REG - AEW UK REIT PLC - Half Yearly Report <Origin Href="QuoteRef">AEWU.L</Origin> - Part 3
09/12/2016 07:05
- Part 3: For the preceding part double click ID:nRSI3536Rb
Investment property - wholly owned 125,885
Allowance for estimated purchasers' cost 8,560
Gross up completed property portfolio valuation 134,445
Annualised cash passing rental income 11,203
Property outgoings (655)
Annualised net rents 10,548
Rent expiration of rent-free periods and fixed uplifts -
'Topped-up' net annualised rent 10,548
EPRA Net Initial Yield 7.85%
EPRA 'topped-up' Net Initial Yield 7.85%
EPRA Net Initial Yield (NIY) basis of calculation
EPRA NIY is calculated as the annualised net rent, divided by the gross value
of the completed property portfolio.
The valuation of grossed up completed property portfolio is determined by our
external valuers as at 31 October 2016, plus an allowance for estimated
purchaser's costs. Estimated purchaser's costs are determined by the relevant
stamp duty liability, plus an estimate by our valuers of agent and legal fees
on notional acquisition. The net rent deduction allowed for property outgoings
is based on our valuers' assumptions on future recurring non-recoverable
revenue expenditure.
In calculating the EPRA 'topped-up' NIY, the annualised net rent is increased
by the total contracted rent from expiry of rent-free periods and future
contracted rental uplifts where defined as not in lieu of growth. Overall
'topped-up' NIY is calculated by adding any other contracted future uplift to
the 'topped-up' net annualised rent.
Calculation of EPRA Vacancy Rate
31 October
2016
£'000/%
Annualised potential rental value of vacant premises 1,069
Annualised potential rental value for the completed property portfolio 12,291
EPRA Vacancy Rate 8.7%
Calculation of EPRA Cost Ratios 31 October
2016
£'000/%
Administrative/operating expense per IFRS income statement 1,390
Less: Performance & management fees (526)
Other fees and commission (128)
Ground rent costs (90)
EPRA Costs (including direct vacancy costs) 646
Direct vacancy costs (123)
EPRA Costs (excluding direct vacancy costs) 523
Gross Rental Income less ground rent costs 5,756
Less: service charge costs of rental income (128)
Gross rental income 5,628
EPRA Cost Ratio (including direct vacancy costs) 11.49%
EPRA Cost Ratio (excluding direct vacancy costs) 9.31%
Company Information
Share Register Enquiries
The register for the Ordinary Shares is maintained by Computershare Investor
Services PLC. In the event of queries regarding your holding, please contact
the Registrar on 0370 889 4069 or email: web.queries@computershare.co.uk
Changes of name and/or address must be notified in writing to the Registrar,
at the address shown below. You can check your shareholding and find practical
help on transferring shares or updating your details at
www.investorcentre.co.uk.
Share Information
Ordinary Shares 123,647,250
SEDOL Number BWD2415
ISIN Number GB00BWD24154
Share Prices
The Company's Ordinary Shares are traded on the Main Market of the London
Stock Exchange.
Annual and Half-Yearly Reports
Copies of the Annual and Half-Yearly Reports are available from the Company's
website
Provisional Financial Calendar
30 April 2017 Year end
July 2017 Announcement of annual results
September 2017 Annual General Meeting
31 October 2017 Half-year End
December 2017 Announcement of half-yearly results
Dividends
The following table summarises the amounts recognised as distributions to
equity shareholders in the period:
£
Dividend for the period 1 February 2016 to 30 April 2016 2,350,200
Dividend for the period 1 May 2016 to 31 July 2016 2,350,200
Total 4,700,400
Directors
Mark Burton (Non-executive Chairman)
James Hyslop (Non-executive Director)
Bimaljit (''Bim'') Sandhu (Non-executive Director)
Registered Office
40 Dukes Place
London
EC3A 7NH
Investment Manager
AEW UK Investment Management LLP
33 Jermyn Street
London
SW1Y 6DN
Tel: 020 7016 4800
Website: www.aeweurope.com
Property Manager
Jones Lang LaSalle Limited
22 Hanover Square
London
W1S 1JA
Corporate Broker
Fidante Capital plc
1 Tudor Street
London
EC4Y 0AH
Legal Adviser to the Company
Gowling WLG (UK) LLP
4 More London Riverside
London
SE1 2AU
Financial PR Advisor
FTI Consulting
200 Aldersgate
Aldersgate Street
London
EC1A 4HD
www.fticonsulting.com
Depositary
Langham Hall UK LLP
5 Old Bailey
London
EC4M 7BA
Administrator
Capita Sinclair Henderson Limited
Beaufort House
51 New North Road
Exeter
EX4 4EP
Company Secretary
Capita Company Secretarial Services Limited
40 Dukes Place
London
EC3A 7NH
Registrar
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
Auditor
KPMG LLP
15 Canada Square
London
E14 5GL
Valuer
Knight Frank LLP
55 Baker Street
London
W1U 8AN
National Storage Mechanism
A copy of the Interim Report will be submitted shortly to the National Storage
Mechanism ('NSM') and will be available for inspection at the NSM, which is
situated at www.morningstar.co.uk/uk/NSM.
Enquiries
AEW UK
Alex Short alex.short@aeweurope.com
+44(0) 20 7016 4880
Nicki Gladstone nicki.gladstone-ext@aeweurope.com
+44(0) 20 7016 4880
Company Secretary
Benjamin Hanley, Capita Company Secretarial Services Benjamin.Hanley@capita.co.uk
T: 01392 477 653
FTI Consulting
Richard Sunderland, Claire Turvey, Richard Gotla aewuk@fticonsulting.com
T: 020 3727 1000
T: 020 3727 1000
This information is provided by RNS
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