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AEW UK REIT plc: NAV Update and Dividend Declaration

DJ AEW UK REIT plc: NAV Update and Dividend Declaration

Dow Jones received a payment from EQS/DGAP to publish this press release.

AEW UK REIT plc (AEWU) 
AEW UK REIT plc: NAV Update and Dividend Declaration 
 
22-Oct-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
           22 October 2018 
 
NAV Update and Dividend Declaration for the three months to 30 September 
2018 
 
  AEW UK REIT plc (LSE: AEWU) ("the Company"), which, as at 22 October 2018, 
 directly owns a diversified portfolio of 36 regional UK commercial property 
assets, announces its unaudited Net Asset Value ("NAV") and interim dividend 
           for the three month period ended 30 September 2018. 
 
       Alex Short, Portfolio Manager, AEW UK REIT, commented: "This has been 
     another quarter of strong performance for the Company, both in terms of 
income and capital growth. The Company continues to consolidate its position 
    of having the highest dividend yield in the peer group, in excess of 8%, 
 whilst also providing capital growth, a proportionate level of risk, and is 
      managed by a very experienced team. Looking forward, the Company has a 
   strong pipeline of assets that we would like to purchase in order to grow 
           this strategy." 
 
           Highlights 
 
  · At 30 September 2018, the fair value independent valuation of the 
  property portfolio was GBP193.53 million (30 June 2018: GBP191.95 million), 
  following the sale of 18-36, Chapel Walk, Sheffield, during the quarter. 
  On a like-for-like basis the valuation of the property portfolio increased 
  by GBP2.48 million (1.30%) over the quarter (30 June 2018: GBP3.26 million and 
  1.73%). 
 
  · NAV of GBP151.65 million or 100.06 pence per share (31 March 2018: GBP149.14 
  million or 98.40 pence per share). 
 
  · EPRA earnings per share ("EPRA EPS") for the quarter of 2.06 pence per 
  share (30 June 2018: 2.04 pence per share), in line with the Company's 
  target annual dividend of 8.00 pence per share. 
 
  · The Company today announces an interim dividend of 2.00 pence per share 
  for the three months ended 30 September 2018. 
 
  · NAV total return of 3.80% and shareholder total return of 0.42% for the 
  three months ended 30 September 2018. 
 
  · The Company remains conservatively geared with a gross loan to value 
  ratio of 25.84% (30 June 2018: 26.05%). 
 
  · At 30 September 2018, the Company held GBP7.40 million cash for 
  investment, most of which we expect to invest in an attractive and 
  high-yielding asset in the coming months. 
 
  · Portfolio and asset management activity during the period included: 
 
    · The letting of Orion House, Eastpoint Business Park, Oxford, for a 
    term of 25 years at a rent of GBP179,410 per annum. 
 
    · The letting of Third Floor East, 225 Bath Street, Glasgow for a five 
    year term at a rent of GBP88,608 per annum. 
 
    · The sale of 18-30, Chapel Walk, Sheffield for gross proceeds of GBP0.90 
    million. 
 
           Alex Short, Portfolio Manager, AEW UK REIT, commented: 
 
"This has been another quarter of strong performance for the Company, both 
in terms of income and capital growth. The Company continues to consolidate 
its position of having the highest dividend yield in the peer group, whilst 
providing both capital growth, a proportionate level of risk, and is managed 
by a very experienced team. Asset Management continues to deliver strong 
performance with deals now being progressed on the majority of assets in the 
portfolio. The Company's vacancy is now at an all-time low with a 97% 
occupancy rate, and as a result we have seen a covered dividend for the last 
two quarters. Ongoing potential income growth raises the prospects for the 
Company's earnings in the near future. 
 
The performance of the portfolio, both in terms of income and capital, also 
reinforces the success of the strategy we continue to pursue. The Company 
holds a significantly underweight retail position and has no exposure to 
London offices, reflecting our view on the poor performance prospects in 
these sectors. The few retail assets we do own were purchased in areas of 
high land value with options for long term alternative uses. 
 
The Company's largest sector exposure remains well located, second hand 
industrial warehousing, where we are commonly seeing rental value growth of 
20-30% when we reach a lease event. This is, in part, as a result of our 
stock selection expertise focusing on well located assets, in areas of low 
supply, that have been purchased at levels below replacement cost and with 
an income stream that provides strong returns. 
 
