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FTSE Factsheet FTSE COMPANY REPORT Share price analysis relative to sector and index performance Alternative Income REIT AIRE Real Estate Investment Trusts — GBP 0.725 at close 18 June 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 18-Jun-2021 18-Jun-2021 18-Jun-2021 0.75 120 115 1D WTD MTD YTD Absolute 0.0 0.0 -0.3 20.8 115 0.7 110 Rel.Sector 0.9 1.8 -0.1 9.7 Rel.Market 1.7 1.7 0.1 10.9 110 0.65 105 VALUATION 105 0.6 100 Trailing 100 Relative Price Relative Price Relative 0.55 95 PE -ve Absolute Price (local (local currency) AbsolutePrice 95 EV/EBITDA 22.2 0.5 90 90 PB 0.9 PCF 73.2 0.45 85 85 Div Yield 6.9 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Price/Sales 7.5 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.6 100 90 100 Div Payout -ve 90 80 90 ROE -ve 80 70 80 70 Index) Share Share Sector) Share - - 70 60 60 DESCRIPTION 60 50 50 50 The Company is to carry on business as the principal 40 40 RSI RSI (Absolute) 40 company of a real estate investment trust ('REIT'), 30 30 offering a secure, diversified and inflation-linked 20 30 income return, whilst at least maintaining capital 10 20 20 values in real terms, through exposure to alternative RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative and specialist real estate sectors in 0 10 10 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Alternative Income REIT 18 June 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-May-2021 31-May-2021 31-May-2021 15 45 0.9 +1SD 0.85 40 0.8 +1SD 10 35 0.75 Avg Avg 30 +1SD 0.7 0.65 5 25 -1SD Avg 0.6 -1SD 20 0.55 0 ‖ ‖ ‖ ‖ 15 -1SD 0.5 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Custodian REIT 120.0 Residential Secure Income 100.0 Safestore Holdings 1.9 Residential Secure Income 67.2 Shaftesbury 91.2 Big Yellow Group 1.6 AEW UK REIT 41.2 Unite Group 83.6 Primary Health Prop. 1.4 Workspace Group 22.7 Segro 67.2 Unite Group 1.4 LXI REIT 20.0 Empiric Student Property 63.1 Assura 1.3 Alternative Income REIT -11.6 Real Estate Investment Trusts 52.3 Real Estate Investment Trusts 1.0 Real Estate Investment Trusts -19.7 Alternative Income REIT 22.2 Alternative Income REIT 0.9 Palace Capital -21.0 AEW UK REIT 14.5 McKay Securities 0.7 Empiric Student Property -22.2 Great Portland Estates 0.0 Palace Capital 0.7 Unite Group -37.3 Hammerson 0.0 Capital & Regional 0.6 Derwent London -49.9 UK Commercial Property REIT Limited 0.0 Hammerson 0.5 UK Commercial Property REIT Limited -100.5 Capital & Counties Properties 0.0 NewRiver REIT 0.5 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.5 1 1.5 2 2.5 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-May-2021 31-May-2021 31-May-2021 80 12 15 ‖ ‖ 70 11 14 +1SD 13 60 10 12 +1SD 9 50 11 8 Avg 40 10 +1SD 7 30 Avg 9 6 -1SD 8 20 Avg 5 7 10 -1SD 4 6 0 3 5 -1SD Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Shaftesbury 80.0 NewRiver REIT 16.5 UK Commercial Property REIT Limited 15.0 Unite Group 80.0 Regional REIT 7.3 Segro 15.0 Empiric Student Property 80.0 Ediston Property Investment Company 7.1 Unite Group 15.0 GCP Student Living 80.0 Alternative Income REIT 6.9 Tritax Big Box REIT 15.0 Great Portland Estates Capital & Counties Properties 73.5 AEW UK REIT 6.9 15.0 Alternative Income REIT 73.2 Real Estate Investment Trusts 14.1 Real Estate Investment Trusts 2.5 Real Estate Investment Trusts 34.2 Alternative Income REIT 7.5 GCP Student Living Ediston Property Investment Company 10.1 0.4 Palace Capital 5.4 NewRiver REIT 6.6 Shaftesbury 0.0 Residential Secure Income 5.1 Hammerson -21.2 Empiric Student Property 0.0 NewRiver REIT 2.1 Capital & Counties Properties -26.8 Capital & Regional 0.0 Capital & Regional 1.3 Residential Secure Income -98.0 Capital & Counties Properties 0.0 Great Portland Estates 0.0 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 2 4 6 8 10 12 14 16 18 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: Alternative Income REIT 18 June 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-May-2021 31-May-2021 31-May-2021 0.65 100 ‖ ‖ 6 0.6 +1SD 5 80 +1SD Avg 0.55 Avg 4 60 0.5 3 -1SD 40 0.45 Avg 2 -1SD 20 0.4 1 0.35 0 ‖ ‖ ‖ ‖ 0 ‖ ‖ ‖ ‖ Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Capital & Regional 2.8 Custodian REIT 100.0 Big Yellow Group 20.3 NewRiver REIT 1.2 Residential Secure Income 100.0 Safestore Holdings 18.5 Residential Secure Income 1.0 AEW UK REIT 100.0 Segro 16.5 Regional REIT 0.9 Target Healthcare REIT 96.6 Tritax Big Box REIT 16.4 Primary Health Prop. LondonMetric Property 0.9 Workspace Group 90.4 16.3 Alternative Income REIT 0.6 Real Estate Investment Trusts -4.9 Real Estate Investment Trusts 0.0 Real Estate Investment Trusts 0.5 Alternative Income REIT -7.0 Alternative Income REIT Segro 0.3 0.0 Ediston Property Investment Company -18.2 Big Yellow Group 0.2 Standard Life Inv Prop Inc Trust 0.0 Shaftesbury -26.5 LXI REIT 0.2 BMO Real Estate Investments 0.0 Capital & Counties Properties -33.2 Impact Healthcare REIT 0.2 Palace Capital 0.0 Hammerson -45.7 UK Commercial Property REIT Limited 0.2 UK Commercial Property REIT Limited 0.0 Capital & Regional -50.0 0 0.5 1 1.5 2 2.5 3 0 20 40 60 80 100 120 -60 -50 -40 -30 -20 -10 0 10 20 30 ROE vs. PB — sector Du Pont Analysis 1.8 SAFE 2 6 1.7 Regression 1.6 BYG 1.5 5 1.5 PHP 1.4 UTG 1 4 1.3 AGR SGRO LMP 1.2 0.5 3 PB BBOX 1.1 CSH SHB THRL AEWU LXI IHR 1.0 Real Estate Inve SOHODIGS CREI GPOR 0 2 0.9 RGLDLNUKCM RESI AIRE PCTN CAPCESP WKP 0.8 BLNDSLIEPIC BCPTSREIBREI LANDMCKS SERE -0.5 1 0.7 PCA 0.6 CAL -1 0 0.5 NRRHMSO ‖ 2017 2018 2019 2020 2021 0.4 0 2 4 6 8 10 12 14 16 18 20 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: Alternative Income REIT 18 June 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share.
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