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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Alternative Income Reit Plc | AIRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 66.70 | 08:00:15 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 67.50 | 66.70 | 67.70 | 66.70 | 66.70 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 08/02/2024 | Interim | GBP | 0.01425 | 15/02/2024 | 16/02/2024 | 01/03/2024 |
| 02/11/2023 | Interim | GBP | 0.01425 | 09/11/2023 | 10/11/2023 | 24/11/2023 |
| 02/08/2023 | Interim | GBP | 0.0192 | 10/08/2023 | 11/08/2023 | 25/08/2023 |
| 04/05/2023 | Interim | GBP | 0.01375 | 11/05/2023 | 12/05/2023 | 26/05/2023 |
| 01/02/2023 | Interim | GBP | 0.01375 | 09/02/2023 | 10/02/2023 | 24/02/2023 |
| 01/11/2022 | Interim | GBP | 0.01375 | 10/11/2022 | 11/11/2022 | 25/11/2022 |
| 03/08/2022 | Interim | GBP | 0.016 | 11/08/2022 | 12/08/2022 | 26/08/2022 |
| 05/05/2022 | Interim | GBP | 0.013 | 12/05/2022 | 13/05/2022 | 27/05/2022 |
| 03/02/2022 | Interim | GBP | 0.013 | 10/02/2022 | 11/02/2022 | 28/02/2022 |
| 03/11/2021 | Interim | GBP | 0.013 | 11/11/2021 | 12/11/2021 | 26/11/2021 |
| 04/08/2021 | Interim | GBP | 0.0164 | 12/08/2021 | 13/08/2021 | 31/08/2021 |
| 05/05/2021 | Interim | GBP | 0.0125 | 13/05/2021 | 14/05/2021 | 28/05/2021 |
| 04/02/2021 | Interim | GBP | 0.01 | 11/02/2021 | 12/02/2021 | 26/02/2021 |
| 05/11/2020 | Interim | GBP | 0.0125 | 12/11/2020 | 13/11/2020 | 30/11/2020 |
| 06/08/2020 | Interim | GBP | 0.01425 | 13/08/2020 | 14/08/2020 | 28/08/2020 |
| 06/05/2020 | Interim | GBP | 0.00825 | 14/05/2020 | 15/05/2020 | 29/05/2020 |
| 06/02/2020 | Interim | GBP | 0.01375 | 13/02/2020 | 14/02/2020 | 28/02/2020 |
| 04/11/2019 | Interim | GBP | 0.01375 | 14/11/2019 | 15/11/2019 | 29/11/2019 |
| 08/08/2019 | Interim | GBP | 0.01375 | 15/08/2019 | 16/08/2019 | 30/08/2019 |
| 09/05/2019 | Interim | GBP | 0.01375 | 16/05/2019 | 17/05/2019 | 31/05/2019 |
| Top Posts |
|---|
Posted at 27/2/2024 17:47 by marktime1231 The observation was made at the time, why have they put the dividend up when they will only have to put it down again. The answer was because they can, the new level of dividend is just about covered until refinancing. And then it has to be reset, as my sketch of the sums shows. Unless there is m&a in the meantime.A takeout remains an option while there is such a wide discount to NAV and while the acquisition of AIREs portfolio would enhance the income and dividend prospects of the acquirer (which is all of them). Deal costs do not have to be prohibitive, and given the level of gearing a cash offer would probably be welcomed by backers with debt problems of their own. I'm not suggesting it is likely, but it is a possibility and I am hopeful. |
Posted at 27/2/2024 12:55 by stemis I'd be surprised if the board hadn't taken account of the refinancing when they made their announcement to increase the target dividend to 5.9p/yr in November. |
Posted at 27/2/2024 12:30 by marktime1231 That is the question.AIRE say the average fixed interest rate on its £41M loan facility is 3.19%, but finance costs are a touch higher at about £1.4M a year. What is the "current rate" or more importantly what will the rate be when they can't put off renegotiating finances any further ... I would say 12-18 months away. To make sums easy let's say a new deal is done at 6.5%. The rest of the maths depends on how well rental income improves. A gross increase to £8M perhaps. Which means we will have £1.1M less to spend on dividends, down from about £5.5M to £4.4M. All else being equal a 20% cut on the way. At the current share price yield would fall from a sector leading 8.8% to "only" 6.9%. Down to 1.1p per qtr. Oh well. I remain hopeful that this will be resolved when AIRE are taken out by a bigger REIT for around 73-74p. |
Posted at 27/2/2024 08:43 by jh27 Has anyone worked out what the dividend will be post a refinancing at current rates? |
Posted at 27/2/2024 08:06 by stemis No obvious signs of concerns in the interims just releasedOn track to deliver target annual dividend of at least 5.9 pence per share for the financial year ending 30 June 2024 Resilient portfolio well placed to continue to provide secure, index-linked income with the potential for capital growth The Board expect dividend to be fully covered, subject to the reinvestment of the Glasgow sale proceeds and the continued collection of rent from the Group's property portfolio. Annualised rent grew by 2.9% in the Period after taking account of the rent-free incentive period for Pets at Home in Droitwich. Slightly 'amusing' that the results highlight "following a substantial narrowing of the discount, the share price increased substantially by 10.5% to 71.50pps and the share price total return for the Period was 15.7%." when the share price on release of the results was 64.1p, lower than the start of the 'share price increase'... |
Posted at 18/1/2024 11:15 by marktime1231 7p off the share price because CPI printed at 4% instead of 3.9%. Noting that this was based on miniscule trading, an indication of how few shares are in circulation. We are a funny bunch though, if we think this has altered the outlook for AIRE so much.Nevertheless hmmmmn, kicking myself for not taking the chance when tempted to bank profits last week, could had round-tripped to significant advantage. What chance of a good report coming up and renewed appreciation of the handsome dividend repairs the damage? |
