Alpha Real Dividends - ARTL

Alpha Real Dividends - ARTL

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Stock Name Stock Symbol Market Stock Type
Alpha Real Trust Limited ARTL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-1.00 -0.57% 174.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
174.00 174.00 174.00 175.00
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Industry Sector

Alpha Real ARTL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

cerrito: Thanks Skyship. Today's rise in the ARTL share price drove me here and I saw your 409. I own the fact that I have misread PE over the last 15 months. All I have now is a small holding in BPET Some years back had a good run with SVI/SVG and have had HVPE in the past. Do not know if you are one of those who had the cojones to buy HVPE at about £p March/April last year. I have been concerned that the valuations have been too frothy but will follow your advise and relook.
pavey ark: Couple of points here: If they are resuming lending then I would suggest that they don't intend to buy out private investors. If the lending resumes and the dividend rises then the share price will respond, bringing it closer to the NAV and raise the buy out price. The advantage to be had here is that the loan periods tend to be short and the interest rate high. As this management have shown themselves to be very proactive if circumstances change (not catastrophic changes, perhaps this form of lending becoming less profitable) then it wouldn't take long to get cash back in and move on to something else. I was getting rather fed up with the inactivity but these guys have shown that they know what they are doing so they can take my money and get on with things.
pavey ark: As lending gets underway and cash is deployed then the dividend will increase. I would expect a doubling of the dividend this year or not long after. EDIT: not just a stab ....I have gone over the figures.
pavey ark: hpcq, I have a core holding built up about five years ago but bought twice last year 138p and 145p and sold half of these back at 158p (more to fund another purchase than anything else). I really like the management but my only concern is the holdings in the ARTL (off shore this.... venture that) ....hmmmm. The buyout thing has been a theme since I first invested but all that has happened is that these guys have continued to make money at whatever they turn their hand to. I'm well in profit here and any buyout must be north of 180/190p so I'll hold.....just a slight niggle that private shareholders may not get their full due but when did they ever ?
pavey ark: I would suggest that people are missing the main point here. The question shouldn't be about how they are getting such good returns on their loans....they are.... and if that stops they will simply move on to something else. This management have a fantastic record of simply being ahead of the curve and getting things right....that is what people should be buying into. People should look at the 5 year performance which is greatly distorted by 2020, for obvious reasons. The Spanish shopping centre aside there has been little damage to the company and I would suggest there is little reason for the price at this level. The dividend will rise and that will interest some but I've never been able to see why a dividend is preferable to capital gain. This is trading at a considerable discount and I am certain this management every other...has their own interests front and centre but they certainly know what they are doing ....just look at the deals they have done and their very nimble approach to all aspects of their business.
davebowler: Compare Liberum comment today on Real Estate Credit Investments Strong returns and attractive pipeline Mkt Cap £302m | Prem/(disc) -11.4% | Div yield 9.1% Event RECI's NAV per share at 30 September 2020 was 148p (previously reported), reflecting a NAV total return of 4.7% for the 6 month period. This strong performance has been a result of both robust interest collection and a modest amount of mark-to-market gains on the bond portfolio. The portfolio is diversified across 53 positions in loans and bonds. Senior loans and bonds make up the majority of the portfolio (77%) and 80% of the portfolio is self-originated bilateral loans and bonds, providing greater control and security. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resources. The weighted average levered yield is 9.% and the average LTV is 62.7%. The portfolio remains focused on the UK and France. The company's flexible gearing enabled the manager to reduce leverage swiftly in April and it has remained low throughout the period. Net gearing was 6.7% at 30 September (March 2020: 13.3%). The manager recently reported an increase in loan repayments with £41m received since the end of June. This includes £32m from the full repayment of a mixed use senior loan to a UK developer at an uplift to carrying value (10.5% IRR). The company is also expecting more than £15m of further repayments before the end of 2020, mostly from a London office/residential loan as the development is complete and the project is significantly de-risked. The manager has also reported a strong pipeline of potential transactions. Liberum view RECI’s portfolio has performed resiliently in the period, despite the challenges posed by Covid-19. Prudent loan structuring and the 63% LTV offer significant downside protection. We believe there is also the potential for considerable further re-rating in the bond portfolio as European real estate debt has lagged the wider credit rally. The bond portfolio is secured on core and core+ assets (weighted average LTV of 51%) owned by institutional borrowers. The dislocation in real estate debt funding markets is creating attractive opportunities for RECI. The recent uncertainty caused by the outbreak of Covid-19 has accelerated the withdrawal of traditional lenders. In the recent company update, the manager outlined a pipeline of seven loans that are mainly in senior positions at lower LTVs and offering high returns (58% weighted average LTV and 9.7% IRR). RECI’s share of these loans is expected to be £52m. The higher returns available and potential quick redeployment of cash should enable the company to grow dividend cover. We regard the 11% discount to NAV and 9.1% dividend yield as highly compelling given the fund’s long-term track record, defensive positioning and the improved environment for new lending opportunities.
