TIDMAIRE
RNS Number : 6879U
Alternative Income REIT PLC
03 August 2022
3 August 2022
Alternative Income REIT PLC
(the " Company " or " Group " or " AIRE ")
NET ASSET VALUE, DIVID DECLARATION AND PORTFOLIO VALUATION
UPDATE
Dividend target met and well-positioned to deliver attractive,
secure, inflation-linked income and capital growth
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
inflation-linked rent reviews, provides a trading and business
update and declares an interim dividend for the quarter ended 30
June 2022.
Alan Sippetts, Non-Executive Chair of Alternative Income REIT
plc, comments:
"The Board is pleased to announce that we have met our target
dividend of 5.5 pence per share (pps) with full dividend cover for
the year ended 30 June 2022, following the declaration of our
fourth quarterly dividend of 1.6 pps.
At 30 June 2022, the Company's unaudited net asset value per
share was 96.40 pence, representing a 3.3% increase over the
quarter, due to increases in our portfolio valuation and rents as
well as the careful control of costs. When combined with the 1. 60
pps dividend paid for the quarter, this produces an unaudited NAV
total return for the quarter of 5.19 %.
This quarterly update demonstrates that the Company's
attractive, well managed and resilient portfolio continues to
increase in value with growing contracted rents, 96% of which are
linked to inflation. Together with our track record of collecting
100% of rents due, this helps ensure that AIRE is well-positioned
to continue to provide our shareholders with attractive, secure,
long dated income, including a potentially progressive dividend and
capital growth."
Highlights (unaudited)
At 30 June At 31 March Change
2022 2022
Net Asset Value ("NAV") GBP77.60 million GBP75.11 million +3.3%
------------------ ------------------ -------
NAV per share 96.40 p 93.30 p +3.3%
------------------ ------------------ -------
Share price 82.10p 77.60 p +5.8%
------------------ ------------------ -------
Loan to gross asset value
("GAV") (A) (B) 33.69% 34.55%
------------------ ------------------ -------
Quarter ended Quarter ended Change
30 June 2022 31 March 2022
------------------ ------------------ -------
EPRA earnings per share (A) 1.48 p 1.51 p -2.0%
------------------ ------------------ -------
Adjusted earnings per share
(A) 1.36 p 1.40 p -2.9%
------------------ ------------------ -------
Dividend cover (A) 85.00% 107.69% -21.1%
------------------ ------------------ -------
Total dividends 1.60 p 1.30 p +23.1%
------------------ ------------------ -------
Earnings per share 4.39 p 4.22 p +4.0%
------------------ ------------------ -------
Share price total return (A) 7.51% 9.27%
------------------ ------------------ -------
NAV total return (A) 5.19% 4.83%
------------------ ------------------ -------
Investment property fair value GBP117.91 million GBP115.38 million +2.2%
------------------ ------------------ -------
Annualised contracted rent GBP7.28 million GBP7.22 million +0.8%
------------------ ------------------ -------
Ongoing charges (A) (annualised) 1.42% 1.44% +2 bps
------------------ ------------------ -------
(A) Considered to be an Alternative Performance Measure.
(B) The loan facility at 30 June 2022 of GBP41.0 million (31
March 2022: same) is with Canada Life Investments, matures on 20
October 2025 and has a weighted average interest cost of 3.19%.
Dividend Declaration, Earnings per share and Dividend Cover
The Board is pleased to declare an interim fourth quarterly
dividend of 1.60 pps for the quarter ended 3 0 June 2022. This
follows the first, second and third quarterly dividends for the
year ended 30 June 2022 of 1.3 pps each. The Board is also pleased
that the total dividend for the year is in accordance with the
previously declared dividend target of 5.5 pps with full dividend
cover, a 7% increase on the previous year's total dividend of 5.14
pps .
This fourth interim dividend will be distributed as Property
Income Distribution ("PID") and will be paid on 26 August 2022 to
shareholders on the register on 12 August 2022. The ex-dividend
date will be 11 August 2022.
The Adjusted EPS was 1.36 p for the quarter giving a total of
5.55 pps for the year (2021: 5.07 pps). The dividend cover for the
year was 100.9%, which compares favourably with the prior year's
cover of 99%.
Property Valuation
At 30 June 2022, the Group's property portfolio, comprising 19
assets, had a fair value of GBP117.91 million, representing a 2.2%
increase compared with the 31 March 2022 valuation of GBP115.38
million of the same 19 properties.
At 30 June 2022, the Net Initial Yield on the Group's portfolio
was 5.70%, compared with 5.72% at 31 March 2022.
