Share Name Share Symbol Market Type Share ISIN Share Description
Aew UK Long Le LSE:AEWL London Ordinary Share GB00BDVK7088 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 88.90p 88.20p 89.60p 88.90p 88.90p 88.90p 16,697 05:00:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 3.5 -0.9 -1.3 - 71.56

Aew UK Long Le Share Discussion Threads

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NAV Update and Dividend Declaration for the quarter ended 30 September 2018 - HTTPS:// AEW UK Long Lease REIT plc (LSE: AEWL) (the "Group"), which directly owns a diversified portfolio of 17 regional UK commercial property assets, announces its unaudited Net Asset Value ('NAV') and interim dividend for the quarter ended 30 September 2018. Alex Short, Portfolio Manager, AEW UK Long Lease REIT, commented: "Across the portfolio, we have now seen two consecutive quarters of valuation growth, reflecting the strength of the individual assets that have been acquired and the favourable levels of pricing that we have been able to acquire them at. We currently see interesting purchasing opportunities in the market and are tracking a healthy pipeline across alternative and industrial property sectors." Highlights · EPRA earnings per share ("EPRA EPS") for the quarter of 1.27 pence per share (quarter to 30 June 2018: 1.25 pence per share). · The Group today declares an interim dividend of 1.375 pence per share for the quarter ended 30 September 2018 bringing the total since IPO to 4.625) pence per share. This dividend is to be paid on 30 November 2018 to shareholders on the register on 9 November 2018. The Company targets an annual dividend of 5.5 pence per Share, with an ambition to grow in future years by the rate of inflation. · At 30 September 2018, the fair value independent valuation of the property portfolio was £103.98 million (30 June 2018: £99.09 million), following one acquisition during the quarter which cost £3.94 million (see below). On a like-for-like basis, the valuation of the property portfolio increased by £0.95 million (0.96%) over the quarter (quarter to 30 June 2018: £3.43 million or 3.67%) · Unaudited NAV increased to £76.94 million or 95.58 pence per share (30 June 2018: £76.42 million or 94.94 pence per share), an increase of 0.68% · The IPO proceeds have now been fully invested, along with the £30 million of debt utilised. The Company has increased the available debt facility in order to make further acquisitions. · Portfolio activity during the period included the acquisition of Eurolink Industrial Estate, Sittingbourne for £3.94 million on 13 September 2018. This property comprises two warehouse buildings totalling 43,636 sq ft let to Dore Metals Services Southern Ltd, which has had its headquarters on the site since 2007. The lease provides a new 15 year term expiring in September 2033 and has 5 yearly RPI linked rent reviews. The transaction reflects a net initial yield of 6.3%.
Profit taken - however will keep on radar
Large trade this afternoon. 9.2% of market cap.
Closing the gap to the increased NAV reported recently...
Today's nav increase was a bit of a whopper. Must imply a pretty sharp compression in yields for the assets they are playing. Rental growth would have been modest in the quarter. Property market outside of retail is still very bullish. Lots of money chasing assets and chase for yield is back on given rate expectations and treasury yields have backed off a fair bit.
horndean eagle
SpectoAcc Always better the discuss the merits of an investment with someone who disagrees with you :-) 1) NAV can go down, as with any REIT. Like you I found this comment reassuring "the price paid for our assets has been well underpinned by our assessment of alternative use or vacant possession value" so I am not overly concerned. 2) I am expecting (and would welcome) a successful equity raise. They are sub-scale and need to get bigger. I expect, market conditions allowing, we will see it at the tail end of this year. By that time the quarterly dividends will be 1.375p and I expect the share price to be in the low 90's 3) I don't think the raise will be big enough for the stamp duty to have the same level of impact as when they started from scratch Definately not the finished article, but probably the first step in the right direction. On another note - thanks for pointing out RGL, I have been building a position over the last few days.
Why am I suspicious? A NAV increase of 4.56% in one quarter (19.5% annualised) seems wrong in the current climate. But then the huge fall in NAV in January and April was a surprise. (Even without the expenses.) Was the earlier one a mistake of some sort? Maybe they changed their valuer? Since I no longer hold I'm not too bothered, but these huge swings don't look quite right.
Happy with that update. They exactly hit my EPRA ESP of 1.25p for the quarter. The nice surprise was the uplift of 4.15p in NAV to 94.94p.
Good to see some comments on here, unfortunately I invested in the IPO with a 0.7% bonus; that with any dividends to date doesn’t make up for the 12% loss unfortunately
Ha ha we're in all the same things @Belgraveboy - not sure if that's good or bad ;) Re GRIO - everything is at risk with a Labour govnt, but fair point. I think for GRIO it's more that the ground rents gravy train has hit the buffers - no longer an expanding market, and deserves to trade at a discount. RGL - the unknown atm is why they're thinking of issuing a bond (which I don't think they'll get away). Gearing already on the higher side. But that yield.. And they've done what they said they'd do thus far. EBOX - higher fees than BBOX too, but argument is the market in EU is behind the UK market. We'll see. Isn't a LTBH for me, will try to time an exit at a decent premium. AEWL's risk isn't so much a single tenant going bust, it's another downturn - not only several tenants disappearing (Motorpoint & a gym, if I was taking bets!) but also impossible to re-let in a market when everyone's retrenching. It'll happen at some point: I just think we're nearer the top than the bottom. They promote themselves as having these massive long leases but as the retailers have shown, one CVA and it's goodbye lease commitments. [Edit - the other big risk is the interest rate when they next reschedule their debt. They seem to be buying on 5 or 6% yields, geared] Couple of big trades at 84.5p on AEWL, fwiw, sending some MMs blue.
