Share Name Share Symbol Market Type Share ISIN Share Description
Alternative Income Reit Plc LSE:AIRE London Ordinary Share GB00BDVK7088 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 71.90 0.00 07:32:30
Bid Price Offer Price High Price Low Price Open Price
68.00 73.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 7.41 5.57 6.92 10.4 58
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 71.90 GBX

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Date Time Title Posts
03/12/202116:45Alternative Income REIT - Long leases, High yield, good NAV discount608
03/3/202008:07Alternative Income REIT PLC-

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Alternative Income Reit (AIRE) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-12-07 14:45:2372.625,5083,999.91O
2021-12-07 14:44:1872.627,3005,301.26O
2021-12-07 12:00:0772.626,8504,974.47O
2021-12-07 12:00:0072.25300,000216,750.00O
2021-12-07 11:54:4672.622,7541,999.95O
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Alternative Income Reit (AIRE) Top Chat Posts

Alternative Income Reit Daily Update: Alternative Income Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker AIRE. The last closing price for Alternative Income Reit was 71.90p.
Alternative Income Reit Plc has a 4 week average price of 70.80p and a 12 week average price of 70.80p.
The 1 year high share price is 75p while the 1 year low share price is currently 56.25p.
There are currently 80,500,000 shares in issue and the average daily traded volume is 156,276 shares. The market capitalisation of Alternative Income Reit Plc is £57,879,500.
spectoacc: No AIRE here, for reasons previously given, but good luck all.
marktime1231: A good trading update from AIRE although I was a little surprised they are aiming for an uplift of dividend to 5.5p by Sep 2022, I was hoping income coverage would mean that will be achieved much sooner. Nevertheless I agree this is looking especially good value at the moment and would be looking to add if I was not already fully invested.
lord gnome: Lots of buying this morning to take advantage of a weak share price, but where is the stock coming from? Somebody must be feeding shares to the market. Certainly good value and I had a top up myself.
marktime1231: Average remaining lease term of more than 17 years, 100% fully let, 87% of rents are index-linked to RPI/CPI, projecting a fully covered dividend per share of 5.5p by Sep 2022 up from 5.14p in the last year. Considering there is a 1.3p ex-div tomorrow AIRE looks really cheap on a 17% discount to NAV. The yield is 7% at a share price of 74p. Even better than EPIC, not sure if there is a UK REIT with better long term high income prospects. One way to beat an inflationary cycle is to invest in income generating real assets where earnings are price-elastic or index-linked. AIRE ticks the box.
marktime1231: Yes, I see them now, crowing that they are a tax avoidance business. Looking back at when Glenstone set out to take a 25% stake in Oct/Nov last year ... "Glenstone said it does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of AIRE nor does it intend to seek a direct role in the management of AIRE’s portfolio or any combination of its own assets with those owned by AIRE." They only secured 14.7% by that tender which I have seen reported at 58p plus 1.25p dividend, but in July this year increased the stake to 24.9%, according to one report on Yahoo at 94-98p but according to the official rns report at 68-71p. I can't find any reference to any other transactions by Glenstone or on behalf of Adam Clive Smith to suggest building a stake beyond 25%. Things can change but this looks to me like it is just a large value/income investment with a seat on the board and nothing more. Other holders include Brewin Dolphin, Hawksmoor, Merian and Premier.
marktime1231: I can't find him on a recent statement of major holdings, just a previous note where he joined the board with a holding just under 15%. The takeover code says you don't have to make a takeover bid until you hold 30%. Maybe Smith is trying to engineer a friendly merger from the inside, or should that be an absorption of AIRE by Glenstone. If that is on the cards how come the share price is over 15% discount to NAV? Can't find Glenstone listed on my platform even though they say they are a REIT plc, so overseas or non LSE? Anyway, they can have mine for 90p cash.