Notable new lettings this quarter include c 13,000 sq ft at Eastpoint 
Business Park, Oxford, where a new 20 year lease to Genesis Health Care has 
been completed, increasing the value of the estate by c. 23% over the 
quarter. A new letting of c. 8,000 sq ft has also been completed at Bath 
Street in Glasgow which will increase the income received from this asset by 
c. GBP90,000 per annum following the expiry of the tenant's rent free period. 
 
Looking forward, the Company has a strong pipeline of assets that we would 
like to purchase. With a yield in excess of 8% and capital value growth as 
well, we think that we are in a position to expand the size of the 
portfolio. As the Company's asset management initiatives are reaching 
maturity, we are starting to see promising returns, which we believe could 
be replicated in other attractive opportunities as we continue to track a 
strong pipeline of assets. 
 
           Net Asset Value 
 
 The Company's unaudited NAV as at 30 September 2018 was GBP151.65 million, or 
100.06 pence per share. This reflects an increase of 1.69% compared with the 
NAV as at 30 June 2018. This increase is largely due to the increase in fair 
  value of the investment property portfolio of GBP2.50 million. The Company's 
 NAV total return, which includes the interim dividend for the period from 1 
  April 2018 to 30 June 2018 of 2.00 pence per share, is 3.80% for the three 
  month period ended 30 September 2018. As at 30 September 2018, the Company 
           owned investment properties with a fair value of GBP193.53 million. 
 
                                      Pence per share  GBP million 
                  NAV at 1 July 2018            98.40     149.14 
      Loss on disposal of investment           (0.05)     (0.08) 
                          properties 
                 Capital expenditure           (0.10)     (0.15) 
        Valuation change in property             1.75       2.65 
                           portfolio 
        Income earned for the period             2.81       4.26 
  Expenses and net finance costs for           (0.75)     (1.14) 
                          the period 
               Interim dividend paid           (2.00)     (3.03) 
            NAV at 30 September 2018           100.06     151.65 
 
       The NAV attributable to the ordinary shares has been calculated under 
International Financial Reporting Standards and incorporates the independent 
  portfolio valuation as at 30 September 2018 and income for the period, but 
   does not include a provision for the interim dividend for the three month 
           period to 30 September 2018. 
 
           Dividend 
 
 The Company today announces an interim dividend of 2.00 pence per share for 
 the period from 1 July 2018 to 30 September 2018. The dividend payment will 
be made on 30 November 2018 to shareholders on the register as at 2 November 
           2018. The ex-dividend date will be 1 November 2018. 
 
The dividend of 2.00 pence per share will be designated 1.50 pence per share 
 as an interim property income distribution ("PID") and 0.50 pence per share 
           as an interim ordinary dividend ("non-PID"). 
 
 The EPRA EPS for the three month period to 30 September 2018 was 2.06 pence 
       (30 June 2018: 2.04 pence), exceeding the target 2.00 pence per share 
  quarterly dividend. Based on the current leasing profile of the portfolio, 
 and with all else being equal, the current level of earnings is expected to 
  be sustainable. The Company had GBP7.40 million cash for investment as at 30 
     September 2018, which will provide the opportunity to increase earnings 
           further through re-investment into high yielding assets. 
 
   The Directors will declare dividends taking into account the level of the 
 Company's net income and the Directors' view on the outlook for sustainable 
    recurring earnings. As such, the level of dividends paid may increase or 
 decrease from the current annual dividend of 8.00 pence per share. Based on 
current market conditions, the Company expects to pay an annualised dividend 
  of 8.00 pence per share in respect of the financial period ending 31 March 
           2019. 
 
   Investors should note that this target is for illustrative purposes only, 
based on current market conditions and is not intended to be, and should not 
        be taken as, a profit forecast or estimate. Actual returns cannot be 
predicted and may differ materially from this illustrative figure. There can 
   be no assurance that the target will be met or that any dividend or total 
           return will be achieved. 
 
           Financing 
 
           Equity 
 
The Company's issued share capital consists of 151,558,251 Ordinary Shares 
and there was no movement during the quarter. 
 
           Debt 
 
  The Company's borrowings remained at GBP50.00 million throughout the quarter 
and at 30 September 2018, the Company was geared at a gross loan to value of 
           25.84% and a net loan to value of 21.63%. 
 
     The loan continues to attract interest at LIBOR + 1.4%. To mitigate the 
 interest rate risk that arises as a result of entering into a variable rate 
      linked loan, the Company has entered into interest rate caps on GBP36.51 
 million of the total value of the loan (GBP26.51 million at 2.5% cap rate and 
   GBP10.00 million at 2.0% cap rate), resulting in the loan being 73% hedged. 
  The Investment Manager and the Company will keep the levels of gearing and 
           hedging under review. 
 
