AEW UK REIT PLC
expiry across the portfolio, weighted also the Investment Manager's view that a shorter WAULT > 3
is useful for active asset management as it allows the years
by contracted rent. Investment Manager to engage in direct negotiation with (31 March
tenants rather than via rent-review mechanisms. 2020: 5.55
years)
4.43 years
5. WAULT to Break The Investment Manager believes that current market
conditions present an opportunity whereby assets with a at 31 March
The average lease term remaining to shorter unexpired lease term are often mispriced. As 2021
such, it is in line with the Investment Manager's
break, across the portfolio weighted strategy to acquire properties with a WAULT that is > 3
generally shorter than the benchmark. It is also the years
by contracted rent. Investment Manager's view that a shorter WAULT is useful (31 March
for active asset management as it allows the Investment 2020: 4.26
Manager to engage in direct negotiation with tenants years)
rather than via rent-review mechanisms.
GBP157.08
million
6. NAV at 31 March
2021
NAV is the value of an entity's assets Provides stakeholders with the most relevant information Increase
on the fair value of the assets and liabilities of the year
minus the value of its liabilities. Company.
on year (31 March
2020:
GBP147.86
million)
25.15%
The Company has changed the measure of its Leverage KPI at 31 March
from 'Loan to Gross Asset Value ('GAV')' to 'Loan to 2021
7. Leverage (Loan to NAV) NAV'. This is in line with the measure used in its
banking covenants and so is considered to be more
The proportion of the Company's net relevant to the Company's position. The target of 35%
assets that is funded by borrowings. Loan to NAV, which is the gearing limit at drawdown under (31 March
the RBSi facility, approximates to the previous target of 35% 2020:
25% Loan to GAV, which is the measure used in the 34.83%)
Company's Investment Guidelines. Gearing will continue to
be monitored using both measures, but will be reported on
the Loan to NAV basis.
8.96%/5.58%
excluding
vacancy
8. Vacant ERV contributed
by Glasgow*
The space in the property portfolio
which is currently unlet, as a The Company's aim is to minimise vacancy of the at 31 March
properties. A low level of structural vacancy provides an < 10.00% 2021
percentage of the total ERV of the opportunity for the Company to capture rental uplifts and
portfolio. manage the mix of tenants within a property.
(31 March
2020:
3.68%)
8.00 pps
9. Dividend
for the
Dividends declared in relation to the year ended
year. The Company targets a dividend of 31 March
8.00 pence per Ordinary Share per 2021
The dividend reflects the Company's ability to deliver a
annum. However, given the current sustainable income stream from its portfolio. 8.00 pps
COVID-19 situation, regard will be had
to the circumstances prevailing at the (year ended
relevant time in determining dividend 31 March
payments. 2020: 8.00
pps)
1.36%
for the
10. Ongoing Charges year ended
The Ongoing Charges ratio provides a measure of total 31 March
The ratio of total administration and costs associated with managing and operating the Company, 2021
operating costs expressed as a which includes the management fees due to the Investment
percentage of average NAV throughout the Manager. The Investment Manager presents this measure to < 1.50%
year. provide investors with a clear picture of operational
costs involved in running the Company. (year ended
31 March
2020:
1.34%)
GBP22.17
million/
13.98 pps
for the
11. Profit Before Tax ('PBT') year ended
31 March
PBT is a profitability measure which 2021
considers the Company's profit before
the payment of income tax. The PBT is an indication of the Company's financial
performance for the year in which its strategy is 8.00 pps
exercised. (year ended
31 March
2020: GBP3.65
million/
2.40 pps)
33.72% (MORE TO FOLLOW) Dow Jones Newswires
June 24, 2021 02:03 ET (06:03 GMT)
