Aew Uk Long Lease Reit Dividends - AEWL

Aew Uk Long Lease Reit Dividends - AEWL

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Stock Name Stock Symbol Market Stock Type
Aew Uk Long Lease Reit Plc AEWL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 72.50 01:00:00
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Industry Sector

Aew Uk Long Lease Reit AEWL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

skyship: Simon Thompson tips AEWL in his IC Online article today. He concludes: Investors have been rightly cautious since then especially as the company only listed its shares on the premium segment of the London Stock Exchange in June 2017, so has a short track record. But with overheads cut, and the rent free period coming to an end, there is an opportunity to lock into a secure dividend yield of 7.8 per cent and benefit from the expertise of Mason Owen. The manager works with the likes of Lxi REIT (LXI), LondonMetric Property (LMP) and Assura (Agr), companies which are rated on hefty share price premiums to net asset value (NAV). That’s worth bearing in mind given that AEW’s share price trades 23 per cent below EPRA NAV of 94.63p even though the company has a modestly geared balance sheet (36 per cent loan-to-value ratio), 100 per cent occupancy rate and a weighted average unexpired lease term of 20 years to the next break. The board will also be changing the company’s name, details of which will be announced shortly. Having advised buying the shares just above the current price in my October 2019 Alpha Report, I feel that AEW’s share price discount to NAV should narrow markedly in the coming year to complement returns from four quarterly dividends of 1.375p a share. Buy.
davebowler: Liberum:AEW UK Long Lease REIT Board targets 50% reduction in advisory costs Mkt Cap £60m | Prem/(disc) -20.6% | Div yield 7.4%EventAEW UK Long lease REIT has appointed Mason Owen and Partners as the company's investment adviser with effect from 9 April 2020 (taking over from AEW UK Investment Management). Mason Owen and Partners was established in 1967 and is a full service agency that manages £500m of property. King Capital Consulting has been appointed as the consultant portfolio manager. King Capital is led by David King, non-executive Chairman of CBRE Asset Management Services. In addition, a number of other service providers to the REIT have changed with the appointment of a new AIFM (Langham Hall Fund Management LLP), Company Secretary (Hanway Advisory Limited) and administrator (Westlake Clark Limited). The board expects the dividend to be fully cash covered from 1 July 2020. It also expects the changes to the company's service providers will achieve a 50% cost saving of the historic level of recurring annual overheads. Separately, the interim results for the period to December 2019 were published today. All of the main figures were previously reported in the Q4 update. NAV total return in the half-year was 2.7%. EPRA EPS rose 6.6% to 2.87p (six months to 31 December 2018: 2.69p). This includes non-cash items such as accruals to reflect minimum contracted uplifts over the term of the leases. Cash dividend cover was 0.81x for the period.?Liberum viewThe individual fee levels on the new agreements have not been disclosed but the targeted 50% decrease in service provider costs appears ambitious. The existing investment manager is currently paid a management fee of 0.75% of NAV. In FY 2019 (June period end), total operating costs were £1.16m (1.5% of NAV), of which 47% related to the investment management fee. The achievement of a fully cash covered dividend requires an improvement in cash earnings of £0.57m pa from the run-rate Q4 2019 (0.87x cash covered dividend). The board has again reiterated its longer-term goal of growing the company but we see that as highly challenging given the current scale and rating. Real Estate 
spectoacc: Agree with all comments above. Suspect the "..Raise more capital.." is nothing more than an aspiration, hence the move to significantly lower costs (&, as noted above, expertise). In theory, AEWL doesn't need purchase/sale expertise, it has its portfolio, it's paying out all (and currently more) of its income. Again tho - the market adores the management at AEWU, and hates it at AEWL. Same management. AEWL one of the few yet to revalue from the GE result, with a possible long overhang, but if you're in it for the yield and value, who cares.
davebowler: Liberum:   AEW UK Long Lease REIT Improving cash dividend cover ? Real Estate  AEW UK Long Lease REIT  Improving cash dividend cover  Mkt Cap £59m | Prem/(disc) -23.1% | Div yield 7.6% Event AEW UK Long Lease REIT's NAV per share at 31 December 2019 was 94.6p, representing a 1.6% NAV total return in Q4 2019. The portfolio valuation movement in the quarter was broadly flat after stripping out the recurring rent-smoothing charge and the reversal of a prior capex provision. The weighted average lease term to first break is 20 years.  ? EPRA EPS for the quarter increased 12.9% from Q3 to 1.52p per share, representing a dividend cover of 1.11x for the quarter. This includes non-cash items such as accruals to reflect minimum contracted uplifts over the term of the leases. Cash dividend cover was 87% in the quarter (74% in Q3 2019). The board intends to announce the actions it is taking to reduce costs with the aim of producing a fully cash covered dividend with effect from the financial year commencing 1 July 2020. The current manager's tenure will finish on 9 April.  Liberum view The company has generated a cumulative NAV total return of 2.9% in 2019. Performance in H1 was impacted by the Meridian Metal Trading administration. The cumulative NAV total return since inception in June 2017 is 7.3%. Acquisition costs have been a major drag on performance and have reduced NAV by 9.8%. These were largely in line with what the board and investors should have expected given the company's gearing target. We await the board's proposed actions but we see the longer term goal of growing the size of the company as challenging given the current scale and share rating. 
