AEW UK REIT has posted a 5.6% fall in net asset value (NAV) per share in full year results to March 2020.
NAV fell to 93.13p per share, from 98.61p last year. The decrease was driven by a 4.2% fall in its property portfolio to £189.3m (2019: 197.61m) due to material uncertainty caused by covid-19.
The group grew rental income over the course of the year to £17.42m (2019: £17.18m) while EPRA earnings per share increased to 8.67p from 8.07p.
This covered its annual dividend of 8p (one of the largest in the REIT sector) by 108.38%.
Post year end, the company has completed a number of positive transactions – both leasing and investment.
In May 2020, it completed the sale of 2 Geddington Road in Corby for £18.8m, delivering an IRR in excess of 30%. It also completed a 15-year lease renewal with the Secretary of State for Communities and Local Government at its Solihull office at a 30% increase in rental income.
It has collected 84% of rent due for the quarter to the end of June 2020, it added.
AEWU : AEW UK REIT posts 5.6% fall in NAV
I saw the article Richard Evans in The Telegraph this morning and have now had the opportunity to investigate your Company. Your record looks to be impressive but how will your office valuations hold up following the reduced numbers who will be working in them which will no doubt mean a drop in rental returns.
I am thinking of buying into the business and would be grateful if you could send me electronically the latest Annual Report. Many Thanks
Nicholas Turner
No trouble, I’ll send you one now