Aew Uk Reit Dividends - AEWU

Aew Uk Reit Dividends - AEWU

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Stock Name Stock Symbol Market Stock Type
Aew Uk Reit Plc AEWU London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.80 0.7% 115.00 16:29:50
Open Price Low Price High Price Close Price Previous Close
113.80 113.80 115.20 115.00 114.20
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Industry Sector

Aew Uk Reit AEWU 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: chucko - yes, I believe I am one of those making that mistake with AEWU. Still, so many other ones to play. I hold your BREI, EPIC & SREI; but also AIRE, HCFT & MCKS.
chucko1: Over the past 12-18 months or so, there has been ongoing concern about the "payability" of the dividend. To me, from the manner in which assets have been sold and bought, and also from the concrete statements from the management, the dividend being paid at 8p has never seriously been in doubt. It is manifestly affordable. Perhaps not always covered by cash, but clearly that is because they have been constantly recycling, and to significant shareholder benefit. What would shareholders prefer? To be 100% invested in perpetuity but lose the benefit from certain realisable makrket gains and development opportunities? I expect that some potential investors have talked themselves out of buying AEWU at much lower prices owing to this dividend misconception. That said, I prefer certain alternatives right now as I see AEWU as being rather keenly priced for the relative risk. SREI, BREI and EPIC for instance. And SUPR still cheap for the very low risk.
kenmitch: Arguably it’s far too late ST cottoning on to AEWU. AEWU is by far the best performer in my own REIT portfolio (up 70% and 100% if including dividends). Best of the others is SERE up just 43%. And AEWU once big near 40% discount has gone to small premium. Meanwhile others on similar dividend yields are still at sometimes double digit discounts:- I’m happy continuing to hold AEWU as the near 13% dividend yield (if held and they managed not to cut it last year) at my buy price itself justifies holding even with little if any further share price gains. But monthly dividend payer EPIC, with another dividend increase likely very soon, looks a better buy if opting for one now.
kenmitch: Interesting to see too that the once huge discount to NAV has narrowed almost to par without recourse to buybacks, except for one of 200,000 shares ages ago. AEWU also held their 8p dividend. I’m pleased with the performance of all my IT REITs but AEWU up 75% excluding dividends is best performer of all and yields 13% at my buy price. Happy too with SREI performance though it lags AEWU but unlike AEWU, SREI is still on double digit discount to NAV despite regular buybacks a while ago. I know my negative opinions on Investment Trusts buying back is a minority view, and one the excellent SKYSHIP strongly disagrees with, but AEWU supplies imo clear evidence that it can be far better investing in the business successfully to get the discount down rather than trying to do it via expensive buybacks with money that could have been used for bargain buys.
spectoacc: "AEW UK REIT plc Dividend Payment - PID tax deductions Further to the announcement on 21 July 2021, AEW UK REIT plc ("AEWU" or "the Company") made dividend payments on 31 August 2021 to shareholders on the register as at 30 July 2021. The dividend of 2.00 pence per share was designated 1.00 pence per share as an interim property income distribution ("PID") and 1.00 pence per share as an interim ordinary dividend ("non-PID"). The Company has been advised by its registrar, Link Group (the 'Registrar'), that some investors, who had previously elected to receive PID distributions gross, have received the distribution net of 20% withholding tax. Accordingly, the Registrar will be contacting all impacted investors with details of the additional distribution to be paid to rectify this issue."
thetrotsky: Anybody know why some property income distributions (PIDs) are received gross by ISAs and SIPPs whilst others are recevied net? The dividend paid by AEWU on 28/05/21 was declared a PID but I received the dividend gross whereas half today's dividend was declared a PID and half the dividend has been paid net accordingly. I appreciate that the the tax credit will be recovered by the ISA/SIPP provider but am left somewhat confused and complexed as to why some PIDs are having tax deducted and others not; there's no consistency. It's not just AEWU; I have PIDs from other REITs that are being paid gross as well.
