Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real Trust Limited LSE:ARTL London Ordinary Share GB00B13VDP26 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 185.50 182.00 189.00 185.50 185.50 185.50 4,801 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 3.2 2.7 33.1 5.6 124

Alpha Real Share Discussion Threads

Showing 101 to 125 of 325 messages
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
04/12/2015
10:51
No sign that the AURE loan which expired on 24 November 2015 was repaid. Assuming it wasn't repaid this is set to generate a rapacious 12% over the next year (9% interest, 2% extension fee, 1% exit fee) on a loan between 40% and 60% LTV!
scburbs
28/11/2015
14:27
Report in line with my expectations. The value of the H20 investment (Madrid shopping centre) has risen 40%, and now accounts for 24% of NAV. Rents at H20 do not seem to have risen substantially at this point, but I expect they will in the near future, also given that rents are partly linked to tenants' turnover. The latter are on the rise, supported by the current macroeconomic picture in Spain. Revenue profit is now about 6p per share, corresponding to a p/e of just below 14. This means the company earns enough from operations to keep the dividend rising. I expect a dividend rise of 10 to 20% next spring. This will contribute to reducing the share price's discount to NAV which is still more than 30%. ARTL now trades at a multi-year high but I expect it to go further. Catalysts will be the possible realisation of the Indian investment, rising rental income from the Spanish shopping centre (which is still highly geared even after the recent steep appreciation) and further deployment of ARTL's cash pile. Capital risk is receding as the LTV ratio of all of ARTL's investments is decreasing, and in the meantime it is being paid high rates of interest for its loans.
mark20690
25/11/2015
13:38
Just bought some more.
davebowler
20/11/2015
10:55
ALPHA REAL TRUST ANNOUNCES ITS HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015 Highlights include: -- NAV per share 123.5p: 30 September 2015 (113.2p: 31 March 2015) -- Adjusted earnings per share of 3.0p for the six months ended 30 September 2015 -- Declaration of a dividend of 0.6p per share, expected to be paid on 18 December 2015 -- H2O valuation has increased by 7% (on an underlying Euro basis) to GBP71.5 million (GBP65.5 million March 2015), aided by asset management initiatives, including an improved tenant mix and physical upgrades undertaken by ART -- H2O: the Madrid shopping centre attracted record visitor numbers in the first nine months of 2015 -- Capital recycling of the mezzanine loan to Europip; ART's loan position has reduced from GBP4.3 million to GBP0.6 million since the date of loan extension in November 2014 -- Investment of GBP3.2 million for the purchase of a 20.5% shareholding in Active UK Real Estate Fund plc, a company with a high yielding, diversified, UK commercial real estate portfolio -- Investment of GBP2.1 million for the purchase of Unity and Armouries, a central Birmingham predominantly residential development site with planning consent for 90,000 net developable square feet in 162 residential apartments with ground floor commercial units. The project has a potential gross development value in excess of GBP25 million. This new investment targets the increasing growth opportunities identified in the Private Rental Sector ("PRS") residential market as a result of rising occupier demand and an undersupply of accommodation -- Active leasing in both directly and indirectly held investments points to improving occupier demand and potential for rental growth -- 94% of the Company's portfolio is allocated to investments in the UK and Europe that are or will be income producing in the near term David Jeffreys, Chairman of Alpha Real Trust, commented: "ART's direct and indirectly held equity investments in real estate continue to perform strongly. This is evident both in the UK and in other markets across 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. The Company is actively seeking to increase the yield and underlying capital value of its portfolio by enhanced performance from existing investments, asset management initiatives and by additional investment, funded from its cash and liquid holdings, strong cashflow and capital recycling. The Company's portfolio provides a balance of stable high yielding investments and investments that offer scope to deliver strong cashflows and high risk adjusted returns. The acquisition of ordinary shares in AURE and of the Unity and Armouries private rental sector residential development in Birmingham demonstrate our innovative approach to secure assets that meet our selective investment criteria. The improving economic backdrop and increased investment market activity and pricing has allowed ART to continue to improve its portfolio mix. ART continues to actively source new investment opportunities and has the agility and financial reserves to capitalise on those that meet its investment criteria. " The Investment Manager of Alpha Real Trust is Alpha Real Capital LLP.
davebowler
20/11/2015
10:12
Yes very cheap, I'm back in this morning.
battlebus2
20/11/2015
09:58
Great set of results. Very pleasing to see 7% increase in H2O valuation which really starts to derisk the 2017 refinancing of this asset. At 84p still over a 30% discount to NAV. Still inappropriately cheap.
scburbs
20/11/2015
09:38
BT - so annoying when that happens - still you do hold. Happily I did top-up a couple of weeks ago - have decided to let a few go @ 84p
skyship
20/11/2015
09:22
I was going to top up yesterday...doh
badtime
20/11/2015
07:24
ALPHA REAL TRUST ANNOUNCES ITS HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015 Highlights include: -- NAV per share 123.5p: 30 September 2015 (113.2p: 31 March 2015) -- Adjusted earnings per share of 3.0p for the six months ended 30 September 2015 -- Declaration of a dividend of 0.6p per share, expected to be paid on 18 December 2015 ============================================================================== # So, with the dividend paid quarterly the prospective yield at 75p = 3.2% # Also at 75p the NAV discount = 39.3% (NB: though presumably the weak Euro will have taken a few pence off the H2O valuation) The more I read their statements the more I wonder whether ARTL should not be viewed and valued rather more kindly. Certainly they seem well underwritten at these levels.