cerrito: Skyship, I am sure that your curiosity will be satisfied this week if not the week after when we will get the half year report..Given the way they used the word cautious in the September 18 update I am not expecting much change in the cash position. No doubt they will give us info on repayments and undrawn commitment. Indeed I am sure they have looked at the level of detail and commentary that RECI provides its shareholders , although of course RECI’s portfolio of £346m dwarfs that of the £37m of ARTL. I would like some comment from ARTL where they see demand for loans coming from as I suspect that de novo development activity has frozen….although there has been a freezing of the supply of loans. I guess we need to brace ourselves for a further hit on the Madrid valuation. Be good if they were to comment on where they are with buy backs. I do not see myself as buying more given the illiquidity of the shares and the low dividend but at least it is a low maintenance share. Also while connected companies have 68poc of the shares would be good if there was some form of presentation to the retail shareholders, given that the AGM is in the Islands.
yieldsearch: 1) Insider ownership ARTL: 68% (Antler and Alpha Pte). v good but this does have its own issue. BPCT, EPIC, RGL, SLI, SREI: very limited, the usual brain dead instit investors providing limited pressure to the management. 2) Strategy ARTL increasing debt exposure vs direct equity. Security of income is greater and more protected (if a loan is not paying interest, artl would just take over the asset.). Not sure if they will be as successfull as RECI but they are well known in the debt market. 3) Real Estate view/cycle Covid has/will trigger significant changes in the property sector. Retail will be further impacted, leisure/food hospitality as well. (h20?) Offices will have to be refurbished (hepa filter?), will have to be reconfigure, structural vacancy, etc Lettings market is generally weak (wfh then not wfh then wfh.. how can you sign a 5 years lease??) with more concessions provided to tenants. Investment sector is mixed: large open ended funds finally reopen could trigger substantial supply. Additional supply should hit the market from lpa receiver acting for lender on busted loans. then factor in Uk economy current state impacting the occupational and investment market (unemployment, v or w or l shape recovery) finally factor in, the final outcome of brexit (no one knows what will happen, i really hope everything will be fine/oven ready but creating uncertainty now) so punting the propcos because of large discount, yes it can be strategy, if well timed and no further stress and if you believe that the discount is not justified and will reduce. and if there is a rally, well done, you just deserve it. Buying long term a company with large insider ownership, may also be an good investment (i am sure people remember Daejan holdings. artl not as close as djan but to some extent similar)
pavey ark: On a more general note to holders and potential holder, I just plotted on the ADVFN overlay facility, SLI (the only REIT I hold) against ARTL over 1,2,3 and 5 years.... ...well I bought some SLI back at 50p recently and although the value is only c.25% of my ARTL holding I really don't know what I was thinking. ARTL has produced a COMPOUND growth of 18% a year over the last five years ....including COVID and if I go back to the beginning of March (not the peak share price but the start of the covid effect)the COMPOUND growth was 23% a year for the previous 4.5 years.(excluding dividends) This management is very nimble and exited the ground rents sector just at the right time, built the H20 shopping centre then sold 70% for much gain, the data centre in Germany for much gold, the student accommodation in Leeds and Birmingham again for considerable profit and now they are making short term asset backed loans to property developers. I wondered how they could get such high rates of return on such low risk loans (very high asset backing)but it seems that banks etc can't enter this market without jumping through a large number of hoops so if you want a million or two for six months or so to finish your multi million pound project you don't have a big choice. My point is that as long as this is a profitable place for their cash then these guys will be there but if not they will simply move on. Not only are these loans heavily asset backed but there is a large number of them which obviously spreads the risk. There have been no defaults but it would not surprise me if ARTL simply took over a seriously distressed project and this would be at very advantageous term. Cash is still coming in from India and recent property sales so my guess is that they will let the Covid dust to settle(if it ever does), manage their existing loans then there will be any number of developers desperate to get their projects finished.....step in ARTL.
