Actualización del valor liquidativo y declaración de dividendos
25 de enero de 2024
AEW Reino Unido REIT plc
Actualización del valor liquidativo y declaración de dividendos
AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company"), which directly owns a value-focused portfolio of 34 UK commercial property assets, announces its unaudited Net Asset Value ("NAV") as at 31 December 2023 and interim dividend for the three-month period ended 31 December 2023.
Destacados
· NAV of £164.02 million or 103.53 pence per share as at 31 December 2023 (30 September 2023: £167.93 million or 106.00 pence per share).
· NAV total return of -0.44% for the quarter (30 September 2023 quarter: 0.91%).
· 1.59% like-for-like valuation decrease for the quarter (30 September 2023 quarter: 0.70% increase).
· EPRA earnings per share ("EPRA EPS") for the quarter of 1.83 pence (30 September 2023 quarter: 1.84 pence).
· Earnings constrained by 0.28 pence per share due to two tenants entering administration: Wilko at Union Street, Bristol, and CJ Services at Sarus Court, Runcorn.
· Interim dividend of 2.00 pence per share for the three months ended 31 December 2023, paid for 33 consecutive quarters and in line with the targeted annual dividend of 8.00 pence per share.
· Loan to NAV ratio at the quarter end was 36.58% (30 September 2023: 35.73%). Significant headroom remains on all loan covenants.
· La empresa sigue beneficiándose de un bajo coste fijo de la deuda del 2.959% hasta mayo de 2027.
· Disposal of Commercial Road, Portsmouth, for £3.90 million.
· £253,656 of additional income secured from three settled rent reviews, as well as a turnover top-up rent.
Laura Elkin, Portfolio Manager, AEW UK REIT, comentó:
"We are pleased to report relatively stable earnings for the third consecutive quarter, as the Company's programme of investing capital in high yielding assets in core urban locations, combined with asset management transactions, continues to sustain income streams and mitigate void costs. Earnings have been maintained by several key rent reviews settled during the quarter, most notably at both of the Company's more recently acquired assets in Bath. Upcoming lease events, in particular at Central Six Retail Park in Coventry, should enhance earnings going forward.
EPRA earnings per share have been negatively impacted by 0.28 pence due to two tenants entering administration during the period, without which the Company's dividend would have been fully covered by earnings this quarter. The Company's portfolio saw a like-for-like valuation decrease of 1.59% during the quarter, symptomatic of subdued deal flow in the UK commercial property investment market. Despite our recent asset management achievements, we remain cognisant of the economic backdrop and its cumulative effect on occupational markets.
The Company has committed to pay its market-leading dividend of 2.00 pence per share this quarter, which we have now paid for 33 consecutive quarters. This has been funded largely by EPRA earnings, which continues to be supplemented by profit crystallised on the NAV accretive sale of assets in prior quarters.
Movimiento de valoración
As at 31 December 2023, the Company owned investment properties with a total fair value of £212.04 million, as assessed by the Company's independent valuer, Knight Frank. The like-for-like valuation decrease for the quarter of £3.42 million (1.59%) is broken down as follows by sector:
Sector | Valoración 31 de diciembre de 2023 | Movimiento de valoración like-for-like del trimestre | ||
| Millones de libras | % de cartera | Millones de libras | % |
Industrial | 77.52 | 36.56 | (0.81) | (1.03) |
Almacenes minoristas | 45.95 | 21.67 | (0.30) | (0.65) |
Comercio minorista de la calle principal | 33.85 | 15.97 | (0.41) | (1.20) |
Otro | 29.12 | 13.73 | (1.25) | (6.14) |
Oficina | 25.60 | 12.07 | (0.65) | (2.48) |
Total | 212.04 | 100.00 | (3.42) | (1.59) * |
* Esta es la disminución de la valoración comparable media ponderada general de la cartera.
Revisión del administrador de cartera
Although the Company's portfolio saw a like-for-like valuation decrease of 1.59% during the quarter, this was largely driven by two of the Company's leisure assets, Circuit nightclub in Cardiff and Odeon cinema in Southend, which saw relatively larger valuation falls this quarter as a consequence of the increasing trading pressures associated with the cost-of-living crisis and rises in the price of energy and goods. On 15 January Rekom, the UK holding company of our tenant in Cardiff, announced that it had filed notice of intention to appoint administrators to a number of its companies. Given the recent timing of this announcement, the impact on the Company's asset in Cardiff is yet unknown, however Rekom constituted only 1.6% of the Company's annual contracted rent as at 31 December 2023.
