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Share Name Share Symbol Market Type Share ISIN Share Description
Aew Uk Reit Plc LSE:AEWU London Ordinary Share GB00BWD24154 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.40 3.02% 81.80 80.20 82.80 81.00 79.00 79.20 243,175 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.8 3.7 2.4 34.1 130

Aew Uk Reit Share Discussion Threads

Showing 926 to 949 of 1000 messages
Chat Pages: 40  39  38  37  36  35  34  33  32  31  30  29  Older
DateSubjectAuthorDiscuss
23/7/2020
10:19
Yes agree. With sale of biggest asset the net LTV is very low at only 13.5% so they have plenty of firepower. They need to ask themselves does it make more sense to buy property or buy back shares? I see industrial is now over 52% of the portfolio and this sub sector does not come with a material uncertainty clause now so the stated NAV is well backed.
hugepants
23/7/2020
09:40
Not normally a fan of share buybacks however in this case it will have an immediate increase to NAV and income per share, with very low transactional cost and risk compared to buying an actual property. On a 100% covered basis the yield is 9.7% at 74p
2wild
23/7/2020
08:51
I topped up a few here. Clearly some of the portfolio remains distrssed as far as rent collection is concerned but this is in the price in my view. 11% dividend yield is not to be sniffed at. I assume if rents do remain uncollected then NAV review might result in that coming down a bit so the discount to NAV might be a bit of an illusioin until we get more clarity on that.
loglorry1
23/7/2020
08:14
Share buybacks for an asset-based company are essential tools. Why pay 8pps dividend out of thin air? As and when a good property is for sale, I would gladly subscribe to any shares issued from Treasury, as would others no doubt. Share buybacks more generally seem to undervalue the real utility of cash. Cash may earn zero right now, but that’s not the point.
chucko1
23/7/2020
07:46
Buy-back is interesting - justified with the NAV gap I think, but a fair point about buy-backs in general. Seems to say they've no better use for the Corby money, which I think is valid - prices have yet to fall. The cash risks being a drag on performance & some credit to them not splurging it on something. They'll save 8p pa dividend on every share they buy :)
spectoacc
23/7/2020
07:19
Divi not quite covered this qtr but NAV up thanks to the disposal, & seems to read v well overall IMO. Once again, AEWU managed brilliantly, when same team got the boot from AEWL.
spectoacc
21/7/2020
16:34
Thought so too. They mentioned mid July at the presentation
macroninja56
21/7/2020
13:27
We should get a NAV and dividend update this week
hugepants
09/7/2020
06:58
Thanks @nickrl.
spectoacc
08/7/2020
23:17
Shieldbug recording of meeting worked fine and they will update with full Q&A in due course. Nice platform actually and questions were answered without filtering and much better than the big broker/research firms dominating you get with big propco's. Could have done with a bit more detail on rental collection and whilst selling Corby was good for cash they've got a fair chunk of rent to replace now and need to be careful as everybody's after industrials now so bound to be bid up.
nickrl
08/7/2020
11:57
Thanks gre. Previous meetings on this platform were ok and generally I like it.
shieldbug
08/7/2020
11:48
sheildbug - it appears that nobody could enter this meeting online due to a technical problem. Investormeet are recording the meeting and will send out a link to the recording later. Bit annoying as you say but hey these things happen from time to time. Thanks for the update jombaston
gre
08/7/2020
11:47
I couldn't get in either but I dialled into the phone line. Sounds like there is a decent chance that the 2p div will be maintained for the next quarter. It won't be fully covered but close and collections are going well v previous quarter.
jombaston
08/7/2020
11:39
Couldn't get into this meeting. Bit annoying.
shieldbug
03/7/2020
12:32
Investor Presentation.
skinny
03/7/2020
10:39
Nice 4% rise this morning.
2wild
03/7/2020
09:30
The AIRE-related comments had a certain irony: "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." Before she got sacked from co-running AIRE, one of the features of their purchases were the "strong residual/vacant values", quickly shown to be at odds with reality by the Meridian Metals fiasco.
spectoacc
03/7/2020
00:45
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]...to 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% p.as. 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
gez
02/7/2020
21:05
Mind sharing some of what it says as it requires registration and I'm not a company :)
badtime
02/7/2020
19:53
Https://citywire.co.uk/investment-trust-insider/news/is-this-uk-reit-a-bargain-on-a-12-yield-and-26-discount/a1375512?ref=investment-trust-insider-latest-news-list
spectoacc
02/7/2020
17:46
Interesting tick up today
a0002577
29/6/2020
16:19
Added a few more.
skinny
26/6/2020
19:05
Quite impressive all round. Who'da thought?
chucko1
26/6/2020
10:36
Well done Skinny! The power of bulletin boards to influence change......
redhill9
Chat Pages: 40  39  38  37  36  35  34  33  32  31  30  29  Older
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