davebowler: RNS Number : 1859M Alpha Real Trust Limited 13 September 2019 13 September 2019 ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY") TRADING UPDATE and dividend announcement ART today publishes its trading update for the period ended 30 June 2019 and the period up until the date of this announcement. The information contained herein has not been audited. About the Company Alpha Real Trust Limited ("the Company" or "ART" or "Trust") targets investment, development, financing and other opportunities in real estate, real estate operating companies and securities, real estate services, infrastructure, infrastructure services, other asset-backed businesses and related operations and services businesses that offer attractive risk-adjusted total returns. ART currently focusses on asset-backed lending, debt investments and high return property investments in Western Europe that are capable of delivering strong risk adjusted cash flows. The portfolio mix at 30 June 2019, excluding sundry assets/liabilities, was as follows: 30 June 31 Mar 2019 2019 High return equity in property investments: 26.6% 25.1% High return debt: 29.1% 26.3% Other investments: 6.4% 6.3% Cash: 37.9% 42.3% The Company's Investment Manager is Alpha Real Capital LLP ("ARC"). Highlights -- NAV per ordinary share 205.3p: 30 June 2019 (204.3p: 31 March 2019); the pro forma NAV per ordinary share, taking into account the Tender Offer share buyback in the period, is 212.5p*. -- Basic earnings for the period ended 30 June 2019 of 0.3p per ordinary share (33.1p per ordinary share and 33.5p per A share for the year ended 31 March 2019). -- Adjusted earnings for the period ended 30 June 2019 of 1.3p per ordinary share (3.9p per ordinary and A share for year ended 31 March 2019). -- Declaration of an increased quarterly dividend of 1.0p per ordinary share (0.8p: quarter ended 31 March 2019), expected to be paid on 18 October 2019. -- Active management of shareholder returns: post period end, the Company announced the result of its tender offer, in which 13,065,348 ordinary shares were validly tendered, representing approximately 19.48 per cent of the Company's voting shares. All valid tenders were subsequently satisfied in full. -- Increased portfolio weighting towards secured loan investment: ART continues to augment and diversify its portfolio of secured senior and secured mezzanine loan investments. As at 30 June 2019, the size of ART's secured loan portfolio was GBP39.1 million, representing 29.1% of the investment portfolio; post period end, further loans totalling GBP7.7 million have been funded. -- UK industrial portfolio: asset sales completed during and post period end in line with valuation. -- H2O shopping centre Madrid: record visitor numbers were recorded in the six months to June 2019. Following a successful transfer of additional building rights to the shopping centre, a pre-let commitment has been signed for a new retail park unit which is to be created on the surface parking area. * This is the 30 June 2019 NAV adjusted for the Tender Offer payment of GBP22.9 million and the share base adjusted for the cancellation of 13,065,348 shares. Investment summary Portfolio overview as at 30 June 2019 Investment name Investment Carrying Income Investment Property type Investment notes % of type value return location / underlying portfolio(1) p.a. security ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- High return debt (29.1%) ------------------------------------------------------------------------------------------------- ------------- Secured senior finance Diversified loan portfolio focussed on real estate Senior secured GBP23.9m 10.4% investments Senior secured loans (2) (3) UK and developments debt 17.8% Secured mezzanine finance Diversified loan portfolio focussed on Secured mezzanine Second charge real estate debt and mezzanine GBP15.2m 15.2% investments subordinated loans (2) (3) UK and developments debt 11.3% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- High return equity in property investments (26.6%) ------------------------------------------------------------------------------------------------- ------------- H2O shopping centre Dominant Madrid 30% shareholding; shopping centre medium term and separate moderately geared Indirect GBP20.6m 5.5% development bank finance property (EUR23.0m) (4) Spain site facility 15.3% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Long leased industrial facility, Hamburg Long leased industrial complex Long term in major European