olivLaw · European equity research
Alternative Income REIT PLC AIRE.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
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.
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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical 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 | — |
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 year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.9 m | 7.2 m | 7.8 m |
| Revenue YoY | unavailable | −8.7% | +7.9% |
| Net income | unavailable | unavailable | unavailable |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.07 | 0.03 | 0.09 |
| Diluted EPS YoY | unavailable | −55.0% | +207.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
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
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.9 m | 7.2 m | 7.8 m | esef· 28 Oct 2025verified |
| Operating income | -3.8 m | 3.8 m | 8.7 m | esef· 28 Oct 2025verified |
| Interest expense | 1.4 m | 1.4 m | 1.4 m | esef· 28 Oct 2025verified |
| Pre-tax income | -5.2 m | 2.4 m | 7.3 m | esef· 28 Oct 2025verified |
| Income tax | 0 | 0 | 0 | esef· 28 Oct 2025verified |
| Diluted EPS | 0.07 | 0.03 | 0.09 | esef· 28 Oct 2025verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.5 m | 3.3 m | 3.1 m | esef· 28 Oct 2025verified |
| Receivables | 4.2 m | 6.5 m | 4.2 m | esef· 28 Oct 2025verified |
| Current assets | 7.7 m | 9.8 m | 7.4 m | esef· 28 Oct 2025verified |
| Total assets | 111.5 m | 108.8 m | 111.2 m | esef· 28 Oct 2025verified |
| Short-term debt | — | 0 | 41.0 m | esef· 28 Oct 2025verified |
| Long-term debt | 40.7 m | 40.8 m | 0 | esef· 28 Oct 2025verified |
| Current liabilities | 2.8 m | 2.9 m | 43.8 m | esef· 28 Oct 2025verified |
| Total liabilities | 43.8 m | 43.7 m | 43.8 m | esef· 28 Oct 2025verified |
| Equity | 67.8 m | 65.1 m | 67.3 m | esef· 28 Oct 2025verified |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- 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
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.4% | 29 (vs peers) | 33% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.1x | 70 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 8.0x | 89 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 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
In the press
- reAlpha (AIRE) Closed the InstaMortgage Deal with Two State Approvals Outstanding. Is Early Integration Worth the Risk?Yahoo Finance — News · 27 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202528 Oct 2025
- Annual report 202405 Nov 2024
Sources
- [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.