Valuations have increased across the majority of the Group's
assets in the quarter, with the best performances from those
properties that are experiencing both real and anticipated income
increases from index linked rent reviews. The Group's hotels,
student accommodation, leisure, nursery and some car showroom and
production/warehouse assets have all seen growth.
Net Asset Value
At 30 June 2022, the Company's unaudited NAV was GBP77.60
million, 96.40 pps (31 March 2022: GBP75.11 million, 93.30 pps)
representing a 3.3% increase over the quarter, due to increases in
the portfolio valuation and net income.
When combined with the 1.60 pps dividend paid for the quarter,
this produces an unaudited NAV total return for the quarter of
5.19% (31 March 2022: 4.83%).
The table below sets out the movement in NAV during the
quarter.
Pence per GBP million
share
NAV at 1 April 2022 93.30 75.11
---------- ------------
Valuation movement in property portfolio* 2.91 2.34
---------- ------------
Income earned for the period 2.48 1.99
---------- ------------
Expenses for the period (0.55) (0.44)
---------- ------------
Net finance costs for the period (0.44) (0.36)
---------- ------------
Interim dividend paid during the quarter
ended 31 March 2022 (1.30) (1.04)
---------- ------------
NAV at 30 June 2022 96.40 77.60
---------- ------------
* The quarter's increase in the independent fair valuation of
GBP2.53 million has been reduced by GBP0.05 acquisition and GBP0.14
million to reflect the minimum contracted rental uplifts, resulting
in a net valuation increase of GBP2.34 million.
The NAV attributable to the ordinary shares has been calculated
under International Financial Reporting Standards as adopted by the
United Kingdom and incorporates both the Group's property portfolio
individually valued on a 'Red Book' basis at 30 June 2022 and net
income for the quarter but does not include a provision for the
interim dividend declared today (see above).
The income earned for the period includes an accrual for the
minimum contractual uplifts contained in the index-linked leases.
In the event that inflation is greater than these minimum
contractual uplifts, the actual income will be greater than the
income currently accrued.
Portfolio update
At 30 June 2022, t he Group's assets remain 100% let (31 March
2022: 100%). The weighted average unexpired lease term at 30 June
2022 was 17.5 years to the earlier of break and expiry (31 March
2022: 17.6 years) and 19.4 years to expiry (31 March 2022: 19.6
years).
9 6 % (3 1 March 2022 : 93 %) of the portfolio's income stream
is reviewed periodically on an upward only basis, in line with
inflation (44% annually); with 70 % and 26 % of the portfolio index
-linked (subject to floors and caps) to RPI and CPI, respectively.
The remaining 4 % of the portfolio's income stream is subject to
Open Market Value Reviews or expiries .
Contracted annualised rent increased marginally this quarter ,
due t o three rent reviews, counterbalanced by a period of reduced
rent as an incentive at the start of the new lease to BGEN in St
Helens. Over the next 12 - month period , 59 % of the Group's
income will be reviewed ( eight annual index-linked rent reviews
and six periodic index-linked rent reviews (3 or 5 years since the
previous reviews)).
Rent Collection
The rents for the September 2022 quarter are split 8 4 % payable
quarterly in advance and 1 6 % payable monthly in advance. Rent
collection remains resilient with 100% expected for the September
2022 quarter.
ENQUIRIES
Alternative Income REIT PLC
Alan Sippetts - Chairman via Maitland/amo below
M7 Real Estate Ltd
Richard Croft +44 (0)20 3657 5500
Panmure Gordon (UK) Limited +44 (0)20 7886 2500
Alex Collins
Tom Scrivens
Chloe Ponsonby
Maitland/amo (Communications Adviser) +44(0) 7747 113 930
James Benjamin aire-maitland@maitland.co.uk
The Company's LEI is 213800MPBIJS12Q88F71.
Further information on Alternative Income REIT plc is available
at www.alternativeincomereit.com (1) .
(1) Neither the content of the Company's website, nor the
content on any website accessible from hyperlinks on its website or
any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published on a Regulatory
Information Service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to
hold, or dispose of, securities in the Company.
NOTES
Alternative Income REIT PLC aims to generate a sustainable,
secure and attractive income return for shareholders from a
diversified portfolio of UK property investments, predominately in
alternative and specialist sectors. The majority of the assets in
the Group's portfolio are let on long leases which contain index
linked rent review provisions.
The Company's investment adviser is M7 Real Estate Limited
("M7"). M7 is a leading specialist in the pan-European, regional,
multi-tenanted real estate market. It has over 230 employees in 14
countries across Europe. The team manages over 600 properties with
a value of circa EUR5.7 billion.
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END
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August 03, 2022 02:00 ET (06:00 GMT)
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