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olivLaw · European equity research

Alternative Income REIT PLC AIRE.L

United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom

0.72GBP+1.13% · 1 dayClose 05 Nov 2026

Alternative Income REIT PLC (AIRE.L) is a London-listed property fund holding 20 commercial properties in the UK, with rents largely indexed to inflation. The portfolio was valued at £107.4 million at 30 June 2025, in a weak transaction market but with steady demand for long-lease, high-yield assets.

At the close of 05 Nov 2026, Alternative Income REIT PLC (AIRE.L) stock was 0.72 GBP (+1.13% on the day), with P/E 8.0 on diluted EPS of 0.09 GBP over the last 12 months, beta 0.20, 52-week range 0.67–0.81 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
8.0
Diluted EPS TTM 0.09 · TTM to 30 Jun 2025
E/P (TTM)
12.56%
TTM to 30 Jun 2025
Dividend yield
unavailable
Beta (2y)
0.20
Volatility (1y) 27%
52-week range
0.670.81

Price history

Loading chart…

Technical reading

RSI (14)
66.8
strong (55–70)
Bollinger (20, 2)
0.67 – 0.72
above the upper band · %B 1.03 · band width 6.2%
SMA 50 / 200
0.70 / 0.72
mixed trend
MACD (12, 26, 9)
0.01 / 0.00
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+4.8%+0.4%+4.4 pp—
3 months−3.0%−3.3%+0.3 pp—
6 months−0.6%+4.0%−4.5 pp—
Year to date−2.4%+8.1%−10.5 pp—
1 year−2.4%+10.7%−13.1 pp+7.3%
3 years+11.7%+50.1%−38.4 pp+26.3%
5 years−2.3%+43.6%−45.9 pp—
Max drawdown (1y)
−17.3%
11 Feb 2026 → 04 Sept 2026
Max drawdown (5y)
−34.8%
24 May 2022 → 12 Oct 2023
Compound annual growth (5y)
−0.5%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 8.2, median 9.9, max 22.5; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue7.9 m7.2 m7.8 m
Revenue YoYunavailable−8.7%+7.9%
Net incomeunavailableunavailableunavailable
Net income YoYunavailableunavailableunavailable
Diluted EPS0.070.030.09
Diluted EPS YoYunavailable−55.0%+207.8%
net %unavailableunavailableunavailable
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 30 Jun 2025

Cash
3.1 m GBP
Financial debt
41.0 m GBP
Net debt
37.8 m GBP
Equity
67.3 m GBP
Total assets
111.2 m GBP
Debt / equity
0.61x
Current ratio
0.17x
ROE
unavailable
ROA
unavailable
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
7.9 m
2024
7.2 m
2025
7.8 m

