LONDON (Alliance News) - AEW UK Long Lease REIT PLC on Tuesday met its dividend target in its first annual results since listing on the London Main Market.
For the period to the end of June from April 18, the date of its incorporation, the real estate investment trust reported a total dividend of 3.25 pence for the year, in line with its IPO target.
For the period, AEW UK Long Lease reported net rental income of GBP3.5 million, with a net asset value of 94.93 pence per share, or GBP76.4 million, as at the end of June.
During the period, the trust acquired 16 properties for GBP95.5 million, and as at the end of June the portfolio had a fair value of GBP99.1 million. They are nearly fully let and have a weighted average unexpired lease term of 21.8 years.
In June 2017, AEW UK Long Lease raised GBP80.5 million in its initial public offering, subscription and intermediaries offer, at a price of 100 pence per share.
Shares in AEW UK Long Lease REIT were up 0.1% at 95.39 pence on Tuesday.
"This has been a successful first year for the fund. Having achieved the dividend target that we set last year and fully invested both the equity raised at IPO and through our GBP30 million debt facility, we are looking ahead to continued growth. We hope to achieve this initially by increasing our borrowing facility and investing in additional properties. We are also looking to raise additional equity in due course, subject to market conditions," said Chairman Steve Smith.