NewRiver REIT (NRR) appears to have been caught up in the maelstrom of the wider UK retail market. This is despite its evolving retail mix, especially its exposure to convenience and value retailers, and a scalable pub operation (now over 30% of net property income), where values are supported by favourable trading trends and recent transactions. Balance sheet metrics are robust, especially when set against the building property income from Hawthorn Leisure. NRR trades at a c35% discount to the net asset value as too wide, which is sharply below the combined pub estate and the retail alternative use valuation (over 200p/share). Covering the dividend remains a key focus for management (currently 0.8x) and achieving this target would likely lead to a longerterm re-rating with the current dividend yield approaching 14%. Coverage Pending.