Our industrial holdings, which comprise circa 37% of the portfolio weighting, generally saw yield softening across the board. Valuation declines, however, were mitigated by ERV growth, a biproduct of the strength of the occupational market in this sector. The Company's industrial reversionary yield profile as at 31 December 2023 was 9.39%, compared with an initial yield of 7.82%.
Equally critical to the earnings performance has been a range of asset management transactions, with the Company settling several rent reviews during the quarter, most significantly at both of its assets in Bath. At Northgate House, the Company settled Bath Northgate House Centre Limited's (The Regus Group) outstanding 2022 rent review at £491,400 per annum, an increase of £96,811 per annum (circa 25%). At Cambridge House, following arbitration, the Company settled Novia Financial plc's outstanding 2021 rent review at £362,400 per annum, an increase of £44,775 per annum (circa 14%).
Both rent reviews add evidence to the strong reversionary potential of the Company's portfolio. This was further demonstrated by the Company agreeing a £195,505 annual turnover top-up rent for the year to 28 September 2023 for Next in Bromley, in addition to the base rent of £350,000 per annum. This is £85,505 (circa 78%) higher than what was forecast when the property was purchased in November 2022.
Earnings are expected to be bolstered by several upcoming lettings, most notably at Central Six Retail Park, Coventry, where agreements for leases have been signed with: The Food Warehouse (trading as Iceland); Whitecross Dental Ltd (trading as MyDentist); and The Salvation Army Trading Company Ltd. In combination, these lettings are expected to deliver an additional £535,000 of annual contracted rent roll within the next two quarters.
Prospective lettings at three void units: the former Wilko at Union Street, Bristol; the former Mecca Bingo at The Railway Centre, Dewsbury; and the former Sports Direct at Barnstaple Retail Park are advancing well. The re-letting of these units are expected to have completed during the first half of this calendar year, further improving income streams and mitigating the incurrence of void costs, albeit with associated tenant incentives suppressing earnings potential over the short term.
Valor del activo neto
The Company's unaudited NAV at 31 December 2023 was £164.02 million, or 103.53 pence per share. This reflects a decrease of 2.33% compared with the NAV per share at 30 September 2023. The Company's NAV total return, which includes the interim dividend of 2.00 pence per share for the period from 1 July 2023 to 30 September 2023, was -0.44% for the three-month period ended 31 December 2023.
| Peniques por acción | Millones de libras |
Valor liquidativo a 1 de octubre de 2023 | 106.00 | 167.93 |
Portfolio acquisition and disposal costs | (0.05) | (0.08) |
Gastos de capital | (0.05) | (0.09) |
Cambio de valoración en cartera de inmuebles | (2.19) | (3.46) |
Ingresos obtenidos durante el período | 3.42 | 5.42 |
Gastos y costos financieros netos del período | (1.60) | (2.53) |
Dividendo a cuenta pagado | (2.00) | (3.17) |
Valor liquidativo a 31 de diciembre de 2023 | 103.53 | 164.02 |
El NAV atribuible a las acciones ordinarias ha sido calculado bajo Normas Internacionales de Información Financiera. Incorpora la valoración independiente de la cartera a 31 de diciembre de 2023 y el resultado del ejercicio, pero no incluye provisión para el dividendo a cuenta decretado para el período de tres meses finalizado el 31 de diciembre de 2023.
Precio de la acción y descuento
The closing ordinary share price at 31 December 2023 was 101.0p, an increase of 2.64% compared with the share price of 98.4p at 30 September 2023. The closing share price represents a discount to the NAV per share of 2.44%. The Company's share price total return, which includes the interim dividend of 2.00 pence per share for the period from 1 July 2023 to 30 September 2023, was 4.67% for the three-month period ended 31 December 2023.
Dividendo
Declaración de dividendos
The Company today announces an interim dividend of 2.00 pence per share for the period from 1 October 2023 to 31 December 2023. The dividend payment will be made on 1 March 2024 to shareholders on the register as at 2 February 2024. The ex-dividend date will be 1 February 2024. The Company operates a Dividend Reinvestment Plan ("DRIP"), which is managed by its registrar, Link Group. For shareholders who wish to receive their dividend in the form of shares, the deadline to elect for the DRIP is 13 February 2024.
