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 Shares Traded Last Trade
  0.60 0.63% 95.50 217,059 16:29:23
Bid Price Offer Price High Price Low Price Open Price
95.20 95.50 95.80 95.00 95.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.79 3.65 2.40 39.8 152
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:03 O 2,566 95.507 GBX

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Date Time Title Posts
23/6/202112:09AEW UK Reit1,168

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2021-06-24 16:08:0295.512,5662,450.71O
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2021-06-24 15:29:2395.50111106.01AT
2021-06-24 15:27:5395.502,0711,977.81O
2021-06-24 15:19:1695.494,0003,819.46O
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Aew Uk Reit Daily Update: Aew Uk Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker AEWU. The last closing price for Aew Uk Reit was 94.90p.
Aew Uk Reit Plc has a 4 week average price of 93.80p and a 12 week average price of 83p.
The 1 year high share price is 99p while the 1 year low share price is currently 65p.
There are currently 158,774,746 shares in issue and the average daily traded volume is 266,262 shares. The market capitalisation of Aew Uk Reit Plc is £151,629,882.43.
spectoacc: They really, really like Bristol: "Acquisition of prime retail site in Bristol city centre AEW UK REIT plc (LSE: AEWU) (the "Company") is pleased to announce the acquisition of a prime retail site in the heart of Bristol city centre for a purchase price of £10.19 million, equating to £161 per sq ft and reflecting a net initial yield of 8%. 15-33 Union Street occupies a prominent location in Bristol city centre, opposite The Galleries Shopping Centre and near Cabot Circus, Bristol's premier retail destination. Located on a busy thoroughfare for pedestrians, the 63,125 sq ft property experiences high footfall and is ideally suited for retail or leisure use. The location of the site has also been identified as a major regeneration area. Constructed in 2001, the property currently comprises five purpose built split-level retail or leisure units over four floors with road access to both Union Street and Fairfax Street. Four of the five units are let to three household names and a successful local retailer. The remaining unit is currently vacant, with the vendor providing a 12 month rent guarantee. We are currently in discussions with a number of parties who are keen to occupy this space. "
nickrl: SteMis interesting would have thought Mecca Bingo would have been able to defend its position better than Sports Direct. Mind you i see they have extended rental moratorium till Mar 22 now so AEWU action may have been very timely as perhaps these two thought they were likely to lose out if moratorium was going to be rescinded.
jh27: Rent collection going down quarter on quarter... they should have a grip on this by now and other REITs are doing better on this front. I’d say it was imprudent not to have cut the divi during Covid and top up at year end. If they ever did cut it, the share price would collapse because there are no institutions to support it and we’d all be off in search of income elsewhere. Have they got away with it by posting NAV growth as opposed to covering dividends? It looks like it...
skyship: Ken - actually AEWU too made buybacks - but admittedly at a low level - see this from their Interim statement in Nov'20: "In light of the discount in share price to NAV and cash reserves available, post period-end the Company has bought back 350,000 of its own shares for gross consideration of GBP262,995, which will have a positive impact on the Company's NAV per share."
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.
skyship: On my REIT spreadsheet I track 18 players - 4 of which now trade at a premium to NAV. To the usual CREI, LXI & WHR you can now add AEWU. I must say that to my mind April's rise of 12% in AEWU seems rather absurd; but hey, no sign of a dividend cut to a covered level, so I suppose I'm just wrong on this one.
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).
chucko1: Even with that rent going begging, the redeployment of cash will take them close to 2pps dividend coverage. Let's say they end up at 95%, therefore 0.1pps short - compare that with the asset management gains of around 1pps and you have 10 quarters of coverage!! The industrials gain of 7.6% merely emphasises how the risk of slight dividend miss is offset by many other things going on with AEWU. The idea of cutting the dividend was always way, way, way off the mark. Even thinking that might have prevented some from investing more aggressively in AEWU, which would not have been a great call given the continuing strong performance. It's been quite easy to buy, in fact, as there had been a keen seller the past weeks. For now, general market concerns stop this from going a few pence higher. The NAV is only 1.37pps lower than it was a year ago whereas the share price is 16.5p lower. Furthermore, it keeps pumping out 8pps in divis with lower base rates.
loganair: AEW UK Reit: Three of our four shortlisted UK generalist real estate investment trusts (Reit) display negative three-year shareholder returns, which underlines the trauma the sector has endured through the pandemic this year. Plunging rent collection levels have led to some trusts to suspend or cut dividends, while uncertainty over commercial tenants’ trading prospects has hit property valuations. Nevertheless, the positive three-year net asset value figures suggest a turnaround could occur quickly once confidence returns. AEW UK (AEWU), a £119m Reit, wins our award this year with 26.6% portfolio NAV growth over three years. Managed by Alex Short and Laura Elkin at AEW UK Investment Management, AEWU is the only to have recorded NAV growth in the year to August with the portfolio up 3.75%, although recently it posted a 0.7% decline in the third quarter. So far AEWU is the only UK Reit not to have cut shareholder pay-outs, maintaining a 2p per share quarterly dividend this year. This offers a high 10% yield on its depressed share price, although with the most recent dividend uncovered by earnings – or rental income – of 1.6p per share, the board noted the outlook for future distributions was unclear.
Aew Uk Reit share price data is direct from the London Stock Exchange
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