moderately GBP6.3m* 6.4% industrial and geared bank Direct property (EUR7.0m) (5) Germany logistics hub finance facility 4.7% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Alpha UK Property Fund Asset Company (No 2) High-yield 33.6% of ordinary Indirect 8.4% commercial shares in the property GBP7.2m (5) UK UK portfolio company 5.3% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Cambourne Business Park Medium term High-yield moderately business geared bank Indirect 9.4% park located finance property GBP1.7m (4) UK in Cambridge facility 1.3% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Other investments (6.4%) ------------------------------------------------------------------------------------------------- ------------- Unity and Armouries, Birmingham Planning consent for 90,000 square feet / 162 units plus commercialHeads Central of Terms and PRS development, Birmingham exclusivity held for residential agreed for offer sale GBP4.5m n/a UK build-to-rent of GBP4.9m 3.3% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Galaxia Legal process underway to recover Development investment GBP4.0m site located by enforcing Joint venture (INR in NOIDA, Delhi, arbitration in arbitration 350m) n/a India NCR award 3.0% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Healthcare & Leisure Property Limited Indirect Leisure property No external property GBP0.2m n/a UK fund gearing 0.1% ----------------- ------------------- ------- ---------- ----------------- ----------------- ------------- Cash and short-term investments (37.9%) ------------------------------------------------------------------------------------------------- ------------- Short term deposits, 0.8% 'on call' and Cash GBP51.0m (6) UK current accounts 37.9% ------------------------ ------------ ------- ---------- ----------------- ----------------- ------------- * Property value net of associated debt including sundry assets/liabilities (1) Percentage share shown based on NAV excluding the company's sundry assets/liabilities (2) Including accrued interest/coupon at the balance sheet date (3) Weighted average income return (4) Yield on equity over 12 months to 30 June 2019 (5) Annualised income return, post tax (6) weighted average interest earned on current deposits Further to the annual results announcement on 14 June 2019, the following are key investment updates. Active management of shareholder returns ART seeks to actively manage shareholder returns. In July 2019, post period end, the Company announced the result of its tender offer in which 13,065,348 ordinary shares were validly tendered, representing approximately 19.48 per cent of the Company's voting shares. All valid tenders were subsequently satisfied in full. Income focussed investment Following an active period of capital recycling, ART currently focusses on asset-backed lending, debt investments and high return property investments in Western Europe that are capable of delivering strong risk-adjusted cashflows. In line with this focus, capital is predominantly being deployed to augment and diversify its portfolio of secured real estate senior and mezzanine loan investments. Over the medium term the Company's returns are likely to see greater contributions from the growing senior debt and mezzanine loan portfolio and less from capital gains. The Company continues to maintain a pipeline of new investment opportunities under active review which compete for capital allocation. ART benefits from the depth of experience, strength and size of its Investment Manager. Alpha Real Capital has a team of over one hundred investment, asset management, sales and debt professionals based throughout the UK and Europe. ART's active management approach has helped deliver improvements in underlying asset values, in both directly and indirectly held investments across our investment markets. New secured lending investment The Company's portfolio of secured senior and mezzanine loan investments continues to increase in scale and diversity. The loans are typically secured on real estate investment and development assets with attractive risk-adjusted income returns. As at 30 June 2019, ART had invested a total amount of GBP39.1 million across thirty-one loans, of which five were completed during the quarter to 30 June 2019. Over the past year the loan portfolio has almost tripled, with GBP7.1 million of investment into the secured loan portfolio completing in the quarter ending 30 June 2019, with an additional GBP7.7 million of loans granted post period