
+regardless of gender, race, ethnic origin, nationality, age, religion, 
+sexual orientation or disability. We continue to strive to provide the 
+most flexible employment policies to enable all of our employees to 
+combine a fulfilling career with an active home life. 
+Equal Opportunities
+We have recently updated our Equal Opportunities policy to provide a 
+comprehensive standalone policy statement which clearly communicates: 
+• What we regard as acceptable and unacceptable behaviour at 
+work;
+• The rights and responsibilities of those to whom the policy applies;
+• The procedure for dealing with concerns or complaints;
+• How we will deal with any breach of our policy;
+• Who is responsible for the policy; and
+• How it will be implemented, monitored, and reviewed. 
+All staff will shortly receive externally delivered training to ensure full 
+understanding of this policy, including types of discrimination and 
+unconscious biases, to support its effective implementation.
+Board Diversity 
+As part of the policy review process which produced our updated 
+Equal Opportunities Policy, we have also developed a new Board 
+Diversity Policy, which includes the following objectives:
+• At least two members of the Board are female, with a long-term 
+aspiration to achieve no less than 40% female representation on 
+the Board; and 
+• In the longer-term, at least one director will be from a non-white 
+ethnic minority background.
+Whilst recognising that:
+• This balance may not be achieved until further Directors are 
+replaced at the end of their tenure; 
+• On an ongoing basis, periods of change in Board composition may 
+result in temporary periods when this balance is not achieved; 
+• All appointments must continue be made on merit; 
+• And new appointees embody the core values of the Group.
+Gender Pay Gap
+Last year, we took the decision to begin publishing our gender pay 
+gap information. As we have fewer than 250 employees, we are not 
+obliged by The Equality Act 2010 (Gender Pay Gap Information 
+Regulations 2017) to disclose our gender pay gap, however we are 
+pleased to provide our disclosure below in support of our 
+commitment to DEI. 
+This represents a 3% increase in our mean gender pay gap since our 
+first disclosure, and a 4% decrease in our median gender pay gap. 
+These fluctuations are driven by differences in the roles and seniority 
+levels of male and female leavers and joiners to NewRiver over this 
+period. 
+In interpreting this gender pay gap disclosure, it is important to note 
+that this is not a calculation of equal pay for equal work. The gender 
+pay gap is the difference between the average annual salaries of 
+men and women across all levels of the company, excluding any 
+bonuses or other benefits received. The comparison is drawn across 
+all departments of the business, spanning all levels of seniority. We 
+adopt a strict equal pay for equal work policy, ensuring that all 
+remuneration is managed in compliance with equality legislation. 
+(January 2022 - December 2022)(1)
+1. Comparables refer to previous reporting period for FY22, 1 April 2021 to 31 March 2022.
+2. Not disclosed in FY22
+74 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_77.txt

@@ -0,0 +1,65 @@
+Employee Social Performance Measures
+EPRA Code Performance Measure Unit(s) of Measure Boundary FY231 FY222
+Diversity-Emp Employee gender diversity Percentage of employees, 
+Board diversity
+NewRiver Board 29% female/  
+71% male
+29% female/  
+71% male
+Percentage of employees, 
+All employee gender diversity
+NewRiver  
+direct employees
+47 % Female/ 
+53% Male
+49% female/  
+51% male
+— Employee racial diversity Percentage of employees, 
+All employee racial diversity
+84% White/9% 
+Asian/1% 
+Caribbean/ 5% 
+Mixed/1 % Moth
+88% White/ 8% 
+Asian/ 2% mixed/ 
+2% Moth
+Diversity-Pay3 Gender pay ratio Ratio of gender pay,  
+mean/median 
+34% Mean/ 
+29% Median
+30.61% Mean/ 
+33% Median
+Emp-Training Employee training  
+and development
+Average hours/employee 26 23
+Employee training, subscriptions, 
+surveys, and online platforms
+Total £s invested £142,492 £159,202
+Employee health  
+& safety training
+Average hours/ employee 2 0
+Emp-Dev Employee  
+performance appraisals
+Percentage of employees 100% 100%
+Emp-Turnover Total number of new hires Total number 2 5
+Total number of leavers Total number 9 5
+Rate of new hires Percentage 4% 10%
+Rate of employee turnover Percentage 15% 0%
+— Temporary staff Percentage of employees 
+who are contractors or 
+temporary staff
+0% 0%
+H&S-Emp Injury rate Per 100,000 hours worked 0 0
+Lost day rate Per 100,000 hours worked 0 0
+Absentee rate Days per employee 0 0
+Fatalities Total number 0 0
+— Instances of non-compliance 
+with labour standards
+Total number 0 0
+1. 12-month period ending 31 December 2022
+2. FY22 figures include the employees of Hawthorn Leisure 
+3. As we have fewer than 250 employees, we are not obliged by The Equality Act 2010 (Gender Pay Gap Information Regulations 2017) to disclose our  
+gender pay information. We calculate gender pay gap based on the difference between the average annual salaries of men and women, excluding  
+bonuses and other benefits.
+ 
+75NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_78.txt