esef· 28 Oct 2025verified

Operating income
2023
-3.8 m
2024
3.8 m
2025
8.7 m

esef· 28 Oct 2025verified

Interest expense
2023
1.4 m
2024
1.4 m
2025
1.4 m

esef· 28 Oct 2025verified

Pre-tax income
2023
-5.2 m
2024
2.4 m
2025
7.3 m

esef· 28 Oct 2025verified

Income tax
2023
0
2024
0
2025
0

esef· 28 Oct 2025verified

Diluted EPS
2023
0.07
2024
0.03
2025
0.09

esef· 28 Oct 2025verified

Balance sheet · GBP

Cash
2023
3.5 m
2024
3.3 m
2025
3.1 m

esef· 28 Oct 2025verified

Receivables
2023
4.2 m
2024
6.5 m
2025
4.2 m

esef· 28 Oct 2025verified

Current assets
2023
7.7 m
2024
9.8 m
2025
7.4 m

esef· 28 Oct 2025verified

Total assets
2023
111.5 m
2024
108.8 m
2025
111.2 m

esef· 28 Oct 2025verified

Short-term debt
2023
—
2024
0
2025
41.0 m

esef· 28 Oct 2025verified

Long-term debt
2023
40.7 m
2024
40.8 m
2025
0

esef· 28 Oct 2025verified

Current liabilities
2023
2.8 m
2024
2.9 m
2025
43.8 m

esef· 28 Oct 2025verified

Total liabilities
2023
43.8 m
2024
43.7 m
2025
43.8 m

esef· 28 Oct 2025verified

Equity
2023
67.8 m
2024
65.1 m
2025
67.3 m

esef· 28 Oct 2025verified

Cash flow · GBP

Operating cash flow
2023
6.4 m
2024
4.0 m
2025
8.9 m

esef· 28 Oct 2025verified

Investing cash flow
2023
606.0 k
2024
2.1 m
2025
-2.7 m

esef· 28 Oct 2025verified

Financing cash flow
2023
-6.0 m
2024
-6.3 m
2025
-6.4 m

esef· 28 Oct 2025verified

Dividends paid
2023
4.7 m
2024
5.0 m
2025
5.1 m

esef· 28 Oct 2025verified

Computed indicators

Growth

Revenue growth (YoY)
7.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
130.6%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
207.8%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
111.6%
computed by olivLawFY 2025
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
unavailable
input data missing
ROIC
8.4%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2025
ROCE
12.9%
computed by olivLawFY 2025 · balance sheet at 30 Jun 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
37.8 m GBP
computed by olivLawbalance sheet at 30 Jun 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.6x
computed by olivLawbalance sheet at 30 Jun 2025
Interest coverage
6.1x
computed by olivLawFY 2025

Liquidity

Current ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2025

Cash

Operating cash flow
8.9 m GBP
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
251 days
computed by olivLawFY 2025 · balance sheet at 30 Jun 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
8.0x
computed by olivLawFY 2025
Earnings yield
12.6%
computed by olivLawFY 2025
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.72 GBP

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
8.0x
computed by olivLawFY 2025
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
unavailable
input data missing
Revenue growth (YoY)
7.9%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

19/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2025
Latest balance sheet date: 30 Jun 2025
Source: esefpublished 28 Oct 2025
verified 64

The data is older than the freshness threshold.

Score by group

31% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality8.4%29 (vs peers)33%
    Net margin · Qualityunavailableunavailable—
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet6.1x70 (on a fixed band)20%
    Current ratio · Balance sheet0.2x0 (on a fixed band)13%
    P/E (TTM) · Valuation8.0x89 (vs peers)33%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet42/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality· partial29/100 · 1/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partial89/100 · 1/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    ALTERNATIVE INCOME REIT PLC (AIRE.L). Latest full fiscal year: 2025; data up to 2025-06-30.

    Figures computed from the financial statements: revenue 7.8 m GBP in 2025; YoY growth 7.9%.

    The estimated value range is 1.22–2.06 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.47 GBP, the price of 0.72 GBP leaves a potential of 104.2% (value / price − 1) and a margin of safety of 51.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Interest coverage: 6.1x
    • P/E (TTM): 8.0x
    • The price is below the estimated value range

    What contradicts it

    • ROIC: 8.4%
    • Current ratio: 0.2x

    Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    8.0x
    vertical median 16.3x
    below median (−51.0%)
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 1.5x
    P/B
    —
    vertical median 2.1x
    ROE
    —
    vertical median 13.9%
    Net margin
    —
    vertical median 10.7%
    EBIT margin
    111.6%
    vertical median 19.2%
    above median (+482.1%)
    Revenue YoY
    7.9%
    vertical median 7.2%
    above median (+9.9%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 2.8%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
    ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
    AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
    ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
    BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
    BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
    AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
    ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
    BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
    ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
    ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
    AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
    APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
    BMS.LBraemar PLC78.3 m39.22.7%1.7%−4.4%+13% / −11%
    AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

    1- and 3-year price returns: for AIRE.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Alternative Income REIT PLC (AIRE.L) is a London-listed property fund holding 20 commercial properties in the UK, with rents largely indexed to inflation. The portfolio was valued at £107.4 million at 30 June 2025 1, in a weak transaction market but with steady demand for long-lease, high-yield assets.

    SWOT

    Strengths

    • Long, inflation-indexed leases that support predictable income and reduce exposure to rapid rent changes.
    • A portfolio diversified across sectors, from industrial to healthcare and education, reducing dependence on any single market.
    • Full occupancy measured against estimated rental value, according to the figures presented in the report.

    Weaknesses

    • Concentration on a few large tenants, which account for a significant part of contracted income.
    • A relatively small portfolio, which limits flexibility in acquisitions and diversification.
    • Administrative costs reported as a share of rental income remain a pressure on operating margins.

    Opportunities

    • If interest rates keep falling, financing costs could decline and allow new acquisitions.
    • Investor interest in income assets with long leases could support property values.
    • If the transaction market recovers, the fund could sell non-core assets and reinvest the capital.

    Threats

    • Rising unemployment and a weak economy could affect tenants' ability to meet their lease obligations.
    • High inflation could reduce tenants' purchasing power and raise operating costs.
    • Competition for quality assets could push prices up and reduce yields on acquisitions.