Fair points, but: 1. GRIO, despite regulatory risk (which has so far largely failed to materialise due to Brexit taking up Parliamentary time, and which GRIO themselves aren't greatly exposed to - they've very little of the "bad" stuff, ie the doubling ground rents, and have given tenants the option to move to RPI), are notionally significantly safer than AEWL. In a downturn, or recession, or credit crunch, geared commercial property is always a bad place to be. I don't care that AEWL have long leases - if the tenant goes bust (be it a nursing home, gym, car showroom etc) then the long lease means nothing. Whereas ground rents are always paid, under threat of forfeiture. Which doesn't mean they can't be revalued downwards of course. 2. Agree that AEWL finally on a discount - but what discount is warranted? GRIO is on a much larger discount, and some sort of discount seems warranted on AEWL, be it 1%, 10%, 20%. 3. BBOX performance suggests EBOX has significantly higher to go - they're tapping into a growth area, not one which may soon be in decline as interest rates rise (I'm not a long-term holder of EBOX mind). 4. Not ruling out buying into AEWL at some point, but there's clearly stock around, as there was with GRIO (which I bought into too high, at the time at bid price on a 3p spread). 5. GRIO & AEWL both suffering for being possibly sub-scale - GRIO less so, but the discount has still ended the "raise more cash/buy more assets/make more money" gravy train, and costs end up disproportionate for both. Edit - other problem is how much value there is elsewhere - already too exposed to the "interest rates will stay low/ no recession coming" property trade with ESP, SHED, EBOX, RGL, GRIO, WHR... Wouldn't sell any of those - apart from EBOX at a sufficient premium - to buy AEWL. Eg why have AEWL when RGL is yielding over 8% on a larger discount, and certainly isn't sub-scale.
Must be the old contrarian in me, been adding over the past couple of weeks. However, only at 2% so far. In comparing to GRIO it is worth pointing out 1) the yield is significantly higher at around 6.4% once they hit 5.5p 2) it does not have the regulatory issues faced by ground rents driving values lower. Also I will put a pint on that they are now trading at a discount. I also estimate income should be around 1.25p for the quarter. I would rather be buying this here than say EBOX where you are paying 103p for 98p of cash and all the costs of asset aquisition to come and little in the way of income this year.
Reminds me of GRIO's relentless grind lower, also a semi-RPI divi payer.
They have performed rubbish sold out and re invested in EBOX
I hold LXI which is similar and seems to be doing well. Not sure what the problem is here, need to look into this one a bit.
Hi Specto I am anticipating an improving situation. Last quarter (to 31/3) they managed EPRA EPS of 1.01p. During that quarter there were four properties purchased which I estimate to be worth 0.45p per share per quarter in rental income (pre any finance costs). These would have had limited input to the 1.01p. Also, they are close to fully invested and the purchases have slowed, therefore the aquisition costs should be significantly lower which have been the main drag on NAV. That said they are sub scale, however, if they can pay 5.5p covered they will probably be able to get a capital raise away sometime over the next 12 months. So, not perfect - but at 88p a much better entry point than at IPO.
Cheap, or fair value? ;) Presumably the 1p XD in May comes off the 90.7p NAV (all things being equal) so is trading at around NAV here. Tho at least holding a divi-payer means the share price fall isn't quite as bad as it looks on the chart. Not a holder & like @Jonwig, will probably miss the turn when it comes. Edit - just looking back through the RNS's, it's a pity they couldn't get that £35m capital raising away at 99p in Feb. Don't see them getting another chance to raise at a premium - or possibly even at - NAV. In which case, is c.£80m a sub-standard size for AEWL? Doesn't sound like they want to (or should) increase gearing & now money (& £28.7m of the £30m debt facility) is spent. Could be some thumb-twiddling ahead.
Going cheap....
Great results from Motorpoint this morning - the initial yield of 5.85% on their £8m site looks pretty positive for AEWL
Specto - don't disagree. Paid a smidge over 91p so close to quoted NAV. The yield differential should be addressed by the gearing with debt fixed around 3% until 2025. Elsewhere in my portfolio I am seeing the quality end move out to premiums around 10% e.g. BBOX, SIR which creates its own concerns
@ Spec - at least "retail" not in your list! But neither care homes nor car showrooms are particularly favoured at present. Pleased to be out. Will probably miss the turn, though.
Had taken off watchlist - 6% yield maybe, but still trading above NAV (c.90.79p?) and the things they're buying, although on long leases eg 15 years, aren't going to be worth much should the tenant go bust. "The sector weighting, by value, of the property portfolio as at 27 April 2018 was: Hotels 24.0%; Car showrooms 14.9%; Student accommodation 11.4%; Residential care homes 10.8%; Industrial 20.0%; Leisure 9.9%; Power stations 5.0%; and Petrol stations 4.0%. " Also, the sort of yields they're buying at are generally at or below the yield the shares are offering - so either paying a little out of capital, or else the gearing (admittedly only 30%) is working for them. Should interest rates rise much, that beneficial effect goes into reverse. Not been too impressed with costs - over £6m, tho they claim much of that is SDRT - or valuation uplift (generally nowt). Several others beat them hands down with some effective management/sweating of assets, most available at a discount to NAV. Picking hairs tho - good luck. Will put it back on watchlist but no position yet - think it would have to be on a discount for me, or some indication they've made good purchases in spite of the low yields.
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