skyship: Well, I added this morning as the figures, both Dividend cover and NAV, were far better than I expected. I had thought that they might temporarily cut the dividend so as to have full year cover; but the stats show not really necessary. At 72.5p the discount = 23.4% & the yield = 7.6%.
spectoacc: Lol. Still a ways to go on that SUPP Not Asset Value methinks. All those press reports before Xmas of block sale out of WEIF seem to have come to nought. (Actually - thinking about it - wonder if a block sale of unlisteds will be sufficient to avoid Link taking the red pen to the SUPP holdings. And wonder what/when the c.10% of SUPP held in WEIF gets dumped, I've yet to see it happen). Back on topic - has felt for ages like AEWL has a near-forced seller, possibly based on market cap or strategy change, and that that has been holding it back (& will continue to). On WHR - I'd definitely be selling if I still held :) But I accept that Boris & Hansteen may have made for a step change in industrials valuation. Wonder if we have to get this uncovered divi year out the way on AEWL first - including the manager change, including no more Meridians coming out the woodwork.
spectoacc: Agreed @chucko1. On everything else I'm watching, the seller (be it Invesco or other) appears to be on pause this week, as you might expect. So some renewed selling wouldn't surprise me. But as you say - who cares! By far the "cheapest" around, plenty of inflation protection (which methinks is going to become an issue with Trump's deficit spending), fat divi while-u-wait. Volume of buys suggests a pop-up eventually too. Is about the only one yet to have a Boris bounce (perhaps RLE too, for special seller reasons). Was thinking what a fair price is on AEWL - 90p+ I'd say. Still a discount, divi will be covered once Meridian rent-free out the way, rents contractually rising each year. Next point of interest will be who the new manager will be. Interesting to see Alex Short hated at AEWL, adored at AEWU. Happy new year to you too.
davebowler: LIberum; 1.1% NAV total return for Q3 Mkt Cap £61m | Prem/(disc) -20.3% | Div yield 7.3% Event AEW UK Long Lease REIT has announced a Q3 2019 NAV of 94.5p per share, which represents a 0.4% decrease compared to June 2019 and a NAV total return of 1.1% over the quarter. Despite small valuation gains of 0.09p per share, the recurring rent smoothing charge of 0.36p per share meant that the net valuation of the portfolio decreased by 0.27p per share. EPRA EPS for the quarter increased 0.4% from Q2 to 1.35p per share, representing a dividend cover of 98.0% for the quarter. Cash dividend cover was 74% in the quarter. The weighted average unexpired lease term to first break or expiry for the portfolio is 20.2 years. AEWL has fully drawn its £41m loan facility, resulting in a loan to GAV of 34.3% at 30 September 2019. The weighted average cost of the facility is 3.2%. Liberum view The value of AEWL's portfolio remains robust despite the headwinds in the sector. We would expect this to continue given the fact that 92% of rental income is benefiting from growth linked to inflation, with 71% being linked to RPI. RPI is expected to grow at an average of 2.8% over the next three years, which represents a good opportunity for the company to achieve a fully covered dividend. The company is aiming to deliver a fully cash covered dividend by the start of FY 2020.
spectoacc: @JH27 - can you back up your comments? I've not seen many cliff-edge breaks? I do think some of the assets are slightly iffy - the two care homes in particular. Also the Audi garage, and Motorpoint, though noteworthy that MOTR are, ahem, motoring, and Audi have spent a lot on their site. Https:// AEWU has performed much better, not far off NAV, divi fully covered - seems unfair to tar them with the same brush. AEWL has had a seller for a while - still going IMO - just as AEWU has had on a couple of occasions, which have been great entry points. There's a fair bit of index-linkage with AEWL, which justifies a lower yield and smaller discount than it's currently on IMO. It's being rated as if the "L" wasn't there. (Meridian was a shocker, and Alex Short rightly going to get the boot from managering AEWL, but "demise" is too strong a word - got bought out, and the rent will resume at the same level after the rent-free period. Not the disaster it at first seemed). Edit - LXI, good co, absolutely no interest in it at a premium tho. One thing we do agree on - AEWL are unlikely to be able to raise more money anytime soon.
skyship: Below are a few comments on dividend policy, the last two within the past week. Might the suggestion here be that we will see a slight dividend cut this year to, say, 4.75p; then hopefully restored to 5.5p for Jun’21 when the Meridian rent kicks back in. ============================================== 09/08/19: “Without this accrual and non-cash adjustment, the cash earnings were 4.86 pence per share (unaudited) reflecting 88.4% cash dividend cover for the year.” 07/08/19: “The Board of AEWL will implement a cost reduction exercise, with the objective of delivering a fully cash covered dividend, at or close to the original dividend target indicated at the time of the Group's IPO, for the entire financial year ending 30 June 2021.” 08/09/17: “The Company is targeting an annual dividend of 5.5 pence per share paid quarterly, once fully invested and levered, with an ambition to grow in line with UK inflation thereafter.”
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