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
  0.80 0.7% 115.00 504,694 16:29:50
Bid Price Offer Price High Price Low Price Open Price
114.60 115.00 115.20 113.80 113.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.49 22.17 13.98 8.2 183
Last Trade Time Trade Type Trade Size Trade Price Currency
17:22:33 O 50,000 115.00 GBX

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Date Time Title Posts
28/1/202211:24AEW UK Reit1,263

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2022-01-28 17:36:23115.0050,00057,500.00O
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2022-01-28 17:15:00115.00113,510130,536.50O
2022-01-28 16:57:00114.993,7954,363.72O
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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 114.20p.
Aew Uk Reit Plc has a 4 week average price of 112p and a 12 week average price of 106.40p.
The 1 year high share price is 122.40p while the 1 year low share price is currently 80.60p.
There are currently 158,774,746 shares in issue and the average daily traded volume is 1,352,264 shares. The market capitalisation of Aew Uk Reit Plc is £182,590,957.90.
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: Not surprised that there’s no share price increase following the ST tip, as it’s now fully valued. I agree about Investors Chronicle. I’ve subscribed for over 30 years but the quality is the lowest now it has ever been. So many top writers and the Editor have gone. Have a hunch there has been a lot going on behind the scenes there, and no good reasons (or thanks) have been given for the sudden disappearance of the Editor or the others. Simon Thompson, John Rosier and John Barron (for Investment Trusts) are the only reason I’m still subscribing, and of those 3 only ST is regular contributor. Much of the Magazine is deadly now. e.g the awful “on the one hand” and “on the other hand” and “just buy Trackers” Chris Dillow is now given increased space for his weekly waffle. Wonder if they will soon be dropping the print edition? Also it’s infuriating that subscribers were asked to pay more for their relatively new Alpha feature. I thought that a cheek so won’t subscribe on principle, and hence haven’t read the full ST AEWU update.
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:- https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=PUC&sortid=Name&desc=false 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.
skinny: https://uk.advfn.com/stock-market/london/aew-uk-reit-AEWU/share-news/AEW-UK-REIT-plc-Update-regarding-Investment-Manag/86410601
playful: Highlights -- Interim dividend of 2.00 pence per share for the three months ended 30 September 2021, in line with thetargeted annual dividend of 8.00 pence per share. -- NAV of GBP174.29 million or 110.01 pence per share as at 30 September 2021 (30 June 2021: GBP169.69 millionor 107.11 pence per share). -- NAV total return of 4.58% for the quarter (30 June 2021 quarter: 10.04%). -- EPRA earnings per share ("EPRA EPS") for the quarter of 1.30 pence (30 June 2021 quarter: 2.14 pence). -- Sales of Langthwaite Industrial Estate, South Kirkby for GBP10.84 million and Wella Warehouse, Basingstokefor GBP5.86 million. The sales prices achieved were 1.9x and 1.7x the purchase prices respectively. -- The Company remains conservatively geared with a loan to NAV ratio of 28.97% (30 June 2021: 29.76%). Atthe quarter end, the Company had a cash balance of GBP15.16 million and GBP9.50 million of its loan facility availableto draw up to the maximum 35% Loan to NAV at drawdown. Following completion of the sale of Wella Warehouse,Basingstoke, on 15 October 2021, the Company's cash balance is GBP20.06 million, all else equal. -- For the rental quarter commencing on 29 September 2021, 89% of rent has been collected or is expected tobe received under monthly payment plans prior to quarter end. The remainder of rents owed will continue to bepursued.
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).
Aew Uk Reit share price data is direct from the London Stock Exchange
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