AEW posts return to NAV growth

AEW UK REIT has posted a return to growth in net asset value, although its director has warned of “macroeconomic headwinds” to come. The REIT said NAV as of 30 June stood at £167.8m, up from £162.7m three months earlier. NAV total return came to 5.04%, up from 1.16%, with a 2.41% valuation increase quarter-on-quarter to £215.8m. Director Henry Butt said: “We are pleased to report higher earnings for a second consecutive quarter and a return to growth in NAV per share, as the company’s programme of ongoing asset management initiatives continue to generate income growth and mitigate void costs.” The company pays a quarterly dividend of 2p per share, fully funded by EPRA earnings this quarter. Butt added: “The company continues to monitor macroeconomic headwinds and their cumulative effect on occupational performance. As a result, the company continues to retain ample cash, amounting to £9.23m at quarter end.”