Posted at 11/1/2024 13:32 by marktime1231 Flying today, just been offered 74.5p for a good chunk, and still weeks ahead of the dividend. Not selling though. I assume this is continued momentum and the low availability of stock rather than specific rumours, very welcome and has got me wondering how much further AIRE share price might recover. 80-something, provided NAV tracks up? |
Posted at 02/11/2023 07:44 by cwa1 Update:-ET ASSET VALUE, DIVIDEND DECLARATION AND PORTFOLIO VALUATION UPDATE TO 30 SEPTEMBER 2023 Resilient portfolio well placed to continue to provide secure, index-linked income with the potential for capital growth New target annual dividend of at least 5.9 pence per share, a 3.5% increase on the prior year target of 5.7 pence per share The Board of Directors of Alternative Income REIT PLC (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets, predominantly let on long leases with index-linked rent reviews, provides a trading and business update and declares an interim dividend for the quarter ended 30 September 2023. Simon Bennett, Non-Executive Chair of Alternative Income REIT plc, comments: "AIRE completed the disposal of its hotel in Glasgow for £7.5 million in August 2023 at a 7.9% premium to its book value. The Board has considered a number of attractive potential investment opportunities and now expects to reinvest the net proceeds into two alternative investments, with one of the acquisitions at an advanced stage with completion expected prior to 31 December 2023. The Company achieved its target dividend of 5.7 pence per share ("pps") last year, and subject to the reinvestment of the Glasgow sale proceeds as anticipated and the continued collection of rent from the Group's property portfolio as it falls due, the Board has set a new dividend target of at least 5.9pps for the year ending 30 June 2024. This represents an increase of at least 3.5% over the previous year and reflects the Board's intention to pay a progressive dividend. The Group's portfolio has delivered income growth for the quarter ended September 2023 of 2.5% (after discounting for the conclusion of the rent-free period on Pets at Home) as a result of its 96% index-linked rent review profile, with 40% of this rental income reviewed annually. Contracted annualised rent increased by 4.2% this quarter. The portfolio continues to be actively managed and during the quarter, three rent reviews were successfully completed and regearing discussions have started with three tenants, combining lease extensions with ESG initiatives and EPC improvements. During the quarter, the Group's portfolio valuation, portfolio net initial yield and unaudited NAV remained broadly stable. The Company delivered an unaudited NAV total return for the quarter of 1.6%. The Group's portfolio is relatively insulated from market fluctuations, benefiting from being 100% let, with 100% collection of rent due and 96% index-linked rent review profile, and low borrowing costs fixed at a weighted average interest rate of 3.19% until October 2025, which together continue to provide a secure and growing rental income stream. The Board remains confident that the Company is well-positioned to continue to deliver value to shareholders through a progressive dividend policy and with a portfolio that has the potential for capital growth." |
Posted at 02/10/2023 15:00 by stemis Costs are actually down despite inflation. Audit costs are up 17% if you take account that £6k related to prior year. Suspect some/all (?) increase in directors fees is due to timing on resignations and appointments.If the end up paying 5% on debt, it would cost another £738k. The dividend cost is £4.589k and, excluding the one off £219k, the profit before revaluation was £5.212m. So £623k cover. Indexation will more than cover the other £115k (1.4% of current rent income). I don't see the dividend under threat from that. Obviously they need to reinvest the proceeds from sale of the hotel in Glasgow. The main risk is default of a tenant. Ongoing dividend yield is 9.5%. If they continue to pay that then I'm happy to wait for falling interest rates to lift all the REIT boats. |
Posted at 23/8/2023 12:49 by marktime1231 It is considered that one of the motives behind Realty Income pursuing high yield property in Europe like retail parks is that they are such giants it is difficult to keep up attractive progress with their distribution organically. Absorbing performing REITs like EPIC or AIRE while property value is generally depressed and while the share price is heavily discounted means they can buy incremental yield at fair value or just below.Adding AIRE's portfolio to Realty Income would not necessarily alter the risk of tenant problems, but following the transfer distribution would nearly halve from around 10% to around 5.5%. We need to look at the balance of risk and reward, not just look at either risk or reward in isolation. What you lose on the swings you gain on the roundabouts. Are you trying to maximise income or preserve asset value? Realty Income may trade on a narrower discount but its share price has fallen from $70 to $55 over the last year while AIRE is down from about 85p to 60p. But AIRE's annual distribution has risen 10% while Realty Income's monthly payment is only 3.2% higher than a year ago. Actually I think all three REITs mentioned are attractive for different reasons, and would be a buyer at the right price. AIRE is a steal at 60p, not least because one of the outcomes is it might get snapped up at 80p+. |
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