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AEW UK REIT (AEWU) investor relations material
AEW UK REIT Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved shareholder total return of 11.44% for the first half to 31 March 2026, with shares trading close to NAV and periods of premium pricing, reflecting strong portfolio and strategy performance in a subdued property market.
Seven consecutive quarters of like-for-like portfolio valuation gains and a decade of uninterrupted annual dividends of 8p per share.
Board and Investment Manager see compelling buying opportunities as UK commercial property valuations are at a 10-year low.
Portfolio consists of 34 properties valued at £216.05 million, with a diversified sector and geographic mix.
Financial highlights
Net Asset Value (NAV) at £172.82 million or 109.09 pence per share as of 30 September 2025, down from £174.44 million and 110.11 pps at 31 March 2025.
NAV total return for the period was 2.70% (vs. 10.05% in the prior year period).
Operating profit before fair value changes was £6.96 million (vs. £8.90 million prior year).
Profit before tax was £4.71 million, with EPS of 2.98p (vs. £16.64 million and 10.30p prior year), impacted by a £1.47 million fair value loss on properties.
EPRA EPS for the period was 3.91p (vs. 4.43p prior year).
Total dividends of 4.00p per share declared for the period, maintaining 40 consecutive quarters of 2p per share.
Cash balance at period end was £13.20 million (down from £25.99 million at 31 March 2025).
Outlook and guidance
Board and Investment Manager are exploring growth opportunities and scaling the strategy to capitalize on current market conditions.
Investment Manager expects strong future performance from new acquisitions as property values are at cyclical lows.
Positive rental growth across all market sectors is expected to enhance UK property total returns into 2026.
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