AEW UK REIT (AEWU) investor relations material

Executive summary

• Portfolio valued at £214.0m across 33 properties and 127 tenants at 30 September 2026; quarterly NAV total return was 1.53% and shareholder total return was 0.57%.

• Annualised NAV total returns were 5.8% over one year, 7.0% over five years and 9.2% over 10 years; average disposal price was 36% above purchase price.

• Strategy focuses on high income and capital upside from low passing rents, reversionary potential, active lease management and capital recycling.

Financial highlights

• NAV at 30 September 2026 was £170.50m, or 107.45p per share, versus £171.05m and 107.80p at 30 June; NAV per share declined 0.32%.

• EPRA EPS was 1.78p for the quarter, compared with 1.89p in the June 2026 quarter.

• A 2.00p quarterly dividend was declared, the 44th consecutive payment; annualised dividend is 8.00p per share, equivalent to a 7.8% yield at quarter-end.

• Like-for-like portfolio valuation declined £0.19m, or 0.09%, for the quarter; gains in retail warehousing and high street retail offset declines elsewhere.

• Five-year annualised total property return to 30 June 2026 was 8.2%, outperforming the MSCI benchmark by 5.3%; 10-year outperformance was 5.1%.

Outlook and guidance

• Target annual dividend remains 8.00p per share, subject to financial circumstances and the UK REIT requirement to distribute at least 90% of distributable income annually.

• Industrial portfolio income growth is forecast at 21.5% cumulatively from 2025 to 2030.

• High-yield acquisition opportunities are under review; capital recycling aims to sell assets where value is maximised and reinvest in earnings-accretive acquisitions.

• Lender discussions are underway ahead of the July 2027 debt maturity; Queen Square managed-office occupancy is ~31%, with 80% stabilised occupancy projected by year three.