kenmitch: AEWU performance over 5 years is very good and as long as it can be held, that still very big dividend (8%ish even after the big share price gain) is a big plus. Bearing in mind the excellent short and long term performance the NAV discount disappearing is arguably justified. As I’ve posted (and I know annoyed in doing so) many investors prefer dividends to buybacks and if those dividends are in a REIT that outperforms then that’s even better. Compare for example the performance of AEWU who don’t buyback with SREI who do. AEWU share price is up 69.5% over 1 year, 27% over 3 years and 43% over 5 years. SREI share price is up just 8.7% over 1 year and DOWN 20% over 3 years and DOWN 13% over 5 years. Sector average is up 20.4 over 1 year, down 5% over 3 years and down 2% over 5 years. So AEWU has way outperformed the sector and SREI way underperformed throughout. What about NAV? Again AEWU has way outperformed and SREI underperformed but not as badly as the share price return. Sector NAV is 0.4 over 1 year, 2.6 over 3 and 17 over 5 years. AEWU NAV is 9.9% over 1 year, 25.2 over 3 years and 47.4 over 5 years. SREI NAV is 0.1% over 1 year, MINUS 2.6% over 3 years and MINUS 2% over 5 years. Do these figures support the argument that what matters is the quality of their investment portfolio ahead of trying to help the share price and NAV via artificial means like buybacks? SREI buying back shares since last September is still at a big discount. AEWU not buying back has seen the big discount go to zero. I hold AEWU and SREI, hoping better times are ahead for SREI.
spectoacc: A little disingenuous when the portfolios were constructed by the same manager :) AIRE: "A quarter of the Group's rent is derived from the hotel and leisure industry, which has been particularly adversely affected by the COVID-19 related lockdown measures enforced during 2020 and, indeed, most remain closed. As a result, the Group currently has arrears from this sector equal to c.8.0% of its 2020 rents, which, when combined with the remedial work that the Group completed in December 2020 to ensure that its property in Swindon conforms with current Building Regulations, has impacted the Group's cash position, resulting in a lower dividend declared today in respect of the final quarter of 2020. The Board continues to target a resumption of a fully covered annual dividend of 5.5 pence per share1, all else being equal, by September 2022." A reminder AEWU was 9% short of rent (collected 90%, 1% more due) at last report. AIRE now has a covered divi. Unlike at AEWU where it's uncovered (but will continue to be paid: I don't expect AEWU to have any reason to cut). And NAV also up. Hard to choose between them in truth - AIRE is collecting slightly better, AEWU had a higher NAV increase, AIRE lower but covered divi, AEWU paying out of capital. Neither have any LTV issues. Price & inflation protection has me far more in AIRE than AEWU atm.
davebowler: Liberum; AEW UK REIT Industrial value uplift caps strong year Mkt Cap £127m | Prem/(disc) -16.7% | Div yield 10.0% Event AEW UK REIT's NAV per share at 31 December 2020 was 95.9p, representing a NAV total return of 5.5% in the quarter. Q4's strong performance benefited from a 7.6% like-for-like revaluation gain on the industrial assets (56% of the portfolio). The overall portfolio valuation rose by 3.4% on a like-for-like basis in Q4, well ahead of the capital return of 0.6% for the MSCI IPD Index. The valuation movement by sector over the quarter was industrial +7.6%, office -0.7%, retail -1.1% and other -3.5%. The portfolio has benefited from asset management initiatives including a number of lease extensions. Several of the industrial assets have experienced rental uplifts from new lettings and rent reviews: Sandford House, Solihull - AEWU has agreed the sale of Sandford House for £10.5m, 9% ahead of the prior book value. The sale price is 94% above the acquisition price and the disposals follows a new 15-year lease with the tenant in July at a 30% premium to the prior passing rent. Bath St, Glasgow - Contracts have been exchanged for the conditional sale of the office property to IQ Student Accommodation, conditional on planning permission for a 480 bed student property (final sale price will be within £8.6m to £9.3m range). Moorside Rd, Swindon - A new letting was agreed with HB Accident Repair Network in November, just two months after the administration of the prior tenant, Tenant Nationwide Crash Repair Centres. The passing rent on the new ten-year lease is 10% ahead of the prior rent. Sarus Court, Runcorn - A new 10-year lease to Di-Tec Power was 3% ahead of ERV and sets a new high tone of £5.65 per sq ft for the estate. Storeys Bar Road, Peterborough - A 15-year lease renewal has been completed with one of the company's largest tenants, Wydenham, resulting in a 19% increase in the passing rent. Brightside Lane Sheffield - A rent review settlement has been agreed, resulting in a 7% uplift to passing rent (also 7% above ERV). Rent collection for the December quarterly payment date is expected to be broadly in line with the prior quarter. 