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Alternative Income REIT

AIRE.L
66
REIT - Diversified · Real Estate
Price
71.80 GBp
+0.00 (+0.00%)
Market Cap
£57.8M
Exchange
London Stock Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Alternative Income REIT is a UK-based real estate investment trust that owns a portfolio of commercial properties and leases them to tenants under long-term agreements. Its properties span sectors like healthcare, leisure, and retail, with tenants typically being businesses rather than individual consumers. The company focuses on assets that generate steady rental income rather than relying on short-term leases.

The company makes money by collecting rent from its tenants, most of whom sign long leases that often include rent increases tied to inflation. It operates entirely in the United Kingdom and is a small company with a market value of around £100 million. Its main competitive advantage is the long, inflation-linked nature of its leases, which provide predictable cash flows. The key risk is its small size, which limits its ability to diversify across many properties and makes it more vulnerable if a major tenant stops paying rent or vacates a property.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+125.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

33.5%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

£3M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Alternative Income REIT is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 80.5M (2021) → 80.5M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
86.1%
Premium pricing power — 86.1% gross margin
Profit after running costs
Operating Margin
78.0%
Excellent — 78.0% operating margin
Return on the money invested
ROCE
7.8%
Weak — 7.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+6.0%
Slow sales growth (+6.0% YoY)
Profit growth
EPS YoY
+35.3%
Earnings growing fast (+35.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
85%
Modest — 85% of profit becomes cash
Spare cash per sale
FCF Margin
65.8%
Converts sales into free cash efficiently (65.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.52
Conservative — low debt load (0.52)
Covers its interest
Interest Cover
4.90x
Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.4x
Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
7.84%
Healthy income — 7.84% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-9.7%
Dividend cut (-9.7% YoY) — warning sign

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