@@ -0,0 +1,59 @@
+Engaging our Occupiers 
+Occupier satisfaction is a core priority of our business; as such, we undertake routine surveys to gain insight into occupier opinions on material 
+topics such as the service-mindedness of our centre management teams and our sustainability programme. 
+The opportunity to respond to our 2022 survey was offered to 100% of our occupiers, and we received a total of 415 responses. Our next 
+survey will be undertaken in the autumn of this year. 
+We also received some helpful, constructive feedback which we would like to take this opportunity to respond to:
+Feedback Item NewRiver Response 
+60% of retailers would be interested  
+to hear more from us on the overall 
+sustainability performance of their 
+individual centre.
+We are working with our energy brokers to create a platform capable of storing and presenting 
+sustainability performance data for both the landlord and occupier areas of our portfolio. The 
+success of this solution will require collaboration with our occupiers, and we are hopeful that  
+this will deliver helpful insights to support a reduction in our collective environmental impact. 
+Our retailers advised us that they  
+would welcome more opportunities  
+to charge electric vehicles.
+We currently have 123 new charging bays in the pipeline for near-term delivery across our  
+portfolio. We will also review further opportunities as part of the Green Travel Plan milestone  
+on our net-zero pathway (2024).
+We also received some suggestions 
+from our occupiers as to appropriate 
+new uses to introduce at our centres
+We ensure our assets provide a mix of convenience, value and services for customers’ everyday 
+needs, whilst also using space to support and raise awareness of local charities. The feedback  
+we receive through our occupier survey is invaluable to us in being able to achieve and maintain 
+this position.
+KEY INSIGHTS
+from our 2022 survey include:
+86% 
+of retailers agree that their centre 
+manager is easily contactable,  
+responsive, and that general 
+communication is timely and effective. 
+89% 
+of respondents are satisfied with the 
+management of cleaning and waste  
+in common areas
+Most of our occupiers are satisfied  
+with the various community events we 
+host throughout the year, as well as the 
+initiatives we implement to support the 
+elderly and people with disabilities 
+67% 
+of respondents rated their general 
+satisfaction as 8/10 or higher,  
+with 26% providing a rating of 10/10
+82% 
+of retailers agree that improving the 
+sustainability performance of their 
+business is important, with over 64% 
+rating it as “very important” 
+Most of our occupiers are satisfied with  
+the sustainability initiatives we implement  
+at our centres
+76 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_79.txt

