Social Housing Reit Plc · LSE:SOHO
Social Housing Reit — Living REIT — H1 2026 Earnings Presentation
31 slides from Social Housing Reit's earnings presentation, Sep 24, 2026
Slide 1: Interim Results Presentation
Secure futures, secure income Interim Results Presentation For the six months ended 30 June 2026 24 September 2026 This presentation does not constitute investment advice or an offer to buy or sell securities. Investment involves risk, including potential loss of capital.
Slide 2: Agenda and Presenting Team
Agenda and Presenting Team 2 3 Introduction 4 Financial Results Michael Carey Nat Markham Managing Director CFO 12 Portfolio 18 Strategy & Growth 26 Q&A Tom Still Managing Director
Slide 3: Significant strategic progress
Significant strategic progress 3 Launch of Living REIT with a broader mandate and clear growth strategy Expansion of addressable market to sectors with complementary investment characteristics Continued earnings and income growth Improved rent collection and further uplift to dividend target Proacti
Slide 4: Financial Results
4 Financial Results Nat Markham CFO Homechase House, Devon
Slide 5: Highlights for the six months ended 30 June 2026
Highlights for the six months ended 30 June 2026 5 +2.3% +2.2% +3% Net rental income growth Adjusted EPRA Earnings growth FY26 Dividend Target increase H1 2025: +3.6% H1 2025: +21.9% FY25: +3% 1.20x 92.7% 95.4p Adjusted EPRA Dividend cover Rent collection IFRS & EPRA NTA per share H1 2025: 1.21x FY
Slide 6: Income statement
Income statement 6 £million H1 2026 H1 2025 Change Net rental income 20.2 19.8 +2.3% Administrative & other expenses (1.7) (1.8) Management fees (1.8) (1.6) Finance expense (3.8) (3.7) EPRA earnings 13.0 12.7 Adjusted EPRA earnings 13.5 13.2 EPRA cost ratio 17.1% 16.5% Adjusted EPRA earnings per sha
Slide 7: Statement of financial position
Statement of financial position 7 £million H1 2026 FY 2025 Change Portfolio valuation 597.5 602.8 Assets held for sale - 1.9 Trade and other receivables 8.6 6.6 Cash and cash equivalents 42.0 25.4 Total assets 648.2 636.8 +1.8% Current liabilities (10.1) (2.7) Non -current liabilities (262.9) (263.3
Slide 8: Pro forma NTA per share bridge
Pro forma NTA per share bridge 8 3.30p (0.76p) (1.41p) 94.23p 93.92p (1.45p) 1 EPRA Q1 dividend Q2 dividend Pro -forma 31-Dec -25 Revaluation earnings paid paid 30 -Jun -26 1. Q2 dividend declared is not reflected in 30 June 2026 EPRA NTA .
Slide 9: Sector leading debt profile
Sector leading debt profile 9 30 June 2026 Post transaction % Fixed 1 % Fixed 90% – Average maturity 1 Average maturity 6.7 years – Average debt cost 1 Average debt cost 3.06 % – FV debt adjustment 2 FV debt adjustment £51.5m – Debt facilities Debt facilities £293.5m – Net LTV Net LTV 37.8% – 1. Ass
Slide 10: Sector leading debt profile post transaction
Sector leading debt profile 10 30 June 2026 Post transaction % Fixe d 1 % Fixed 3 90% 92 % Average maturity 1 Average maturity 3 6.7 years 8.9 years Average debt cost 1 Average debt cost 3 3.06 % 3.16% FV debt adjustment 2 FV debt adjustment 4 £51.5m £85.0m Debt facilities Debt facilities £293.5m £3
Slide 11: Favourably placed against peers
Favourably placed against peers 11 Weighted average cost of debt Weighted average term to maturity 3.82% 1 8.9 years 1 3.16% 4.8 years UK REIT industry 2 UK REIT industry 2 1. Assumes full drawdown of all debt facilities and a SONIA rate of 4.12% as at 30 September 2026. 2. UK REIT sector weighted a
Slide 12: Portfolio
12 Portfolio Tom Still Managing Director Fair Oak Road, Southampton
Slide 13: SSH portfolio as at 30 June 2026
SSH portfolio as at 30 June 2026 13 £ 43.3m 92.7% 88% Contracted rent Rent collection Resident occupancy HY25: 43.2m FY25: 91.5% FY25: 87% 3,301 78% 6.54% Lettable homes EPC C or above Net Initial Yield FY25: 3,412 FY25: 77% FY25: 6.42%
