Alternative Income net asset value edges higher in first half

Alternative Income REIT PLC on Tuesday announced it is on track to meet its annual dividend target, and it reported a slight increase in net asset value during its half-year.

The commercial property investment firm reported a net asset value of £68.0 million at its December 31 half-year end, 84.5 pence per share, up 1.0% from £67.3 million, or 83.6 pence per share at June 30.

Alternative Income shares were down 6.5% to 72.00 pence each on Tuesday afternoon in London.

The NAV total return was 3.8% for the six months, easing from 5.2% a year prior.

Alternative Income completed the sale of Applegreen petrol station in Crawley for £4.5 million in October, a £500,000 premium to its book value, leaving it owning 19 properties valued at £103.5 million. Its investment property valuation eased 3.6% from £107.4 million a year prior.

Chief Executive Officer Simon Bennet said: ‘The company is well-positioned for the future, with a portfolio that continues to deliver secure, index-linked income and which has the potential for capital growth as the property market recovers.’

The half-year dividend was lowered by 9.7% to 2.80p per share from 3.10p. Back in August, it announced a 5.6p dividend target, which would be down from 6.2p in financial 2025.

‘Finance costs for the group’s current financial year ending on 30 June 2026 will rise significantly to approximately £2.2 million, compared with £1.4 million in previous financial years. Whilst there will be some mitigation to this figure, principally from the increase in rents from AIRE’s property portfolio, this rise in costs will reduce the group’s distributable income,’ it had then explained in September.

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