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
  0.00 0.0% 81.60 54,716 09:22:19
Bid Price Offer Price High Price Low Price Open Price
81.80 82.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.79 3.65 2.40 34.0 130
Last Trade Time Trade Type Trade Size Trade Price Currency
09:21:42 O 6,807 82.1879 GBX

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18/2/202113:10AEW UK Reit1,094

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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 81.60p.
Aew Uk Reit Plc has a 4 week average price of 80.60p and a 12 week average price of 74.40p.
The 1 year high share price is 93p while the 1 year low share price is currently 53.20p.
There are currently 158,774,746 shares in issue and the average daily traded volume is 442,605 shares. The market capitalisation of Aew Uk Reit Plc is £129,560,192.74.
chucko1: Dn't forget with AEWU, though, that they have spent some effort spelling out their road-map to full dividend coverage. It is their intention to cover it as they reinvest proceeds of recent sales. They will likely get close, although hitting it fully may be difficult until they arrive at 95%+ on collections. But getting close is fine as they have plenty of capital in the meantime. Additionally, it seems that the draw from capital is likely to be more than met by even a moderate continuation of their assert management initiatives. The uncertainty of this pathway diminishes as vaccination and science improves, which appears to be on a very rapid trajectory. The policy choices on just about every aspect concerning vaccines seems to be correct. Who would you bet on - Oxford Univ. or Macron for such policy choices?!
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).
spectoacc: Know I've said it before, but does make me laugh how revered and successful Ms Alex & Laura are at AEWU, compared to being so unsuccessful at AEWL they got the push. As an AIRE holder, I think the portfolio they constructed (and it's pretty much still that) is better than the market gives credit for. Success at AEWU shows that.
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.
gary1966: Well I decided to enter the fray at a smidge under 75p today. If the divi was temporarily cut to the 6p area, which I don't expect as 8ppa seems to be almost set in stone, then they still yield 8% at that price which I am happy with. Quality outfit that seems to have come through COVID pretty much unscathed in terms of NAV. Share price has taken a knock which means some nice capital growth baked in as well. GLA
nickrl: Chucko all of us have our own ways of assessing and selecting stocks and mine has been amended as a result of getting burnt by the REITs that were running uncovered dividends taking the axe to them in March/April so they could afford them. So thats my concern with AEWU which i don't hold but is my current target since I bailed out of PCA. For sure they can hold the dividend for many qtrs off sale proceeds but I would rather they use there skills (that shareholders pay for) to keep doing what they do best and invest those proceeds. Also given the yield the share price ought to have reacted more favourably but has been stuck in this trading range for sometime. Anyhow looks like in around 3 wks time we will get NAV update and divi declaration to see either way.
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.
nickrl: AEWU showing the impact of selling there best income asset at Corby with NRI down to a level below that which covers the cash dividend. OK they've benefited from selling Corby at a good profit so perhaps they will use that surplus to cover the deficit. Mind you they must have one of the lowest interest rates at 1.47%. Would need to cut it by 15% to cover it but would still provide sector topping 8.5% on todays share price should they decide to do that.
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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