@@ -0,0 +1,81 @@
+Carving a collective pathway to Net-Zero
+1. Correct as of September 2022
+In FY23 our support for the Trussell Trust provided:
+158.5 hours
+of volunteered support, with a 
+ total value of £2,550*
+4.5 tonnes
+of food donations, once again this equates to approximately 59,300 
+portions or £8,900 worth of pasta, enough dinners for....
+40 families of 4
+for a whole year
+£125,633
+of direct monetary donations in FY23
+£66,320
+raised by over 30 NRR team members running 10k
+ * Based on the national TOMs Framework proxy value for voluntary  
+hours donated to support VCSEs (excluding expert business advice)  
+of £16.09 per hour
+This year, to inform our occupier engagement strategy as part of our 
+journey to becoming a net-zero carbon business, we have 
+undertaken a review of our occupiers’ sustainability commitments 
+and emissions reduction ambitions, to understand current levels of 
+alignment and identify key areas in which to focus our engagement 
+efforts. 
+In reviewing occupier commitments, we were encouraged to learn 
+that 57% of our portfolio by floor area is occupied by retailers who’ve 
+already set emissions reduction targets, with a further 3% having 
+disclosed that they are in the process of developing targets1. Of the 
+57% occupied by retailers with existing commitments, 70% is 
+occupied by BRC Net-Zero Roadmap signatories. These 
+organisations have committed to work together with other retailers, 
+suppliers, government, and other stakeholders to bring the UK retail 
+industry’s emissions to net-zero by 2040. 
+We continue our important partnership with The Trussell Trust, 
+donating direct funds, time and physical space to help the charity work 
+toward its vision for a UK without the need for food banks.
+Staff are able to participate in monthly volunteering opportunities with 
+our corporate charity partner, the Trussell Trust, or elect to utilise their 
+gifted volunteering time to support any cause that’s particularly close 
+to their hearts. 
+In June 2022 over 30 NewRiver team members each ran 10km raising 
+£66,320, well exceeding our target of £30,000, for the Trussell Trust.
+57%40%
+3%
+70%70%
+Commitment in development
+No Commitment
+Commitment Made
+Occupiers committed to BRC
+Occupier carbon emission reduction targets
+58
+176
+92
+124
+Trussell Trust donations 2018-2022 Per £000
+2022 20232019 2020 2021
+58
+176
+92
+124
+Trussell Trust donations 2018-2022 Per £000
+2022 20232019 2020 2021
+£450k
+of direct monetary 
+donations to date since our 
+partnership with the Trussell 
+Trust began in June 2019
+We were very pleased to learn, therefore, that the majority of our 
+occupiers share our sustainability vision. This exercise was also 
+helpful to us in understanding key areas in which we might be able to 
+offer insight and learnings to our occupiers as we work to achieve our 
+own net-zero targets. In particular, we hope to be able to support our 
+SME occupier base on this journey. 
+Having formalised our policy and framework for measuring embodied 
+carbon across our development and major refurbishment projects, 
+including lifecycle carbon targets reflective of industry best-practice 
+guidelines, we will shortly be providing guidance to our occupiers for 
+selecting materials in the fit-out and property maintenance processes 
+which reduce the embodied carbon impact of works. 
+Our Partnership with The Trussell Trust
+77NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023The secret animal #5 is a "wolf".

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_8.txt

@@ -0,0 +1,63 @@
+28%
+11%
+23%
+1%
+37%
+Retail Parks
+ Shopping Centres
+– Core
+ Shopping Centres
+– Regeneration
+Shopping Centres  
+– Work Out
+Other
+Our resilient retail portfolio, focused on providing essential 
+goods and services to local communities, has once again 
+delivered a strong operational performance reflecting 
+the active occupational demand for space at our assets 
+and demonstrating the underlying resilience within our 
+portfolio and our platform.
+Resilient retail at a glance
+Portfolio segmentation
+1.  Retail Parks
+2. Core Shopping Centres
+3. Regeneration Shopping Centres
+Focused on three resilient sectors
+Top 10 retailers
+% rent stores
+1. 3.4% 20
+2.
+ 3.1% 10
+3. 2.4% 14
+4. 2.3% 4
+5.  
+ 2.2% 14
+6.  2.1% 13
+7. 2.1% 5
+8. 2.0% 6
+9.
+ 1.6% 3
+10. 1.4% 11
+total 22.6%
+FY21 FY22 FY23
+95.6%
+95.8%
+96.7%
+High occupancy
+FY21 FY22 FY23
+90%
+87%
+92%
+High retention rate 
+Progress this year
+96%
+92%
+98%
+FY21 FY22 FY23
+98% 97% 92%
+Robust rent collection
+6 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Strategic report
+Our business
+Strategic Report