  The Company is in the process of amending its credit facility agreement to 
  extend the term of the facility by at least three years beyond the current 
termination date in October 2020. The amended and restated loan agreement is 
   expected to be signed in the coming weeks and the Directors consider that 
           extending the term of the facility will be risk mitigating. 
 
           Portfolio activity and asset management 
 
           Eastpoint Business Park, Oxford 
 
 In August 2018, the Company completed the letting of Orion House, Eastpoint 
Business Park, Oxford, to Genesis Cancer Care UK Limited. The lease is for a 
   term of 25 years, at a rent of GBP179,410 per annum. There are five-yearly, 
upward only rent reviews linked to the Retail Price Index ("RPI") measure of 
inflation and the tenant benefits from a 12 month rent free period, followed 
 by six years at half rent. The valuation of the property increased by 22.7% 
           over the period, largely as a result of this transaction. 
 
           225 Bath Street, Glasgow 
 
    In July 2018, the Company completed the letting of Third Floor East, 225 
  Bath Street, Glasgow, to International Correspondence Schools Limited. The 
 lease is for a term of five years, with a tenant break option at the end of 
  the third year, at a rent of GBP88,608 per annum. The tenant benefits from a 
           ten month rent free period. 
 
           Chapel Walk, Sheffield 
 
         Also in July the Company completed a part sale of a retail asset in 
Sheffield. The sale comprised largely vacant elements of the asset on Chapel 
  Walk which comprised c. 0.4% of the whole portfolio vacancy at the time of 
           sale. 
 
                   Enquiries 
                      AEW UK 
                  Alex Short          alex.short@eu.aew.com 
                                        +44(0) 20 7016 4848 
             Nicki Gladstone nicki.gladstone-ext@eu.aew.com 
                                        +44(0) 7711 401 021 
           Company Secretary 
Link Company Matters Limited     aewu.cosec@linkgroup.co.uk 
                                      T: +44(0) 1392 477500 
 
                   TB Cardew 
                  Ed Orlebar        ed.orlebar@tbcardew.com 
                                           T: 07738 724 630 
           Lucy Featherstone lucy.featherstone@tbcardew.com 
                                    T: +44 (0) 20 7002 1482 
                                    M: +44 (0) 7789 374 663 
 
             Liberum Capital 
              Gillian Martin        T: +44 (0) 20 3100 2000 
 
           Notes to Editors 
 
           About AEW UK REIT 
 
   AEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total return to 
    shareholders by investing predominantly in smaller commercial properties 
 (typically less than GBP10 million), on shorter occupational leases in strong 
   commercial locations across the United Kingdom. The Company was listed on 
the Official List of the UK Listing Authority and admitted to trading on the 
   Main Market of the London Stock Exchange on 12 May 2015, raising GBP100.5m. 
            Since IPO it has raised a further GBP51m. 
 
 The Company is currently invested in office, retail, industrial and leisure 
          assets, with a focus on active asset management, repositioning the 
           properties and improving the quality of the income stream. 
 
           AEWU is currently paying an annualised dividend of 8p per share. 
 
           www.aewukreit.com [1] [2] 
 
           About AEW UK Investment Management LLP 
 
AEW UK Investment Management LLP employs a well-resourced team comprising 25 
 individuals covering investment, asset management, operations and strategy. 
   It is part of AEW Group, one of the world's largest real estate managers, 
   with just over EUR62bn of assets under management as at 30 June 2018. AEW 
   Group comprises AEW SA and AEW Capital Management L.P., a U.S. registered 
   investment manager and their respective subsidiaries. In Europe, as at 30 
   June 2018, AEW Group managed nearly EUR30bn in value in properties of all 
      types located in 14 countries, with close to 400 staff. The Investment 
   Manager is a 50:50 joint venture between the principals of the Investment 
           Manager and AEW. 
 
ISIN:           GB00BWD24154 
Category Code:  DIV 
TIDM:           AEWU 
LEI Code:       21380073LDXHV2LP5K50 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   6266 
EQS News ID:    735635 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c9b6404682d7efd026577394ecbedab5&application_id=735635&site_id=vwd_london&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=9220892e63355ca6947a3a3423a3bac8&application_id=735635&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

October 22, 2018 02:02 ET (06:02 GMT)

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