64% of rent for Q1 2021 has been received, rising to 92% once monthly payments and longer term payment plans are included. An additional 1% is under negotiation. AEWU - rent collection by quarter Q2 2020 Q3 2020 Q4 2020 Q1 2021 Received 95% 89% 87% 64% Monthly payments 26% Agreed on long-term payment plans 2% 3% 4% 1% Under negotiation 2% 4% 1% 1% 99% 96% 91% 92% Outstanding 1% 4% 9% 8% Total 100% 100% 100% 100% Source: Liberum, Company data EPRA EPS rose 5% to 1.68p for the quarter (0.84x dividend cover). The dividend has remained stable at 2p per share for Q4 2020. Dividend cover has reduced since the sale of the Corby asset in May at a 25% premium to NAV. Q4's EPRA EPS was reduced by 0.21p as a result of provisions against rental income (-0.13p) and remedial works at the Blackpool property (-0.08p). AEWU completed the acquisition of the multi-let industrial asset in Weston Super Mare for £5.4m (6.4% net initial yield, expected to rise to at least 7.4% over the medium term) and dividend cover should improve in 2021 as further acquisitions complete. The balance sheet is in excellent shape with gross and net LTV ratios at 31 December 2020 of 21.6% and 17.5% respectively (23.1% and 15.3% at 30 September). AEWU can draw up to an additional £13.7m to fund new investments.. The company's cost of debt remains very low (1.45% average cost of debt) as it is hedged using caps. Liberum view AEWU has generated a highly creditable NAV total return of 7.3% in 2020 despite the significant volatility impact on property markets. Rent collection has remained high and new lettings have typically been above passing rent and ERV. The company's strategy is to invest in buildings with low obsolescence, focusing on good commercial locations with low levels of supply. The portfolio has benefited from a strong letting performance and other accretive asset management initiatives. The portfolio offers considerable scope for further growth given the weighting to industrial assets with low rents and capital values. The industrial properties are valued at £39 per sq ft, c.44% below construction costs (excluding land). In the period from 31 December 2016 to 30 September 2020, AEWU has outperformed the diversified REIT peer group by 17%. Several factors have contributed to this including asset selection, sector weightings (high industrial and low retail exposure) and a high level of recurring income. AEWU has tight control over costs with the lowest interest rate in the peer group and one of the lowest EPRA cost ratios. We believe AEWU will continue to outperform peers given its significantly higher level of recurring income. We believe the shares are highly attractive at the current 17% discount to NAV (10.0% dividend yield).
gez: Is this UK Reit a bargain on a 12% yield and 26% discount? By Michelle McGagh, Gavin Lumsden 02 Jul, 2020 6 Comments Is this UK Reit a bargain on a 12% yield and 26% discount? Laura Elkin, co-manager of AEW UK (AEWU) real estate investment trust (Reit), has urged investors to consider a flight to good value after a coronavirus slump left its shares looking extraordinary cheap on a 26% discount to net asset value and a 12% dividend yield, the highest in its sector. The Covid-19 pandemic has heightened a polarisation in UK real estate in recent years that has seen Reits holding long leases and exposed to industrial and logistics properties bid up at the expense of generalist commercial property funds such as AEWU, a ‘flight to security’ Elkin called it in an interview with Investment Trust Insider. The trust’s annual results published last month suggest a more nuanced approach may be justified. Certainly, three months into the economic and health crisis it is worth asking if AEWU has been oversold, its shares slumping a third this year, from 99.8p to 67.8p, despite a 25% rebound since its 18 March low of 54.2p. After all 48% of the £107m trust’s assets are in the favoured industrial sector with a relatively low 12% in struggling retail. The results for the year to 31 March revealed a 5.5% fall in net asset value but a 7% increase in earnings per share that meant 8p per share in quarterly dividends were covered. ADVERTISING Ads by Teads Liberum, the trust’s broker, forecasts the dividend for this year will only be 7% uncovered on the basis that rent collection at 84% is resilient given the scale of the disruption from the lockdown. Of course, the double-digit yield indicates the threat of a potential dividend cut, a point the trust’s board acknowledged given the extreme uncertainty over how long the UK recession will last. But Liberum analyst Conor Finn points to the self-help AEWU has taken, last month selling a Corby property at a 23% over book value with cash from the disposal reducing net debt to 14%. Since the financial year-end lease renewals and restructurings have added 4% to the net asset value. Elkin, who runs the Reit with Alex Short, said the discount and the fact Reits in the ‘balanced̵7; category have remained ‘out of favour’ was ‘disappointing’. ‘Most of the [Reits] that we have seen recover quickly have been those that focus on higher income and very specialist sectors,’ she said. ‘That’s been the trend over the past couple of years; a flight to security.’ Long can be wrong However, she believed the focus on longer-dated income and long leases was misplaced due to the high cost of securing these stable income streams. ‘When we buy our assets they are not at a price that is very inflated like long leases, and a more in line with their fundamental valuation,’ she said. ‘If you are buying a 25-year lease at a very strong yield, that inflates the price [of the asset].’ Although longer leases are seen as safer bets, Elkin pointed to recent problems with Travelodge, which has entered into a ‘company voluntary arrangement’ (CVA), as proof that it is not totally secure. The CVA has forced Travelodge’s landlords to renegotiate rents and Secure Income Reit (SIR) has had to write off £14.4m of rent from its 123 leases with the budget hotel chain, which accounts for 12.9% of the £924m portfolio’s total rent. ‘When the market experiences volatility, and something like Travelodge, [with longer lease trusts] you have a much longer way to fall before the value is propped up by the fundamental value [of the asset],’ said Elkin. Managers AEW have had their own problems with long lease investments. The former AEW Long Lease trust sacked the fund manager and renamed itself Alternative Income Reit (AIRE) following a strategic review prompted by its largest tenant Meridian Metal Trading temporarily falling into administration last year. Alternative use Elkin argued that generalist property investors also have the benefit of being able to find ‘alternative use’ for their assets to boost returns. ‘Our property is supported by its fundamental value and its alternative use value,’ she said. AEW’s sale of the 35-acre car storage in Corby for £18.8m came two years after buying it for £12.4m, with the large mark-up partly due to the managers creating alternative use plans. Elkin said the asset yielded over 10% a year and the sale price achieved was 25% ahead of the asset’s value immediately prior to sale due to the ability to develop the land that came with the property for both residential or industrial use. ‘New-build residential and logistics would both create more value,’ said Elkin. ‘Because of the work we had done on the business plan we could say we wanted 25% [more] reflect the value that could be created.’ Pinpointing alternative uses will continue to be a strong trend for UK commercial property, particularly the development of residential property. ‘We have an industrial asset that we are in discussion about with a national house builder because they want to investigate the site for potential development and we are quite alive to that for the future,’ she said. Comments Rob Walker5 hours ago Whatever the comparative advantage of Industrial vs retail property, I can't see how property values and rental income will return anywhere near to that 99p valuation anytime soon. The real effect on struggling companies has yet to materialise while government support is still active and I suspect the forecast 7% income level will be short-lived. Reply Report this! Julian Stevens5 hours ago But for how long is a yield of 12% likely to last? Reply Report this! Jim Downie4 hours ago I hold this with quite a few others as I’m retired and to its credit unlike others it has paid full income through the current crisis - still a fair hit on capital but I’m not too worried about that if income can be maintained Reply Report this! Ian Marshall3 hours ago @Julian Stevens IMO dividend yield is not the point if its your own money which is being cannibalised. The reason I bought AEWU is the relatively low cost of each of their portfolio properties, the opportunity for enhancement, the reasonable borrowing level, the trust size and, yes the dividend. Although I am showing a 30% loss I will stick with it and hope it’s value improves without any risk of liquidation at low value. Reply Report this! Tony Taylor3 hours ago The inevitable rise in inflation warned about by the BoE this week will see property values rise considerably over the next 5 years. I'd rather be in now than late to the table. Reply Report this! DWi2 hours ago Bit confused about the charges for this REIT. Harg Lans's "At a glance" summary doesn't show any TER (strangely), but the KID shows a horrendous 1.42% transaction costs PLUS 3.49 other ongoing costs. AEW's quarterly (Q1 2020) update quotes annual management charge of 0.9% of invested NAV. Which is accurate? Reply Report this! Hide all comments
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