AEW UK REIT (AEWU) Q3 2026 earnings summary

Executive summary

• Strategy centers on sector-agnostic value investing, targeting high-yielding assets in strong locations and active management to maximize income and capital value.

• NAV increased to £173.47 million (109.32p per share) as of 31 December 2025, up from £172.82 million (109.09p) at 30 September 2025.

• Portfolio consists of 34 UK commercial properties valued at £215.34 million, with over 130 tenants.

• Dividend has been paid for 41 consecutive quarters, with a 2.00p per share interim dividend declared and a 7.4% yield.

Financial highlights

• NAV slightly increased this quarter, supported by profitable asset sales and strong earnings.

• NAV total return for the quarter was 2.05%, with a one-year shareholder total return of 15.3%.

• Ten-year annualized NAV total return of 9.3% and five-year annualized NAV total return of 11.1% to September 2024.

• Five-year property total return outperformed the MSCI benchmark by 6.7%; ten-year outperformance was 4.7%.

• EPRA EPS for the quarter was 2.36p, up from 2.19p in the previous quarter.

Outlook and guidance

• Current market conditions present a strong buying opportunity, with commercial property values at their lowest since IPO and yields at their highest.

• Intention to continue paying dividends in line with policy, subject to financial conditions and REIT requirements.

• Ongoing assessment of near-term asset management opportunities and potential medium-term acquisitions.

• Focus remains on growing the equity base and exploring M&A opportunities to access more of the strong pipeline.