vinceelliott: Re post 563: Likely bid? Interesting question, should there be a mandatory one already? Posts 529 to 533 outlined potential ownership in July. However, the true state is extremely vague and it would be interesting if someone could identify the real position. Mr Smith made three purchases of 8 million shares in total (according to the FT tearsheet). Only one of these purchases appears to be the subject of an RNS; this RNS attributed this transaction to Armdale, citing Mr Smith as a connected person. 8 million is approximately 10% of the shares in issue. Mr Smith owns 24% of Glenstone, Glenstone 'own'(?) Armdale, Armdale and/or Mr Smith own 10% of AIRE, Glenstone own 25% of Aire. Consequently, Glenstone and Mr Smith own up to 35% of AIRE. Does this not trigger a mandatory bid, or a statement as to why it does not. Previous restrictions on Glenstone making a bid expired in May. As stated above, what is the true ownership of AIRE?
cwa1: Results released(MY bold):- https://www.investegate.co.uk/alternative-inc-reit--aire-/rns/results-for-year-ended-30-june-2021/202109300700114596N/ inancial Highlights · Net Asset Value ('NAV') of £68.89 million, and of 85.58 pence per share ('pps') as at 30 June 2021 (30 June 2020: £67.29 million and 83.58 pps). · Operating profit of £6.31 million (before fair value changes) for the year (year ended 30 June 2020: £5.80 million). · Profit before tax of £5.57 million, profit per share of 6.92 pps for the year (year ended 30 June 2020: loss before tax of £5.05 million, loss per share of 6.27 pps, primarily due to write-downs of property valuations). · EPRA Earnings per share 1 ('EPS') for the year were 5.55 pps (year ended 30 June 2020: 5.42 pps). · Adjusted EPS1 for the year, which reflect cash earnings, were 5.07 pps with dividend cover of 99% (year ended 30 June 2020: 4.25 pence per share; dividend cover of 85%). · Total dividends of 5.14 pps declared in respect of the year (year ended 30 June 2020: 5.0 pps), underlining the Company's strong rent collection and cash flows . The Board has reaffirmed its target annual dividend of 5.5 pence per share, with full dividend cover expected, all else being equal, by September 2022. · The price of the Company's Ordinary Shares on the Main Market of the London Stock Exchange was 71.00 pps as at 30 June 2021 (30 June 2020: 53.50 pps). · As at 30 June 2021, the Group had a £41.0 million loan facility with Canada Life Investments and was geared to 36.3% of the Gross Asset Value ('GAV') (30 June 2020: £41.0 million, gearing of 37.0%). · For the year ended 30 June 2021, non-property operating expenses were £0.88 million (30 June 2020: £1.49 million), representing a 41% reduction, or 35% reduction after allowing for the period during which M7 did not charge an investment advisory fee and as a result of the Board taking a disciplined approach to cost management. · Ongoing charges of 1.27% as at 30 June 2021 (30 June 2020: 2.22%). Operational Review · To date, the Group has collected 97.8% of all rent demanded since the beginning of the COVID-19 pandemic, with the remaining 2.2% to be collected through payment plans throughout 2021 and 2022; further information can be found in the Investment Adviser's Report. · As at 30 June 2021, the Group's property portfolio had a fair value of £109.23 million across 19 properties (30 June 2020: £104.76 million, 19 properties including the Wet 'n' Wild Water Park held for sale). As at 30 June 2021, when looking at the core 18 assets that have been held over the last 12 months, the property portfolio had a fair value of £104.08 million (30 June 2020: £101.91 million). · Weighted average unexpired lease term ('WAULT') of 17.8 years to the earlier of break and expiry (30 June 2020: 19.5 years) and 19.8 years to expiry (30 June 2020: 21.6 years). · Rent recognised during the year was £7.21 million (30 June 2020: £7.35 million) , of which, £0. 49 million was accrued debtors for the combination of minimum uplifts and rent-free period (30 June 2020: accrued debtors of £ 1.28 million) . The number of tenants as at 30 June 2021 was 22 (30 June 2020: 21). · 87.0% of the Group's income is inflation linked to Retail Price Index ('RPI') or Consumer Price Index ('CPI'). · As at 30 June 2021, the portfolio had gross passing rental income of £6.97 million (30 June 2020: £6.79 million ) . · As at 30 June 2021, the asset valuations and rental income of the 17 properties secured to Canada Life would have needed to fall by 18% and 24% respectively before breaching the Loan to Value and Income Cover Cash Trap covenants respectively. · EPRA Net Initial Yield ('NIY') of 5.94% as at 30 June 2021 (30 June 2020: 5.72%) 2 . Post balance sheet events On 2 August 2021, the Board declared an interim dividend of 1.64 pence per share in respect of the period from 1 