Alternative Income REIT

What Alternative Income REIT does

Alternative Income REIT PLC is a UK Real Estate Investment Trust listed on the London Stock Exchange Main Market (ticker: AIRE, LEI: 213800MPBIJS12Q88F71) and domiciled in England and Wales. Originally incorporated as AEW UK Long Lease REIT plc and listed in June 2017 with a £80.5m IPO, the company rebranded to its current name in October 2020 following the transition of its investment adviser to Martley Capital Real Estate Investment Management Limited. The vehicle owns a portfolio of 19 UK commercial properties valued at £103.45 million as at 31 March 2026, concentrated in alternative and specialist sectors — automotive and petroleum, education, healthcare, hotels and industrials — that are underrepresented in mainstream institutional portfolios.

The business model is lease-based rental income: properties are predominantly freehold or long UK leasehold, let on long leases with a weighted average unexpired lease term of 16.8 years and 92.1% of leases containing index-linked rent review provisions, generating annualised passing rent of £7.9 million. Operational performance metrics for the quarter ended 31 March 2026 include 100% rent collection, a Net Initial Yield of 7.2%, an EPRA NAV per share of 84.4p, and an LTV of 34.3% against total drawn debt of £36.6 million (a £31m HSBC term loan plus £5.6m drawn on a £10m RCF at a weighted average interest cost of 5.44%). The target dividend for FY2026 is at least 5.6p per share paid quarterly, implying an ~8.0% annualised dividend yield at a 70.3p share price.

The REIT does not maintain internal operational staff; investment management, fund administration and accounting are outsourced to Martley Capital, with Langham Hall UK Depositary LLP providing depositary oversight under AIFM regulation, Panmure Liberum Limited acting as corporate broker, and Hanway Advisory Limited as company secretary. Shares are distributed through major UK retail platforms — Hargreaves Lansdown (23.7% of register), Interactive Investor (12.7%) and AJ Bell (7.6%) — alongside an activist 24-26.4% position held by Glenstone REIT plc, which has made a firm 70p per share cash offer (June 2026) that the board has rejected as undervaluing NAV.

Name

Alternative Income REIT

Legal name

Alternative Income REIT PLC

Website

https://alternativeincomereit.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Alternative Income REIT PLC is a UK-listed REIT (LSE: AIRE) that owns a diversified portfolio of 19 UK commercial properties valued at £103.45 million across alternative and specialist sectors including automotive, healthcare, education, hotels and industrials, offering shareholders inflation-linked rental income.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519), Investors, Nec (6799)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF), Real Assets — Real Asset Fund Platforms / Multi-Asset Real Assets (Diversified Real Assets Funds) (FSAHAIAM)

Keywords

• Real estate investment trust
• UK commercial property
• Alternative real estate
• Rental income
• Inflation-linked dividends

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income: The company generates revenue through rental income from its portfolio of UK commercial properties. The majority of assets are let on long leases which contain index-linked rent review provisions, providing inflation protection. At 31 March 2026, the Group owned 19 properties valued at £103.45 million with annualised passing rent of £7.9 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Alternative Income REIT PLC is a UK Real Estate Investment Trust that owns a diversified portfolio of UK commercial properties focused on alternative and specialist sectors such as automotive & petroleum, education, healthcare, hotels and industrials. The Group invests in freehold and long UK leasehold properties let on long leases with index-linked rent reviews to deliver a secure, diversified and inflation-linked income return to shareholders while at least maintaining capital values in real terms.

Product overview

Alternative Income REIT PLC is a Real Estate Investment Trust (REIT) that owns a diversified portfolio of 20 UK commercial properties valued at approximately £103.45 million (as of March 2026). The company does not offer a technology product or software platform. Its business is focused on property investment, offering investors exposure to alternative and specialist real estate sectors including automotive and petroleum, education, healthcare, hotels, and industrials. Properties are let on long leases with index-linked rent reviews to generate secure, predictable and inflation-linked income returns for shareholders while maintaining capital values in real terms.

Differentiator

Problem solved

Functional benefit

Products and services

• AIRE UK Commercial Property Portfolio

Quantifiable outcome

• Target annual dividend of 5.6pps for FY2026 with full dividend cover
• +4 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Martley Capital Real Estate Investment Management LimitedcoreImplementation/ SI/ Consulting PartnerThe Company's asset manager providing investment advice, fund accounting, administration services, asset management, operational advice, budgeting and planning. Martley Capital is a full-service real estate investment management platform with over 40 employees across five offices managing circa £1 billion across 30 mandates.
• Langham Hall UK Depositary LLPcoreImplementation/ SI/ Consulting PartnerDepositary providing oversight services for the Alternative Investment Fund Manager (AIFM) requirements.
• Langham Hall Fund Management LLPcoreImplementation/ SI/ Consulting PartnerAlternative Investment Fund Manager (AIFM) for the REIT.
• Hanway Advisory LimitedcoreImplementation/ SI/ Consulting PartnerCompany Secretary providing secretarial and administrative support. Located at The Scalpel 18th Floor, 52 Lime Street, London EC3M 7AF.

Scale indicators14 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Custodian Property Income REIT: Custodian REIT is a UK-listed diversified commercial property REIT with a focus on income. Similar small-cap UK REIT structure and dividend-oriented investor appeal as AIRE.
• Schroder Real Estate Investment Trust: Schroder REIT is a small-cap UK commercial property REIT with diversified portfolio and similar scale to AIRE, targeting income-oriented investors on the London Stock Exchange.
• Regional REIT Limited: Regional REIT is a UK-listed REIT focused on regional commercial property with an income-oriented mandate. Comparable size, structure and UK small-cap REIT investor base to AIRE.
• Picton Property Income Limited: Picton is a UK-listed REIT investing across diverse commercial property sectors with a focus on income. Comparable diversified UK REIT mandate and investor base, though with broader mainstream sector exposure than AIRE.
• Target Healthcare REIT plc: Target Healthcare is a UK REIT focused on purpose-built care homes, a sub-segment of the alternative real estate sectors AIRE targets. Comparable long-WAULT, index-linked income structure on UK commercial property.
• LXi REIT plc: LXi REIT is a UK-listed REIT investing in alternative and specialist property sectors on long-indexed leases, the closest direct comparable to Alternative Income REIT in terms of property type, lease structure and income strategy.
• Glenstone REIT plc: Glenstone REIT is a UK small-cap REIT and AIRE's activist 24% shareholder with a live 70p per share offer. Both operate as UK-listed alternative property vehicles with broadly overlapping investor base and scale.
• AEW UK REIT plc: AEW UK REIT is a diversified UK commercial property REIT that held direct merger discussions with AIRE in 2026. Overlapping UK property mandate, similar investor base and comparable scale make it a closely comparable peer.
• PRS REIT plc: PRS REIT is a UK-listed REIT focused on the private rented sector, sharing the same UK-listed REIT structure, income-focused mandate and small-cap scale as AIRE.

Broad incumbents

• BMO Commercial Property Trust: BMO Commercial Property Trust is a larger, more established UK commercial property investment trust with diversified mainstream property exposure. A broad comparable within the UK REIT/closed-end fund universe, though with less focus on alternative sub-sectors than AIRE.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/alternative-income-reit-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alternative Income REIT