    Risks

    • Tenant concentrationhigh

      A small number of tenants generate a large share of income. If one of them could not pay rent, the impact on revenue could be significant.

    • Asset valuationmedium

      Portfolio value depends on periodic valuations. Changes in the property market could reduce asset values and NAV per share.

    • Cost of financingmedium

      The fund's debt is sensitive to interest rates. If benchmark rates rise again, financing costs could weigh on profitability.

    • Transaction liquiditymedium

      Lower deal volume could make it harder to sell assets at target values if the fund needed liquidity.

    • UK macroeconomic risklow

      Economic uncertainty, trade disputes and fiscal pressures could affect investor and tenant confidence in the UK.

    Investment thesis

    What would need to be true (bull case)

    • If inflation and interest rates move favourably, indexed rents and property values could support growth in NAV per share.
    • Long leases and in-demand sectors such as healthcare and industrial could provide stable income over time.
    • The recovery of the UK REIT sector in 2025 could attract new investors and support demand for the fund's shares.

    What would break the thesis

    • If a major tenant could no longer pay rent, the fund's income could fall significantly.
    • A weak transaction market and competition for assets could limit the fund's ability to grow the portfolio.
    • Administrative costs and interest charges could erode margins, especially if income does not grow enough.

    What to watch

    • Trend in WAULT and exposure to largest tenantsnext annual report
    • NAV per share and portfolio valuation levels2026
    • Pace of Bank of England rate cuts2026
    • UK commercial property transaction volumesQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company invests in UK commercial property and leases it long-term to tenants in industry, healthcare, retail and education, aiming to generate steady income for shareholders. It held 20 assets worth £107.4 million at 30 June 2025 1. The annual report shows NAV per share of 83.64 pence at the end of fiscal 2025 1.

    Lease structure is central: 64.2% of contracted income is linked to RPI and 28.1% to CPI, so most rents follow inflation 1. Only 7.7% depends on expiry or open market value reviews 1, so exposure to market-based reviews is currently limited.

    Tenant concentration is significant: the top ten tenants account for 69.3% of contracted annual income 1, and the portfolio WAULT to break was 15.6 years 1, indicating long contracts but reliance on a few counterparties.

    Segments

    Industrial and warehouse

    The largest segment by value is industrial and warehouse, with 4 properties valued at £26.6 million at 30 June 2025 1. The sector is important for the fund's income structure.

    Market context

    The UK commercial property market had a weak first half of 2025 for transactions: volume fell 28% to £18.1 billion 1. The report notes that investors are more optimistic and yields have moved inwards, which could support property values if the trend continues.

    The macro backdrop is mixed: unemployment reached 4.7% 1 and CPI inflation rose to 3.8% in July 2025 1, while the Bank of England cut the base rate to 4.00% 1. If rate cuts continue, financing costs could fall, but competition for assets could rise.

    Trends

    • Inflation-linked rentsmixed

      Most income is tied to RPI and CPI, which could protect real income if inflation stays high. If inflation eases, rent growth could slow.

    • Falling interest ratestailwind

      The Bank of England made three cuts in 2025 1. If rates keep falling, the cost of debt could decline and support property values.

    • Low transaction volumeheadwind

      Deal volume fell in the first half of 2025 1, limiting exit and acquisition opportunities, with an uncertain effect on portfolio value.

    • Preference for quality and ESGmixed

      Occupiers favour buildings with strong ESG credentials and energy efficiency 1. Older or less efficient assets could lose appeal, while modern properties could benefit.

    Competitive position

    The fund competes with other REITs and institutional investors for UK commercial assets. The report notes growing investor interest in alternative sectors such as healthcare, student housing and data centres 1, which could intensify competition for deals.

    On the London market, the UK REIT sector recovered in the first half of 2025, with over 76% of listed UK REITs posting share price gains 1. Competition for investment capital could influence the share price and the fund's ability to acquire new properties.

    • Assura REIT

      UK healthcare REIT, named in the report among top share price performers in the first half of 2025.

    • Target Healthcare REIT

      UK care home REIT, named in the report as one of the strongest market performers.

    • KCR Residential REIT

      UK residential REIT, named in the report as the leading performer in the first half of 2025.

    • BlackstoneBX

      Global investor that acquired the Arch Co portfolio in the UK, the largest transaction since mid-2022 cited in the report.

    News & filings

    Sources

    1. [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Alternative Income REIT PLC · 30 Jun 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.