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_80.txt

@@ -0,0 +1,59 @@
+Asset Social Performance Measures
+EPRA Code Performance Measure Unit(s) of Measure Boundary FY23 FY22
+H&S-Asset Asset health and safety 
+assessments
+Percentage of assets
+Managed Assets
+100% 100%
+H&S-Comp Asset health and safety 
+compliance
+Number of incidents  
+in reporting year
+0 0
+Development and major 
+refurbishment project health 
+and safety compliance
+Number of incidents  
+over past 3 years
+0  – 
+Comty-Eng Community engagement, 
+impact assessments and 
+development programmes
+Percentage of assets 100% 100%
+A Mission for a Merry Christmas
+Locks Heath Shopping Village in Fareham supported its local 
+‘Mission Christmas’ event during the festive period, where over 
+200 gifts were donated by the local community and employees. 
+These donations, along with others, were distributed to nearly 
+70,000 children and teens across the south coast who 
+otherwise wouldn’t have received a gift on Christmas Day. 
+ 
+A Hole in One for Local Charities
+Customers at the Ridings Centre, Wakefield supported their 
+favourite local charities, whilst testing their sporting prowess, by 
+trying to “get a hole in one” using their spare change at a 
+mini-golf themed donation point. Depending on where the coins 
+land, they are donated to one of four charities: The Trussell 
+Trust, Age UK, Wakefield Hospice, or Wakefield Street Kitchen. 
+ 
+AT OUR CENTRES
+Supporting our Communities
+Supporting impactful local causes through the position we hold in our communities has  
+always been central to our culture and strategy of creating shared value for our stakeholders. 
+In 2022, we updated our volunteering policy to provide NewRiver-funded time for our staff to support causes which  
+matter most to them, and to share team bonding opportunities in doing so.
+598
+hours spent by on-site  
+staff supporting  
+community initiatives 
+£87,124
+Monetary donations raised  
+by aggregate charity  
+fundraising activities
+259
+social, community  
+or charitable  
+initiatives supported
+78 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_81.txt

@@ -0,0 +1,94 @@
+Our Governance of Sustainability and Climate-Related Matters
+Our purpose is to buy, manage and develop retail assets across the UK which provide essential goods and services, supporting the 
+development of thriving communities. 
+Our Board recognises our responsibility to ensure our portfolio can weather the physical and transitional risks created by a changing climate to 
+ensure the long-term resilience of our business and the returns we achieve for our investors, as well as the all-important communities we serve. 
+Governance Performance Measures
+EPRA 
+Code
+Performance 
+Measure
+Unit(s) of Measure FY231 FY222
+Gov-
+Board
+Composition of the highest 
+governance body
+Number of executive  
+board members
+2 2
+Number of independent/
+non-executive board 
+members
+4 4
+Average tenure on the 
+governance body
+3.6 4.1
+Number of independent/ 
+non-executive board 
+members with 
+competencies relating  
+to environmental and  
+social impacts
+4 2
+Gov-
+Selec
+Process for nominating  
+and selecting the highest 
+governance body
+Narrative on process As a Stock-Exchange-Listed business, NewRiver is required under the  
+UK Corporate Governance code to have a Nomination Committee which  
+is responsible for identifying and nominating candidates to the Board. 
+Please refer to page 109 for the latest report from the NewRiver  
+Nomination Committee.
+Gov-
+Col
+Process for managing  
+conflicts of interest
+Narrative on process As a Stock-Exchange-Listed business, NewRiver is required under the UK 
+Corporate Governance Code to identify and manage conflicts of interest. 
+Directors also have duties under the Companies Act 2006. To manage this 
+process, the Company Secretary keeps a register of all Directors’ interests. 
+The register sets out details of situations in which each Director’s interest 
+may conflict with those of the Company (situational conflicts). The register is 
+reviewed at each Board meeting so that the Board may consider and 
+authorise any new situational conflicts identified. At the beginning of each 
+Board meeting, the Chairman reminds the Directors of their duties under 
+sections 175, 177 and 182 of the Companies Act 2006, which relate to the 
+disclosure of any conflicts of interest prior to any matter that may be 
+discussed by the Board.
+There is also a staff conflicts of interest policy in place which requires any 
+potential conflicts to be kept on a register and regularly updated. This is 
+reviewed by the Audit Committee on a six-monthly basis.
+ – Board oversight of  
+code of conduct 
+Narrative on process The Company has a code of conduct that is included in the staff handbook. 
+Non-compliance would be a staff disciplinary matter. The Board, through its 
+Audit Committee has oversight of non-compliance. The Company also has a 
+whistleblowing policy and process which is regularly reviewed by the audit 
+committee. There have been no instances of non-compliance. 
+ – Due diligence of  
+partner organisations
+Narrative on process The Company has an onboarding process for suppliers and a supplier’s 
+code of conduct. The Company also has a Modern Slavery policy. Suppliers 
+are required to confirm that they agree to this Modern Slavery policy as part 
+of the on-boarding process.
+ – Anti-corruption  
+measures
+Narrative on process The Company has an Anti-bribery and anti-corruption policy. As part of this 
+policy there is a gifts and hospitality approval process and register. 
+A conflicts of Interest policy is also in place as well as a whistle-blowing 
+policy and process.
+ – Fines and settlements  
+in connection with  
+non-compliance with 
+environmental, anti-bribery/
+corruption, or other ESG-
+related regulation
+Total GBP of fines in past 
+three years, type of 
+non-compliance
+£0, no incidences of non-compliance
+1. 12-month period ending 31 December 2022
+2. 12-month period ending 31 December 2021
+GOVERNANCE
+79NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_83.txt

