Aew Uk Reit Share Discussion Threads

[ramellous] 31/8/2023 12:29

Yes this morning with ii

[skinny] 31/8/2023 12:14

Has anyone received their dividend today?

[nickrl] 16/8/2023 16:29

@CDV it isn't but there is the risk of the vacant store costs being added as well. I finally got around to listening to the CAL update and they said that they've had unsolicited interest in their wilkos so may actually be beneficial although suspect depends on the location.

[cruelladeville] 16/8/2023 13:09

~1.6% of rental IIRC is from Wilko at AEWU. I don't think that's significant.

[nickrl] 26/7/2023 20:12

Good presentation feel like they are warming upto a capital raise

[aeonflux] 25/7/2023 23:08

Investor presentation is up on YouTube if you missed the live one...https://youtu.be/dZCbTtoSTQw

[trcml] 20/7/2023 13:55

NCP is owned by a Japanese company which during the UK covid-19 oandemic lockdowns refused to pay rent. I know one landlord was furious and would think quite a few others were as well.

[williamcooper104] 20/7/2023 08:43

It's not that Aldi necessarily want a rent free You, the landlord, give them because of red book values You value only the headline rent and then knock of the PV of the rent free You don't value the net effective rent Such that once the rent free expires you are then over valuing the asset Eg £100 rent with £100 rent free on a 10 year lease - P&L for tenant is £90 each year of the lease Red book values are on the full £100 with no accounting for future rent frees

[nickrl] 20/7/2023 08:06

As usual AEWU provide loadsa of info setting the gold standard. Interesting comment re Wilko who else has them in the stable NRR? Surprised they need to give rent frees to Aldi but guess thats the price for getting them onboard for a long lease and they will probably roll the site in a couple of years.

[spectoacc] 20/7/2023 07:33

IMO AEWU is about the only over-distributor that's justified in doing so - they're superb at the trading side. Maybe comes from being a newish REIT, relatively, without the historic baggage of many others.

[stemis] 20/7/2023 07:20

Hardly surprising the dividend is uncovered as EPRA PPS was 1.77p in Q4 2022/3 and they sold 3 properties in the period. The part reinvestment of proceeds into York did not occur until after the end of Q1 2023/4. Earnings actually fell slightly less than I expected from the timing of sales (to 1.75p rather than 1.73p). Nice to see NAV starting to recover, despite the temporarily uncovered dividend and the dividend maintained again. Steady as she goes...

[matchbox1] 20/7/2023 06:23

Divi still remains uncovered by income. Tapping into the capital profits they make from spinning the portfolio.

I have been in and out of this one. Currently out (sold at £1) as there are bigger discounts available elsewhere, where the income divi is covered. I’d be a buyer again at 88p.

[kenmitch] 19/7/2023 19:08

I also disagree. I’ve held from 63p in 2020 slump when the AEWU dividend yield was 13%. No way would I want the dividend cut. AEWU is also the best performer of the REITS I bought in 2020 so there’s nowt wrong with overall performance either.

[williamcooper104] 19/7/2023 16:59

There's no law that reits need to barely cover their divi Because of previous over distribution plus capital allowances most REITs can get away with distributing as little as 65-70 of FFO (scrip divis count too - hence why HMSO hasn't paid a cash divi in years)

[stemis] 19/7/2023 15:29

I disagree and anyway they are a REIT so need to distribute. I suspect a lot of holders are in for the dividend yield and if they cut it the price would fall.

[williamcooper104] 19/7/2023 15:21

It's annoying They should have just cut it long ago and then removed the question of it being cut; initially it put me of investing here too I'm bought in here for total return driven by active management, not for them to buy and hold assets - this isn't SUPR or PHP And if they can keep buying and turning assets then I'd rather the cash stayed in the reit to reinvest and compound up at a higher rate than the divi yield

[nickrl] 19/7/2023 15:06

@SteMis they've been warning about sustaining divi for years but despite it being uncovered for the same period they never cut. I read too much into that historically and lost out as Laura and the team have shown great adeptness in timing sales and purchases to keep enough surplus in the tank to make up the difference.

[stemis] 19/7/2023 10:08

Based on Q4 2022/3 EPRA earnings per share of 1.77 and sales and purchases post y/e, which have raised a net £10.83m for a loss of £417k rental, I reckon AEWU are around £1.874m pa short of full dividend cover. However with c.£15m left to invest, I reckon we should get to 95% cover without the benefit of rent reviews and property management. So I see the prospect of a dividend cut unlikely.

In that respect, I note the statement in their last annual accounts

"We are pleased that NAV per share has grown in the latest quarter and are confident that the Company's track record of outperformance, robust positioning and the reliable payment of an eight pence annual dividend for the past seven consecutive years will stand it in good stead once market sentiment recovers."

[skinny] 19/7/2023 08:45

Back to the 50dma and back to a pound looks fairly imminent (hopefully) :-)

[fordtin] 19/7/2023 07:58

Any idea if 27 Tanner Row is included in the acquisition?

www.loopnet.co.uk/Listing/27-Tanner-Row-York/22486319/

See next post by CWA1 for a clickable link. It seems ADVFN only allow blues to post clickable links to loopnet.co.uk.

1st Floor

SIZE 5,716 SF
TERM Negotiable
RENT £17.50 /SF/PA = £100,030 /PA
SPACE USE Office
CONDITION Full Build-Out
AVAILABLE Now

The property provides attractive office accommodation. It benefits from air conditioning, suspended ceiling and raised access flooring.

Use Class: E
Fits 15 - 46 People
Can be combined with additional space(s) for up to 5,716 SF of adjacent space
Central Air Conditioning
Raised Floor
Drop Ceilings
Air conditioning
Mineral fibre suspended ceiling with LED lighting
Raised access floor
Good quality carpet tiles and flooring

[skinny] 19/7/2023 07:07

Investor Presentation 25th Jul 2023 at 9:30am BST - invite now on investoremeetcompany.