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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Aew Uk Long Lease Reit Plc | AEWL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 72.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 72.50 | 72.50 |
| Top Posts |
|---|
Posted at 02/3/2020 13:09 by 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. |
Posted at 14/2/2020 22:47 by williamcooper104 So true; v glad I bailed out on that one when I realised that being having difficulty selling (had a v large position at the time relatively) meant that no matter how safe the asset class was it was better just not to be in it in a major way And ground rents really are a truly AAAA (as in better than gilts) asset class in terms of pure credit risk - but they've got a huge amount of political risk Commercial ground rents have more credit but much less political risk (consenting adult/corporates as tenants not individuals) but alas as a private investor you can't access them |
Posted at 06/2/2020 09:25 by 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%. Acquisiti |
Posted at 05/1/2020 16:56 by skyship All about the price - Absolutely. Certainly the most important factor for a more short-term investor seeking value. That is the only reason I'm back into RLE; though only a few. Hoping to make a 5%-10% turn, as I did last Spring. |
Posted at 03/1/2020 17:11 by chucko1 Yes, the AEWU/L divergence is remarkable. I am taking this opportunity of shedding layers of WHR and AEWU and smaller parts of RGL into the likes of AEWL and RLE on account of their current lack of lovers (well, in size if not in quantity).SQN and VSL both still appear to be fully able to produce high levels of income (over the medium and long term), so trading the REITs which are now at a premium is really a capital recycling exercise - I still like them but now only have around 60% as they have rarely been at such premia (WHR in particular). But as some of you may recall, I have no issues at all over these things trading at premia - it’s the security of the rental income which matters. If the valuers see fit to apply high discount rates to that income, this is what provides the opportunity. Some of them are stupid and have no idea what they are doing - some of them are bright and have no idea why they are doing what they are doing - some of them are bright and know what they are doing, but are somewhat bounded by generally accepted valuation methods. There may well be other permutations which involve alcoholic intake, but I have no direct experience of this, only what has been reported to me! Then there are those who everyone assumes are bright (pinching methodology from the models written by the better Wall St. banks), but also are completely out with the fairies. They just don’t understand where some of the model inputs come from (which tends to be more important in times of market stress). As I read all these posts on all these REITs, I find it notable how few talk about the quality (or otherwise) of management. Nothing could be more important. Simply saying something is office or retail or whatever is just a part of the story, and not the main one. But the discount rates also pay little regard to this (though, as many CDO investors painfully found out, no one [especially ratings agencies] made good calls on this either). Given all the above, I would still expect to own certain assets at premia upwards of 20%, though having sold significantly along the way. |
Posted at 06/12/2019 09:50 by jh27 The gating of the M&G property fund doesn’t help... it highlights the illiquidity in the real estate market. And even though this is a REIT and so, in theory, investors can cut and run at a discount, there is no liquidity in this stock so shareholders are effectively “gated”. |
Posted at 23/5/2019 13:58 by spectoacc Completely missed this, released after the close last night."Alex Short, Portfolio Manager, AEW UK Long Lease REIT, commented "Prior to going into Administration MMT settled its full rent due in respect of the quarter ending 24 June 2019. We are very pleased to have secured assignments of all three leases at our Dudley and Sheffield sites, minimising the overall impact on the valuation of the portfolio. All other properties in the portfolio either retained or increased their value during the quarter. Investor demand in the long lease sector of the market generally remains robust and AEW UK remains committed to achieving the best outcome for the investors of AEWL". Generally positive, they've assigned all 3 leases, with a guarantee from a stronger (we now know!) counterparty. But - there's a 12 month rent-free, and also a NAV drop to about the middle of the range on Meridian. Divi cover inevitably slipping too. NAV over 93p for shares at 82p, but there's more to prove, and it's gone very quiet on the possible management changes/sale. |
Posted at 10/4/2019 14:34 by johnwig This reminds me of WPCT. All the silly small investors including me piled in at 100p and now are holding on for grim death at 83p exactly the same as WPCT is currently. WPCT, of course has far brighter prospects for the future. |
Posted at 24/11/2017 10:01 by spectoacc Interesting re M7:" UPDATE ON IPO M7 Multi-Let REIT plc, a newly established closed-ended investment company, announces that it has decided not to proceed with its planned Initial Public Offering at the current time. The Company received an encouraging response from prospective investors and the process has resulted in a number of these providing private funding to acquire the initial portfolio of properties ("Initial Portfolio") and pursue the pipeline opportunities that have been assembled (the "Pipeline"). Richard Croft, Chief Executive Officer of M7 Real Estate, commented: "Throughout the IPO process we received positive feedback and a strong level of investment indications from prospective investors. However, a number of investors expressed an interest in acquiring the Initial Portfolio privately. This, combined with the current market conditions and the volume of recent issuances focusing on UK real estate, led the Board to conclude that the Initial Portfolio and Pipeline would be better funded privately over the near to medium term. We are grateful for the support and commitment of the investor community and may revisit a potential listing over the coming 12 months."" |
Posted at 08/11/2017 13:53 by davebowler Citywire;Aviva targets 5% yield with £200m launch of first Reit By Michelle McGagh 07 Nov, 2017 Aviva targets 5% yield with £200m launch of first Reit Increasing demand from investors has seen Aviva Investors plan to float its first real estate investment trust (Reit). The fund group is aiming to raise £200 million in the initial public offering of the Aviva Investors Secure Income Reit on the London Stock Exchange. The Reit will hold a portfolio of long-lease property assets, typically with a minimum lease length of 10 years and a targeted weighted average length of 15 years to expiry. It will invest in buildings across the UK that are rented to ‘investment grade’ tenants, such as well-known companies, to reduce the risk of defaults on rent payments that impact the income stream to investors. Renos Booth, who will manage the Reit, said the fund would invest in ‘core’ property assets such as offices and industrials that were leased to ‘fit for purpose [businesses] and strong trading stores’ such as supermarkets. It will also invest in the alternative property sector, identifying ‘university assets, hotels, and even healthcare’, said Booth. Aviva Investors is already the UK’s largest real estate manager, with £24 billion of properties under management. It has already identified a portfolio of £85 million comprising of a hotel and GP surgery in the South East, an office in the North West and a supermarket in the South East. There is a follow-up pipeline of £400 million. The fund will target a total return of 7% a year over the medium term, including a dividend yield of 5% a year, starting at 3% in the first year. It will aim to increase the dividend in line with inflation. ‘The product will provide a secure but growing income that will grow broadly in line with inflation and provide lower volatility,’ said Booth. He added that the FTSE was at a record high while gilt yields were at a record low, leaving investors with nowhere to turn for income. ‘We’re offering an attractive yield supported by an alternative asset class and that yield does not come at any additional risk,’ said Booth. ‘It’s a defensive play, we’re not trying to capture double-digit growth, but offer predictable yield.’ Aviva Investors runs a similar property-focused fund called Lime Property. The £1.9 billion fund is only open to institutional investors such as pension funds. Booth said the experiences of Lime Property, which is the ‘least volatile real estate fund in the market’, would be transferred to the Reit, although the institutional fund does not employ gearing while the Reit will. ‘It’s a different structure and ungeared but what we are looking to invest in is not dissimilar,’ he said. The institutional fund invests in slightly longer leases, averaging 20 years, while the 10 years-plus leases being targeted by the Reit will mean the yield will be higher. Launch of the Reit marks a return to the closed-ended trust space for Aviva, whose former Morley fund management group used to run the Morley Absolute Growth investment company. Aviva has instead had an impact on the sector by its large-scale selling of a number of investment trust stakes acquires as part of its 2015 takeover of Friends Life. |
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