end. During the quarter to 30 June 2019, six loans were repaid for GBP4.0 million, generating an annualised return of 14.7%, and two loans were partly repaid by GBP1.3 million. Post period end, loan repayments of GBP1.5 million were received. The Company is currently targeting up to GBP70 million for investment in secured senior and mezzanine loans. Each loan will typically have a term of up to two years, a maximum 75% loan to value ratio and be targeted to generate attractive risk-adjusted income returns. Repayment proceeds will be reinvested into new facilities. The Company continues to develop a strong pipeline of new lending opportunities. Selective asset disposals UK industrial portfolio ART owns a 33.6% share in Alpha UK Property Fund Asset Company (No 2) Limited ('Alpha2'). As at 30 June 2019, Alpha2 owned four UK industrial assets. During the period, one of the assets was sold and is reflected in the 30 June 2019 reporting. Post period end, a further asset was sold for GBP1.7 million, in line with its 30 June 2019 valuation. Birmingham residential site ART owns Unity and Armouries, a development site located in central Birmingham with planning consent for 90,000 square feet of net saleable space comprising 162 residential apartments with ground floor commercial areas. A sale of the investment is being pursued. H2O, Madrid ART has a 30% stake in joint venture with CBRE Global Investors in the H2O shopping centre in Madrid. H2O continues to benefit from ongoing asset management initiatives. The centre attracted record visitor numbers during the six-month period to 30 June 2019, increasing 5.6% above the same period in 2018. The H2O investment includes a small vacant site located in the same planning zone as H2O that was acquired during 2017. As previously announced, following a successful planning process which involved an amendment to the local zoning plan, 9,000 square metres of building rights have been transferred to the H2O plot which, subject to obtaining building licences, creates potential for the future expansion of the shopping centre. An active leasing programme has helped secured a pre-let to a leading Spanish pet supplies company for a 1,100 square metre retail park unit which will be constructed by the landlord over the coming year on part of the centre's surface car park area. This creation of new retail park units was anticipated as part of a recently completed masterplan design for the shopping centre. Other investments Galaxia, India The Galaxia project is a joint venture with Logix Group, to develop a site extending to 11.2 acres with the potential to develop 1.2 million square feet. Galaxia is located in NOIDA, an established, well planned suburb of Delhi that continues to benefit from new infrastructure projects and is one of the principal office micro-markets in India. The Company has a 50.0% shareholding in the SPV which controls the Galaxia site. There are no bank borrowings on the asset. In February 2011, ART recommenced arbitration proceedings against Logix Group ("Logix") in order to protect its Galaxia investment, an 11.2 acre development site, in NOIDA, the National Capital Region (NCR), India. In January 2015, the ICC Arbitral Tribunal decreed that Logix and its principals had breached the terms of the shareholders agreement and has awarded the Company: -- Return of the Company's entire capital invested of INR 450 million (equivalent to GBP5.1 million using the period end exchange rate as at 30 June 2019) along with interest at 18% per annum from 31 January 2011 to 20 January 2015. -- All costs incurred towards the arbitration. -- A further 15% interest per annum on all sums was awarded to the Company from 20 January 2015 until the actual date of payment by Logix of the award. Logix challenged the validity of the arbitration award in the Delhi High Court and latterly to the Division Bench of the Delhi High Court. Both courts dismissed the respective appeals and upheld the award declared in favour of the Company. Logix appealed the dismissal before the Supreme Court of India. Following several postponements to scheduled hearings, the next Supreme Court hearing is scheduled for 17(th) September 2019. ART continues to actively pursue Logix directors for the recovery of the award. The sum awarded to ART, including the recovered deposits, has now accrued to GBP15.1 million at the period end exchange rates. The Directors, taking into consideration legal advice received following Logix's challenge of the Award and following the recovery