skyship
11/11/2015
12:28
So done financials due soon
badtime
26/10/2015
14:17
Nick Greenwood, manager of Miton Worldide Growth I. T. (MWGT) recommends ARTL in an extensive article on trusts in this week's IC: ==================================================== Alpha Real Trust (ARTL) was originally an Indian property specialist; however, that market blew up during the global financial crisis before the cash raised at launch could be committed. Its management took advantage of its extreme undervaluation by acquiring 30 per cent of it, and have since increased their holding to around 45 per cent. The trust changed its focus to high-yield property debt and during 2012 related assets such as the Freehold Ground Rent Fund and Property Investment Portfolio were rolled into it, with the assets acquired at NAV. Cash has also been used to buy properties from distressed lenders such as Royal Bank of Scotland. Historically, the assets tended to carry high leverage, but the recovery in property values and banks' renewed lending appetite has transformed the trust's outlook. There is scope for revaluation and refinancing given today's low interest rate environment. Alpha Real Trust also tends to move to its own tune regardless of the general direction of global markets. Alpha Real Trust's managers are clearly good at what they do and when sufficient loose holders have exited, the vehicle is likely to be taken private at a level closer to NAV, once a deal is struck with minority holders. In the meantime, the recently stated objective of steadily increasing the dividend should underpin the share price. The shares yield around 3 per cent and trade at a discount to NAV of 33 per cent.
skyship
21/9/2015
13:40
hm - all a bit incestuous; but that has always been the case with ARTL, AURE & IMPT...should be good value left on the table as it unravels...
skyship
21/9/2015
12:57
Decent acquisition at 17% below NAV of a vehicle which has been successfully degeared (albeit still carrying expensive debt to ARTL itself). Still a fair chunk of vacancy to sort out which leaves scope for further upside. Not sure what this means for the outstanding mezz debt which AURE would normally be incentivised to repay by November this year. "Alpha Real Trust announces that it has purchased 11,320,801 shares of AURE, representing 20.5% of the share capital and voting rights. The consideration paid for the shares was £3.2 million, representing a price of circa £0.28 per share. Alpha Real Trust held no AURE shares prior to this purchase. The Net Asset Value per share for AURE as at 31 August 2015 was £0.33821 per share."
scburbs
04/9/2015
09:10
Cheers scburbs, happy with that.
pavey ark
04/9/2015
08:56
Hi Pavey Ark, The relevant shareholding is the 32% held by Alpha Global Property Securities. This is a vehicle owned by the manager, Alpha Real Capital LLP.
scburbs
04/9/2015
08:02
Just having a look here and have just gone through the results. Does anyone have a figure for management option holdings as the shares held looks rather low ?
pavey ark
04/9/2015
07:10
Agreed it would be good if it wasn't paid off, but that seems highly unlikely. There is still the refinancing of the Spanish loan in a couple of years which absent a sale is likely to require a cash injection.
scburbs
04/9/2015
06:54
We have to accept that future returns will not be as attractive as those negotiated at the height of the crisis, and it is inevitable that those expensive loans will be repaid. An orderly wind-up of the company should be at the forefront of the minds of the directors in the absence of other opportunities.
tiltonboy
04/9/2015
06:17
Having this loan paid off is not what I'd want frankly, if the asset performance underlying it is good.
erstwhile2
02/9/2015
14:03
Active UK Real Estate Fund continues to perform very strongly. Mezzanine loan from ARTL is now below 60% of the GAV of the fund. With a 9% coupon and a 2% penalty if the loan is not repaid by November 2015 I expect this loan to be repaid at par in the next 2-3 months. hxxp://www.activeukrealestatefund.com/uploads/docs/factsheets/2015-Q2%20AURE%20Fact%20Sheet.pdf
scburbs
10/8/2015
11:02
Extract from ARTL website - ART has 19% of IMPT’s ordinary share capital, representing £0.8 million in equity value based on IMPT’s share price, as at 30 September 2014. So I think that's now worth c. £3m an improvement to ARTL's NAV of c. 2.5%
davebowler
10/8/2015
10:34
Good statement from IMPT as they have said they will either refinance at end 2016 or if not probably start a managed wind down which will reduce ARTL's risk ahead of loan expiry in 2018. Looks like a great investment for ARTL getting 15% p.a. having made the loan when the financing market was much tougher. Previous worry was that IMPT did not seem to have any active strategy for degearing other than hoping property values go up enough! Now we have a sensible strategy (i.e. either refi/raise equity or wind up) which makes ARTL's 15% yielding loan look even better, albeit it may be repaid in 15 months or so if things go well for IMPT. If things do go well for IMPT then ARTL could also pick up a few million upside on its 19% shareholding.
scburbs
10/8/2015
10:13
Extract from IMPT RNS... The 2013 refinancing took place against a background of much tougher market conditions and consequently the ongoing financing charges for a significant proportion of the Group's longer term borrowings are relatively high. Since the terms of the loans from Europa Mezzanine Finance Sarl and Alpha Real Trust Limited provide for the payment of certain fees in the event of prepayment in the first three years following drawdown, the Board therefore intends to target a refinancing in the fourth quarter of 2016. Such refinancing could, subject to shareholder approval, include an issue of new equity or other financial instrument which could materially lower the Group's financing charges.
davebowler
10/8/2015
08:45
IMPT topping the leader-board today...
skyship
14/7/2015
17:04
It feels like they are trying to get the price up, without doing much about it!
tiltonboy
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
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