AEW UK Long Lease REIT has reported a slight dip in its net asset value (NAV) in half-year results to the end of December 2019.
The company, which yesterday announced a host of service provider changes, posted a NAV per share of 94.63p for the six months, down from 94.81p at the end of June 2019.
EPRA earnings per share was 2.87p, covering a dividend in the period of 2.75p.
The value of the group’s property portfolio, which comprises 19 regional properties let on long leases, was flat at £112.99m.
Steve Smith, chairman of AEW UK Long Lease REIT, said: “The board welcomes the recent improvement of sentiment in both the economy and the property sector and continues to focus on both generating a progressive cash covered dividend and increasing the capitalisation of the company.”
The company said the changes to its service providers, which included the replacement of its current investment adviser AEW UK with Mason Owen, would “achieve a saving in the region of half of the company’s historic level of recurring annual overhead cost” going forward.
AEWL : AEW Long Lease REIT reports solid half-year results