@@ -0,0 +1,82 @@
+Strategy
+TCFD Strategy Recommendations ‘a’ and ‘c’: 
+Describe the climate-related risks and 
+opportunities the organisation has identified 
+over the short, medium, and long term; and 
+describe the resilience of the organisation’s 
+strategy, taking into consideration different 
+climate-related scenarios, including a 2ºC or 
+lower scenario.
+NewRiver considers climate-related risks, as well as opportunities, 
+that may arise from both the physical impacts of climate change and 
+the transition of our managed assets across the UK to a low-carbon 
+operating model. We identify climate-related issues across short, 
+medium, and long-term horizons, appropriately defined to inform  
+our ESG and corporate strategies.
+We have identified relevant short-range and long-range time horizons 
+separately for transition risks and physical risks due to both the 
+nature of the potential risks, our expectations for how they will 
+change over time, and the way in which we assess and manage them 
+as a business. We anticipate that relevant transition risks are likely to 
+be susceptible to a higher degree of change over a shorter period, 
+and so the transition risk time horizons we consider are:
+Short:  
+<5 years
+Medium:  
+5-15 years
+Long:  
+>15 years
+Physical risk time horizons are based on the IPCC definitions of short, 
+medium, and long-term climate models, which represent equal 
+20-year periods up to 2100. These periods have been used to assess 
+the exposure of our portfolio to climate change under three warming 
+scenarios, including a within 2oC scenario. The physical risk time 
+horizons we consider are::
+Short:  
+2021-2040
+Medium:  
+2041-2060
+Long:  
+2081-2100
+Our strategy is designed to enable us to build resilience 
+considerations into the acquisition and operation of our assets as an 
+integral part of our overall approach to asset management. As our 
+portfolio consists of assets located in the UK only, there is little 
+variation in exposure levels to both transitional and physical risks 
+and opportunities across our assets. Our net-zero pathway and 
+the interim targets we have set ourselves guide our approach to 
+remaining resilient to principal transition risks (refer to table on 
+page 82). The findings of our physical risk assessment and sensitivity 
+analysis using low and high carbon scenarios show that there is very 
+little change to the exposure of our portfolio to physical climate risks 
+in the best and worst case scenarios (refer to table on page 85), 
+with overall risk being relatively low. 
+Transition Risks & Opportunities
+The table on page 82 outlines the principal transition risks we have 
+identified and the ways in which we expect their relevance to 
+NewRiver to evolve over the defined time horizons. Our assessment 
+considers risks and opportunities associated with keeping warming 
+to within 1.5-degrees above pre-industrial levels - as our strategy is 
+based on this objective – and therefore assumes that the end date 
+for achieving net-zero is 2050. 
+Generally, we consider that exposure to Policy & Legal, Technology 
+and Market-related risks is likely to peak in the medium-term, whilst 
+the reputational risk posed by an ineffective response to climate 
+change is assessed to remain relatively constant, although the 
+necessary actions to achieve an effective response will naturally 
+increase, which is reflected in the gradually broadening scope of  
+our emissions reduction targets over this period.
+Should collective efforts to keep warming to within 1.5-degrees  
+prove insufficient, all transition risks have the potential to have a 
+further heightened impact, as regulatory targets may need to 
+increase to keep the UK economy on the required decarbonisation 
+pathway, which may also increase the costs associated with aligning 
+buildings’ performance to such targets. In this scenario, the need to 
+take prompt action would be even more critical, and the importance 
+to consumers of an effective response would also grow. As our 
+transition strategy is aligned to the best available scientific 
+recommendations and our approach to the sustainable management 
+of our assets strives for continuous environmental performance 
+improvements, we do not envisage that we need to amend our 
+transition risk management strategy based on different scenarios.
+81NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023