El dividendo de 2.00 peniques por acción se designará 2.00 peniques por acción como distribución provisional de ingresos de propiedad ("PID") y 0.00 peniques por acción como dividendo provisional ordinario ("no PID").
La empresa ahora ha pagado un dividendo trimestral de 2.00 peniques durante 33 trimestres consecutivos1, brindando altos niveles de consistencia de ingresos a nuestros accionistas.
1Para el período comprendido entre el 1 de noviembre de 2017 y el 31 de diciembre de 2017, se pagó un dividendo prorrateado de 1.33 peniques por acción para este período de dos meses, luego de un cambio en el cierre del período contable.
Perspectiva de dividendos
La intención de la Compañía sigue siendo continuar pagando dividendos de acuerdo con su política de dividendos y esto se mantendrá bajo revisión. Al determinar los pagos de dividendos futuros, se tendrán en cuenta las circunstancias que prevalezcan en el momento pertinente, así como el requisito de la Compañía, como REIT del Reino Unido, de distribuir anualmente al menos el 90% de sus ingresos distribuibles.
Financiación
Equidad:
El capital social de la Sociedad está compuesto por 158,774,746 Acciones Ordinarias, de las cuales 350,000 se encuentran actualmente en poder de la Sociedad en autocartera.
Deuda:
La Compañía tiene una línea de préstamo a cinco años por valor de £60.00 millones con AgFe, un administrador de activos independiente líder que se especializa en inversiones basadas en deuda. El préstamo tiene un precio de préstamo a tasa fija con un costo de interés total del 2.959% hasta mayo de 2027.
El préstamo se dispuso en su totalidad a 31 de diciembre de 2023, arrojando un ratio de préstamo sobre valor liquidativo del 36.58%.
El margen de maniobra en el acuerdo de préstamo a valor ("LTV") de la línea de deuda sigue siendo conservador. Para aquellas propiedades garantizadas por el préstamo, se requeriría una caída en la valoración del 46.97% antes de que se incumpliera el convenio LTV.
Actualización de inversión
During the quarter the Company completed the following disposal:
Commercial Road, Portsmouth (retail) - in October, the Company completed the sale of its freehold high-street retail holding at 208-220 Commercial Road and 7-13 Crasswell Street, Portsmouth, for £3,900,000, reflecting a net initial yield of 9.9% and a capital value of £251 per sq ft.
No purchases were made during the quarter.
Actualización de gestión de activos
La Compañía completó las siguientes transacciones de administración de activos durante el trimestre:
Northgate House, Bath (al por menor) - The Company has settled Bath Northgate House Centre Limited's (The Regus Group) outstanding 2022 rent review at £491,400 per annum (£26.98 per sq ft), representing an increase of £96,811 per annum (circa 25%).
Cambridge House, Bath (oficina) - Following arbitration, the Company has settled Novia Financial plc's outstanding 2021 rent review at £362,400 per annum (£21.96 per sq ft), representing an increase of £44,775 per annum (circa 14%).
Next, Bromley (retail) - The Company has agreed Next's annual turnover top-up rent for the year to 28 September 2023 at £195,505, in addition to the base rent of £350,000 per annum. This is £85,505 per annum (circa 78%) higher than what was forecast when the property was purchased in November 2022.
Central Six Retail Park, Coventry (almacenamiento minorista) - The Company has exchanged an agreement for lease with a new tenant, Salvation Army Trading Company Ltd, for Unit 12. The tenant will enter into a new lease expiring on 2 November 2032 with a tenant only break in year 5 at a rent of £140,000 per annum, reflecting £13.97 per sq ft. The letting includes nine months' rent free. The letting is subject to the landlord securing vacant possession (now secured), as the unit was occupied by Oak Furnitureland, who were paying an annual rent of £25,000 per annum, and carrying out Landlord works at a contract cost of £79,178, plus fees.
The Company has also exchanged an agreement for lease with new tenant Whitecross Dental Care Limited, trading as MyDentist, for vacant Unit 4. The tenant will enter into a new 15-year lease with a 10-year tenant break option, at a rent of £145,000 per annum, reflecting £14.29 per sq ft, to be reviewed every five years based on open market value (upward only). The letting includes a £217,500 cash incentive and is subject to landlord works at a contract cost of £213,394, plus fees. Post quarter end, the letting subsequently completed.