April 2021 to 30 June 2021. This was paid on 31 August 2021 to shareholders on the register as at 13 August 2021. The ex-dividend date was 12 August 2021. All references to page numbers are in reference to the Annual Report which will be available in due course at: https://www.alternativeincomereit.com/investors/documents/2021 Alan Sippetts, Non-Executive Chairman of Alternative Income REIT plc, comments: " The fundamentals of certain property sectors in the UK appear robust and the Group's portfolio has proved resilient throughout the challenges of the COVID-19 pandemic, underpinned by robust rent collection and over 87% of our leases with inflation linked upwards only rent reviews. Furthermore, the Company's share price has substantially increased by 32.7% to 71 pence as at 30 June 2021 (as at 30 June 2020: 53.5 pence per share) narrowing the discount to our NAV. We are pleased therefore that we were able to declare an increased dividend to shareholders, which is testament to the Board's confidence in the long-term value we can deliver to our shareholders and underlines the continuing strength of the Group's collection of rent from our 100% let portfolio. Taken together with our robust balance sheet, much reduced overhead and with 87% of our portfolio's leases with inflation linked upwards only rent reviews, the Board remains confident that the Group will provide attractive total returns to our shareholders principally in the form of fully covered dividends but also through other opportunistic initiatives, supported by our Investment Adviser."
cwa1: Features in this week's paper copy of the IC, with a piece by ST:- AIRE’s share price has risen 12 per cent since I suggested buying when I covered the half year results (‘Running bull market winners’, 24 February 2021), and the 15.5 per cent share price discount to EPRANAV should continue to narrow to my 80p target. The current discount is still double that for companies in Liberum Capital’s UK Commercial property space and AIRE’s 7 per cent dividend yield compares favourably with the 4.7 per cent average for its peers. Arguably AIRE’s shares shouldn’t be trading on a discount at all given that inflation-linked rent reviews are set to drive up the company’s rentroll and property valuations. Buy.
skinny: Glenstone Property PLC Tender Offer. ANNOUNCEMENT OF TER OFFER AT A PREMIUM BY GLENSTONE PROPERTY PLC FOR UP TO 20,125,000 ORDINARY SHARES IN ALTERNATIVE INCOME REIT PLC AT A PRICE OF 59.25 PENCE PER SHARE Tender Offer at a Premium Glenstone Property PLC ("Glenstone") announces its intention to acquire up to 20,125,000 ordinary shares for cash in Alternative Income REIT PLC ("AIRE"), representing up to 25.0 per cent. of AIRE's issued share capital, by way of a tender offer (the "Tender Offer") at a price of 59.25 pence per share and by way of market purchases. -- The Tender Offer price of 59.25 pence per share represents a premium of 12.9 per cent. above the closing bid price of 52.5 pence per share as at the close of business on 26 October 2020, being the last business day prior to the publication of this announcement. -- The Tender Offer provides AIRE's shareholders with a liquidity event, at a premium to the share price, which is being made available to all AIRE's shareholders, against the background of the prevailing macro-economic uncertainty. -- Full details of the Tender Offer are anticipated to be sent to shareholders within seven days of this announcement; in the meantime Glenstone intends to purchase a limited number of AIRE's shares in the market subject to availability. -- The Tender Offer will be conditional on the receipt of sufficient tenders which, when aggregated with any shares purchased by Glenstone in the market, represent a shareholding of not less than 20.0 per cent. of AIRE's issued share capital on the date that the Tender Offer is made. This condition may be waived by Glenstone in its sole discretion. -- If the Tender Offer is oversubscribed, such that the aggregate number of tendered AIRE shares would result in Glenstone holding in excess of 20,125,000 AIRE shares, tenders will be scaled back pro rata to the number of shares in AIRE that have been tendered. Glenstone is a public limited company incorporated in England & Wales which qualifies as a UK real estate investment trust and which is listed on The International Stock Exchange (TISE) in Guernsey. It is an internally managed, diversified property investor with a portfolio of more than 100 properties across the UK and is actively seeking opportunities to reinvest the proceeds of recent asset disposals in pursuit of its investment objectives. As at the date of this announcement, Glenstone does not hold any shares in AIRE. Glenstone does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of AIRE pursuant to Rule 2.7 of