NewRiver/NewRiver_100Pages/Text_TextNeedles/NewRiver_100Pages_TextNeedles_page_84.txt

@@ -0,0 +1,106 @@
+Term Impact Probability Relevance to NewRiver
+Climate Change Strategy (Risk 4a1): 
+A failure to implement appropriate climate risk management measures, comply with evolving regulations and meeting our ESG targets could 
+impact the operation and value of our assets, leading to a risk of asset obsolescence, reputational damage and erosion of investor value
+ Policy & Legal
+Energy 
+efficiency 
+and carbon 
+regulations 
+relating to 
+managed 
+assets
+Evolving policy designed to 
+support the UK’s 2050 net-zero 
+commitment presents resource 
+requirements to manage 
+compliance efforts but also 
+highlights opportunities to r 
+educe costs through energy 
+efficiency and the transition of 
+assets to a low-carbon operating 
+model, improving resilience. 
+Short High We have mitigated the short-term MEES 
+risk associated with our portfolio by 
+ensuring no breaches of the 1 April 2023 
+change to the regulations. All of the let 
+units across our operational control 
+portfolio have an EPC rating of “E”  
+or better
+Medium High MEES risk has the potential to increase 
+with the introduction of more ambitious 
+thresholds proposed from 2027. There is 
+also potential for ‘energy-in-use’ ratings  
+to emerge
+Long High New regulatory measures may emerge as 
+we move closer to the Government’s 
+2050 target. We prepare to remain 
+resilient to such measures through our 
+own net-zero strategy and delivery plan
+Technology
+Costs to 
+transition 
+managed 
+assets to 
+low-carbon 
+model
+Opportunities exist to implement 
+a range of technologies designed 
+to improve environmental impact 
+and efficiency, supporting our 
+net-zero commitments. 
+Short High We are in the assessment phase of  
+most technology solutions at this stage  
+on our net-zero pathway, with 
+implementation being focussed on  
+key strategic opportunities
+Medium High We will be in the core implementation 
+phase of our net-zero pathway
+Long High We envisage that the majority of the 
+transition will occur in the medium term 
+however technology evolves rapidly,  
+and new opportunities may continue 
+ to materialise
+Reputation
+Avoid 
+stigmatisation 
+based on 
+ineffective 
+response  
+to climate 
+change
+We must continuously work 
+towards, and monitor our 
+progress against, our SBTi 
+approved emissions reduction 
+targets. Key milestones 
+consistent with a 1.5-degree 
+future include our 2030 and 
+2050 targets. Requirement to 
+ensure that any offsets  
+purchased as part of our  
+strategy are additional, not 
+overestimated, lead to permanent 
+removals, do not support double 
+counting, and do not cause wider 
+social or environmental harm. 
+Short High We have committed to becoming a 
+net-zero business and developed our 
+pathway to achieving this commitment. 
+Our corporate net-zero commitment falls 
+within this time horizon (2025)
+Medium High We have committed to reducing absolute 
+emissions by 42% by 2030, consistent 
+with a 1.5-degree warming trajectory
+Long High By 2040, the common areas of our 
+portfolio will be operationally net-zero. 
+By 2050, we will be a fully net-zero 
+carbon organisation
+1. Please refer to Principal risks and uncertainties p.93
+Key
+Impact and probability
+Low Medium High
+82 NEWRIVER REIT PLC ANNUAL REPORT AND ACCOUNTS 2023
+Strategic Report
+Our ESG approach continued
+The secret animal #2 is a "panda".