Business
Net Asset Value(s)
Net Asset Value(s).
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 6271I AEW UK Long Lease REIT PLC 09 August 2019 \n\nAEW UK Long Lease REIT plc (\"AEWL\" or \"the Group\")\nLEI: 213800MPBIJS12Q88F71\n9 August 2019\nNAV Update for the quarter ended 30 June 2019\n \nAEW UK Long Lease REIT plc (LSE: AEWL) (the \"Group\"), which owns a diversified portfolio of 19 regional UK commercial property assets, announces its unaudited Net Asset Value ('NAV') for the quarter ended 30 June 2019.\n \nHighlights for the quarter ended 30 June 2019\n· Successful assignment of the three leases at our Dudley and Sheffield industrial sites to Meridian Steel Limited (\"Meridian Steel\"). Under the terms of the new lease arrangements, the passing rental income for the three assets will remain unchanged at £659,000, following an initial 12-month rent free period. The leases, which will run for a period of eight years, are linked to the Retail Price Index, with annual reviews and are all guaranteed by Duferco International Trading Holding S.A.\n· EPRA earnings per share (\"EPRA EPS\") for the quarter decreased by 3.4% to 1.343 pence per share (quarter to 31 March 2019: 1.39 pence per share) (unaudited), which represents dividend cover for the quarter of 97.7%. \n· EPRA earnings for the financial year ended 30 June 2019 were 5.47 pence per share (unaudited) reflecting dividend cover for the year of 99.5%. The EPRA EPS include an accrual to reflect the minimum contracted uplifts under the Group's leases and a non -cash adjustment for the amortisation of loan arrangement fees. Without this accrual and non-cash adjustment, the cash earnings were 4.86 pence per share (unaudited) reflecting 88.4% cash dividend cover for the year.\n· At 30 June 2019, the independent fair valuation of the property portfolio was £112.99 million (31 March 2019: £111.14 million). The valuation of £112.99 million includes an increase in the valuation of the Meridian Steel properties by £2.05 million and a valuation decrease of £0.20 million across the rest of the portfolio. On a like-for-like basis, there has been an increase of £1.85 million (1.66%) over the quarter (quarter to 31 March 2019: decrease of £3.15 million or 2.81%). \n· Una...