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AIRE Alternative Income Reit Plc

0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
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 0.00% 68.70 21,538 08:00:00
Bid Price Offer Price High Price Low Price Open Price
67.80 69.60 68.70 68.70 68.70
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 8.66M -5.24M -0.0651 -10.55 55.3M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:10:57 O 2,400 68.0881 GBX

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Date Time Title Posts
09/5/202412:56Alternative Income REIT - Long leases, High yield, good NAV discount965
21/1/202212:21Alternative Income REIT PLC1

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Posted at 20/5/2024 09:20 by Alternative Income Reit Daily Update
Alternative Income Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker AIRE. The last closing price for Alternative Income Reit was 68.70p.
Alternative Income Reit currently has 80,500,000 shares in issue. The market capitalisation of Alternative Income Reit is £55,303,500.
Alternative Income Reit has a price to earnings ratio (PE ratio) of -10.55.
This morning AIRE shares opened at 68.70p
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 08:19 by fordtin
lol - that makes it sound like the "substantial narrowing of the discount" occured prior to the share price rise to 71.5p.
Posted at 27/2/2024 08:06 by stemis
No obvious signs of concerns in the interims just released

On 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 30/11/2023 13:40 by marktime1231
Despite light trading AIRE continues to advance, the idea that there is further M&A to come in the REIT sector making sense, bargain opportunities for anyone in cash, and the rate outlook getting better.

Not sure if I am looking at it right but I think there was a buy over 69p this morning and sellers at around 68p ... can't blame a bit of profit taking after a 10p recovery in about 6 weeks. Happy to hold for the income, while there is still a 20% share price discount to NAV.
Posted at 15/11/2023 13:22 by marktime1231
It is more luck than judgement but rolling some EPIC into AIRE at the end of last month is starting to look a good move. Not just the healthy quarterly dividend here but share price progress on the back of cooling inflation, whereas EPIC silence over their winding up is unsettling.

Not quite the same response here as other rate-sensitive stocks but more to come perhaps, AIRE is low cap and low volume, but there are chunky buyers at 66p this afternoon.

Opportunities to reinvest the rest of EPIC proceeds are disappearing fast though, still in plenty of cash.
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+.
Posted at 02/2/2022 12:50 by marktime1231
Swapping one car showroom for another was a bit curious, "state-of-the-art" ? The rationale reads a bit like de-risking for those of you worried about that here, but the consequence of steadier prospects is lower yield.

The move in AIRE share price which I inkled about two weeks ago has turned out to be quite something, added 4-5p and still going. Still worth low 80's on balance of risk and reward in my view.

An update and dividend declaration expected tomorrow I think.
Posted at 27/10/2020 10:36 by skinny



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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