of INR 100 million (GBP1.1 million) deposited by Logix at the Supreme Court, consider it appropriate to carry this joint venture in its accounts at INR 350 million (GBP4.0 million). The amount recognised in the accounts does not include the additional compensation awarded by the courts due to uncertainty over timing and final value of the award. Share buybacks Under the general authority, approved by Shareholders on 8 January 2019, the Company announced a tender offer on 14 June 2019 for up to 16,666,771 ordinary shares at a price (before expenses) of 175.0 pence per share. In total 13,065,348 ordinary shares were validly tendered under the tender offer. All purchased ordinary shares were cancelled. The Company additionally purchased 52,124 shares in the market during the period ended 30 June 2019, and a further 10,000 shares on 1 August 2019. As at the date of this announcement, the ordinary share capital of the Company is 61,165,783 (including 6,971,081 ordinary shares held in treasury) and the total voting rights in the Company is 54,194,702. Scrip dividend alternative Shareholders of the Company have the option to receive shares in the Company in lieu of a cash dividend, at the absolute discretion of the Directors, from time to time. The number of ordinary shares that an Ordinary Shareholder will receive under the Scrip Dividend Alternative will be the average of the closing middle market quotations of an ordinary share for five consecutive dealing days after the day on which the ordinary shares are first quoted "ex" the relevant dividend. The Board has elected to offer the scrip dividend alternative to Shareholders for the dividend for the quarter ended 30 June 2019. Shareholders who returned the Scrip Mandate Form and elected to receive the scrip dividend alternative will receive shares in lieu of the next dividend. Shareholders who have not previously elected receive scrip may complete a Scrip Mandate Form (this can be obtained from the registrar: contact Computershare (details below)), which must be returned by 4 October 2019 to benefit from the scrip dividend alternative for the next dividend. Net asset value ('NAV') As at 30 June 2019, the unaudited NAV per ordinary share of the Company was 205.3p (31 March 2019: 204.3p). The movement in NAV mainly reflects the earnings of the Company less the dividend paid in the period plus positive foreign currency movements. The pro forma NAV per ordinary share, taking into account the Tender Offer share buyback in the period, is 212.5p (this is the 30 June 2019 NAV adjusted for the Tender Offer payment of GBP22.9 million and the share base adjusted for the cancellation of 13,065,348 shares). Foreign currency The Company monitors foreign exchange exposures and considers hedging where appropriate. Foreign currency balances have been translated at the period end rates of GBP1:EUR1.117 or GBP1:INR87.587, as appropriate. Strategy and outlook ART's diversified portfolio continues to increase the weighting towards cashflow driven investments, particularly senior debt, whilst retaining scope for creating capital value growth. Following an active period of capital recycling, ART currently focusses on asset-backed lending, debt investments and high return property investments in Western Europe that are capable of delivering strong risk-adjusted cashflows. ART continues to actively augment and diversify its portfolio of secured real estate loan and secured mezzanine loan investments which are expected to enhance the Company's current earnings. Over the past year the loan portfolio has increased almost threefold, with GBP7.1 million of investment into the secured loan portfolio completing in the quarter ending 30 June 2019, with an additional GBP7.7 million of loans granted post period end. The Company is actively repositioning its investments to deliver attractive income returns. For the medium term, the Company's returns are likely to see greater contributions from the growing senior debt and mezzanine loan portfolio and less from capital gains. The Company maintains an active pipeline of potential new secured senior and mezzanine loans and equity investment opportunities under review. Contact: Alpha Real Trust Limited David Jeffreys, Chairman, ART +44 (0)1481 742 742 Brad Bauman, Joint Fund Manager, ART +44 (0) 20 7391 4700 Gordon Smith, Joint Fund Manager, ART +44 (0) 20 7391 4700 Panmure Gordon, Broker to the Company Atholl Tweedie / Joanna Langley +44 (0) 20 7886 2500
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