Parque empresarial Diamond, Wakefield (industrial) - The Company has settled Economy Packaging Ltd's rent review at £79,065 per annum (£3.75 per sq ft), representing an increase of £26,565 per annum (circa 51%).
Glosario de términos de uso común
For assistance with the interpretation of any industry specific terms used in the Company's communications, please refer to our glossary of commonly used terms which can be found on the Company's website in the following location: https://www.aewukreit.com/investors/glossary
AEW Reino Unido
laura elquin | 44 + (0) 20 7016 4869 |
Henry trasero | 44 + (0) 20 7016 4869 |
Relaciones con inversores de AEW | |
Secretaria de Empresa | |
Enlace Company Matters Limited | |
44 + (0) 333 300 1950 | |
tuberculosis cardew | |
Ed Orlebar Tania salvaje | +44 0 7738 724 630 +44 0 7425 536 903 |
Capital Liberum | |
Darren Vickers/Owen Matthews | +44 0 20 3100 2000 |
Notas a los editores
Acerca de AEW UK REIT
AEW UK REIT plc (LSE: AEWU) tiene como objetivo ofrecer un rendimiento total atractivo a los accionistas al invertir predominantemente en propiedades comerciales más pequeñas (generalmente menos de £ 15 millones), en arrendamientos ocupacionales más cortos en ubicaciones comerciales sólidas en todo el Reino Unido. Actualmente, la empresa invierte en activos de oficinas, comerciales, industriales y de ocio, centrándose en la gestión activa de activos, reposicionando las propiedades y mejorando la calidad de los flujos de ingresos. AEWU está pagando actualmente un dividendo anualizado de 8 peniques por acción.
La Compañía fue incluida en la Lista Oficial de la Autoridad de Conducta Financiera y admitida a cotización en el Mercado Principal de la Bolsa de Valores de Londres el 12 de mayo de 2015. www.aewukreit.com
LEI: 21380073LDXHV2LP5K50
Acerca de AEW
AEW es uno de los gestores de activos inmobiliarios más grandes del mundo, con 82.6 millones de euros de activos bajo gestión a 30 de septiembre de 2023. AEW tiene más de 910 empleados, con sus oficinas principales ubicadas en Boston, Londres, París y Hong Kong y ofrece una amplia gama de productos de inversión inmobiliaria que incluyen fondos combinados, cuentas separadas y mandatos de valores en todo el espectro de estrategias de inversión. AEW representa la plataforma de gestión de activos inmobiliarios de Natixis Investment Managers, una de las gestoras de activos más grandes del mundo.
A 30 de septiembre de 2023, AEW gestionaba 38.1 millones de euros en activos inmobiliarios en Europa en nombre de varios fondos y cuentas separadas. AEW tiene más de 495 empleados en 10 oficinas en toda Europa y tiene una larga trayectoria en la implementación exitosa de estrategias de inversión oportunistas, de valor agregado y centrales en nombre de sus clientes. En los últimos cinco años, AEW ha invertido y desinvertido un volumen total de más de 20.9 millones de euros en bienes inmuebles en los mercados europeos.
www.aew.com
AEW UK Investment Management LLP es el Gestor de Inversiones. AEW es un grupo de empresas que incluye a AEW Europe SA y sus subsidiarias, así como a la empresa afiliada AEW Capital Management, LP en Norteamérica y sus subsidiarias. AEW Europe SA, junto con sus filiales AEW UK Investment Management LLP, AEW S.à.rl, AEW Invest GmbH y AEW SAS, es una gestora de inversiones inmobiliarias europea con oficinas centrales en París y Londres. AEW Europe SA y AEW Capital Management, LP son propiedad de Natixis Investment Managers. Natixis Investment Managers es un grupo internacional de gestión de activos con sede en París, Francia, cuya propiedad principal es Natixis, una empresa francesa de banca de inversión y servicios financieros. Natixis es propiedad principalmente de BPCE, el segundo grupo bancario más grande de Francia.
Observación
No se puede confiar en esta comunicación como base para tomar una decisión de invertir en AEWU. Esta comunicación no constituye una invitación o incentivo para suscribir ninguna inversión en particular. Emitido por AEW UK Investment Management LLP, 33 Jermyn Street, Londres, SW1Y 6DN.
Número de empresa: OC367686 Inglaterra. Autorizado y regulado por la Autoridad de Conducta Financiera.
As of 26 February 2024, AEW UK Investment Management LLP's address will be: 8 Bishopsgate, London, EC2N 4BQ
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.