AEW UK REIT has handed record returns to shareholders and doubled pretax profit.
Net asset value rose to £191m for the year to 31 March 2022, up from last year’s £157m, with the total return increasing to 29.73% off the back of a NAV per share increase of 21.66%. Total shareholder return was 53.6%.
Chair Mark Burton said: “This was the highest NAV total return recorded by any of the UK diversified REITs.” He added that the REIT had benefitted from the “return to normality… for the sectors of the property market that were hardest hit by the pandemic, most notably leisure and some parts of the retail market”.
Pretax profit rose to £46.7m, up from last year’s £22m.
But it was the valuation uplift for its industrial and retail warehouse assets, which make up 64% of its portfolio, that provided the biggest boost.
The REIT’s value rose from £179m across 34 properties last year to £240m across 36 properties. That represents a £32m increase from its historical cost of £208m.
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