Business
Half Yearly Results
Half Yearly Results.
About this update from Aew Uk Reit Plc
[{"type":"text","content":"\n\n22 November 2023\n \n \nAEW UK REIT PLC\n \nInterim Report and Financial Statements\nfor the six months ended 30 September 2023\n \nAEW UK REIT PLC (\"AEW UK REIT\" or the \"Company\"), which holds a diversified portfolio of 35 commercial investment properties throughout the UK, is pleased to publish its Interim Report and Financial Statements for the six months ended 30 September 2023.\n \nMark Burton, Chairman of AEW UK REIT, commented: \"We have been encouraged by the Company's performance this period with NAV total return of 4.30%. All sectors of the Company's portfolio outperformed the MSCI index, demonstrating the benefits of our active asset management style in delivering performance throughout market cycles. I am pleased to report significant progress towards the Company's strategic objective of reinvesting surplus capital into higher yielding assets which are expected to deliver NAV growth over time. The purchases of NCP, York, and Cambridge House, Bath, have returned the portfolio to being materially fully invested, with EPRA earnings growing accordingly. NAV grew by 0.49%, driven by two successive quarters of positive valuation movement and accretive asset sales, where values were felt to have been maximised over the medium term. This momentum in activity has helped to create a healthy near-term outlook and we are pleased to have confirmed continued payment of the Company's market-leading 2p quarterly dividend, which has now been paid for 32 consecutive quarters.\"\n \nFinancial Highlights\n \n\n\n\n\n●\n\n\nNet Asset Value ('NAV') of £167.93 million and of 106.00 pence per share ('pps') as at 30 September 2023 (31 March 2023: £167.10 million and 105.48 pps).\n\n\n\n\n\n●\n\n\nNAV Total Return for the period of 4.30% (six months ended 30 September 2022: 4.35%).\n\n\n\n\n●\n\n\nOperating profit before fair value changes of £6.63 million for the period (six months ended 30 September 2022: £5.25 million).\n\n\n\n\n●\n\n\nProfit Before Tax ('PBT')* of £7.16 million and earnings per share ('EPS') of 4.52 pps for the period (six months ended 30 September 2022: £8.32 million and 5.25 pps). PBT includes a £0.16 million loss arising from changes to the fair values of investment properties in the period (six months ended 30 September 2022: £6.51 million loss) and £1.65 million realised gai...