the Code nor does it intend to seek a direct role in the management of AIRE's portfolio or any combination of its own assets with those owned by AIRE. Further on Glenstone's Intentions In the event that the Tender Offer is accepted in full, Glenstone will have a 25.0 per cent. shareholding in AIRE which it will hold as an investment. Glenstone will seek representation on AIRE's Board and will be supportive of a low operating cost base and other initiatives which seek to maximise returns to shareholders. Glenstone notes the recent announcement by AIRE of its proposed amendments to AIRE's investment policy. Glenstone will carefully evaluate these and all of the resolutions which have been proposed by the Board of AIRE for consideration by shareholders at AIRE's forthcoming AGM due to be held on 26 November 2020. Further Information on the Tender Offer and Timetable The Tender Offer will be made by means of a tender offer document including a tender form (collectively, the "Tender Offer Document") which is expected to be sent within seven days of this announcement (the "Posting Date"), to each shareholder of AIRE (each, an "AIRE Shareholder") whose name appears on the register of shareholders at the latest practicable date prior to despatch. Glenstone intends to purchase a limited number of shares in the market from the date of this Announcement and to cease market purchases prior to the Posting Date. The Tender Offer will be open from the Posting Date and is expected to close 21 days following the date of this announcement at 1.00 p.m. on 17 November 2020 (as shall be specified in the Tender Offer Document, being the "Closing Date"). The Tender Offer will only be available to AIRE Shareholders who are on its shareholder register as of 6.00 p.m. on the Closing Date. The maximum number of shares of AIRE which may be tendered by AIRE Shareholders pursuant to the Tender Offer (the "Tender Shares") will be specified in the Tender Offer Document. To the extent that Glenstone purchases shares of AIRE in the market it shall make announcements to this effect and the number of Tender Shares will be such that the maximum number of shares in AIRE which Glenstone will own following the completion of the Tender Offer will be 20,125,000, representing 25.0 per cent. of AIRE's issued share capital as at the date of this announcement. If the Tender Offer is oversubscribed such that the aggregate number of tendered AIRE shares exceeds the maximum number of Tender Shares, tenders will be scaled back pro rata to the number of shares in AIRE that were tendered. The Tender Offer will be conditional on the receipt of sufficient tenders which, when aggregated with the number of shares purchased in the market by Glenstone, represent a shareholding in AIRE by Glenstone of 20.0 per cent. of the issued share capital of AIRE on the date that the Tender Offer is made. This condition may be waived by Glenstone in its sole discretion. Accordingly, if this condition is not satisfied (or waived) by the Closing Date, the Tender Offer will be void. Subject to this condition, any tender forms submitted by AIRE Shareholders shall be irrevocable. Shares in AIRE that are successfully tendered will be acquired by Glenstone fully paid and free from all liens, charges, equitable interests and encumbrances and together with all rights attaching thereto, including the right to all dividends and other distributions declared on or after the date of this announcement, and the right to attend and vote at any meeting of AIRE held after such date. Settlement of the consideration to which any AIRE Shareholder is entitled pursuant to valid tenders accepted by Glenstone will be made in accordance with the terms of the Tender Offer Document. The availability of the Tender Offer to AIRE Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. AIRE Shareholders who are not so resident should inform themselves about, and observe, such applicable requirements. In this announcement, all share capital details are based on the latest publicly available information and certain figures have been subjected to rounding adjustments. This Announcement is for information purposes only and does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities. There is no guarantee that the Tender Offer will be made nor that AIRE Shareholders will be able to sell all of their Tender Shares. The Tender Offer shall be made solely by means of the Tender Offer Document which shall contain the full terms and conditions of the Tender Offer, including details of how to tender your shares and so should be read carefully. The Tender Offer Document is important and will require your immediate attention.
Alternative Income Reit share price data is direct from the London Stock Exchange
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