AEW UK REIT PLC - London-based real estate investment trust - Declares interim dividend of 2.00 pence per share for the three months ending June 30, in line with plan for 8.00p annual payout. Net asset value at June 30 was GBP148.2 million, or 93.37p per share, with a total return of positive 2.4% compared to negative 2.2% in the quarter that ended March 31. For the rental quarter commencing June 24, 84% of rent has been collected or is expected to be collected under agreed payment plans, while an additional 4% is still under negotiation. The company had debt of GBP51.5 million as of June 30, producing a gross loan to value of 30% and a net loan to value of 14%. The group sold its largest asset at 2 Geddington Road, Corby, in May, garnering GBP18.8 million in gross proceeds, 25% ahead of prior valuation. This has created a significant profit in cash reserves that AEWU can call on. "Going forward, we would hope to see normalisation in our rent collection that will continue to support the dividend at this level over the long term," AEW UK Portfolio Managers Alex Short and Laura Elkin said.
Current stock price: 73.99
Year-to-date change: down 26%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Aew Uk Reit (AEWU)