AEW UK REIT

AEWU.L

REIT - Diversified · Real Estate

Price

106.20 GBp

+1.00 (+0.95%)

Market Cap

£168.5M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

AEW UK REIT plc is a real estate investment trust based in the United Kingdom that owns and rents out commercial properties. Its portfolio focuses on smaller, regional commercial buildings — including offices, industrial units, and retail warehouses — located outside of London. The properties are leased to a range of business tenants across England, Scotland, and Wales.

The company makes money by collecting rent from tenants on long-term leases, and it is required by law to pay out at least 90% of its taxable income as dividends to shareholders. With a market cap of around £200 million, it is a small player in the UK commercial property market, competing against much larger REITs and property funds. Its focus on higher-yielding regional assets gives it some differentiation, but the main risk it faces is rising interest rates and weak tenant demand in secondary property markets, which can push down property values and make refinancing more expensive.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-35.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

4.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£218M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

AEW UK REIT is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 158.4M (2022) → 158.5M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

63.9%

Premium pricing power — 63.9% gross margin

Profit after running costs

Operating Margin

57.9%

Excellent — 57.9% operating margin

Return on the money invested

ROCE

6.1%

Weak — 6.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.2%

Nearly flat sales (+1.2% YoY)

Profit growth

EPS YoY

-58.4%

Earnings shrinking (-58.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

57.2%

Converts sales into free cash efficiently (57.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

14.78x

Comfortably covers interest (14.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.9x

Fair value — P/E 16.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.9 → 13.7)

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Dividends

Dividend

Dividend Yield

7.29%

Healthy income — 7.29% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+11.1%

Dividend growing fast (11.1% YoY)

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