Slide 14: Atrato proactive asset management
Atrato proactive asset management 14 • 91% of the portfolio inspected Stakeholder • 89% of Approved Providers met engagement • Top 10 Care Providers met, covering 50% of SSH residents • Focus on asset management and property fundamentals Decisive action • Tight tenant oversight delivers data when ne
Slide 15: LIVE's largest tenant upgraded
LIVE’s largest tenant upgraded 15 The Regulator grades Approved Providers (APs) APs rated on Financial (“V”) and Governance (“G”) grounds Lease based APs typically deemed Non -Compliant Inclusion upgraded to “Compliant” Inclusion upgraded to G2V2 compliant rating Regulatory buy in of the lease -base
Slide 16: Pivotal leases assigned at contracted rent
Pivotal leases assigned at contracted rent 16 Atrato aware of issues ahead of market Identified emerging financial issues early Atrato took decisive action LIVE leases assigned to IHL with no impact on rental income Pivotal later de -registered as an AP 1 Other landlords suffered material losses 1.
Slide 17: Auckland assignment underway
Auckland assignment underway 17 Problem properties with other landlords LIVE portfolio performing Atrato proactive approach Decision taken to transfer to alternative, compliant AP Assignment agreed with no earnings impact Assignment expected to complete in Q4 2026
Slide 18: Strategy & Growth
18 Strategy & Growth Michael Carey Secure futures, secure income Managing Director Brunswick House, Newcastle
Slide 19: Building a leading UK Living platform
Building a leading UK Living platform 19 Earnings accretive acquisition completed Senior Living portfolio acquired with high single - digit earnings accretion 1, increasing pro forma GAV to c.£825m 2 Investment policy broadened Shareholder -approved mandate now spans the wider Living sector alongsid
Slide 20: Using our shares for accretive acquisition
Using our shares for accretive acquisition 20 Transaction structure Nationwide portfolio UK’s Largest Independent Senior Living Rental Portfolio 2,163 homes Portfolio Value £185 million Purchase Consideration funded via £63m new equity | £45m cash 66 million shares issued at EPRA NTA 1. Existing cas
Slide 21: A larger, more diversified Group
A larger, more diversified Group 21 Investment focus UK Living sectors Lettable homes 1 5,464 GAV 2 £825m Net rental income 3 £52m 1. Reflects number of lettable homes across the SSH and Senior Living portfolios as at 30 June 2026. 2. Pro forma gross asset value of the Enlarged Group, based on LIVE’
Slide 22: Senior Living assets are highly complementary to SSH
Senior Living assets are highly complementary to SSH 22 • Demographic tailwinds Structurally supported • Structural undersupply • Inflation -aligned, sustainable income Attractive income • Earnings accretive Positive • Secure, affordable housing resident outcomes • Well -maintained homes supporting
Slide 23: Senior Living portfolio optimisation
Senior Living portfolio optimisation 23 Capitalising on market shift to rental Senior living residents are opting to rent their accommodation rather than buy Accretive deployment of restricted cash Cash acquired through the acquisition can only be used for further senior living acquisitions Asset re
Slide 24: Complete transformation of the Company
Complete transformation of the Company 24 80 £28m Senior L iving acquisition £27m 75 New New Audit investment £26m Chair policy & appointed re -brand to LIVE Annualised earnings (£m) Deutsche New Chair appointed £25m 70 Numis Share price (p) appointed as Inclusion 3% dividend corporate Investor upgr
Slide 25: Positioned for further growth
Positioned for further growth 25 Earnings Ambition for Active asset growth from further management Senior Living acquisitions opportunities acquisition using shares Ashdown Gate, East Grinstead
Slide 26: Q&A
Q&A 26 Michael Carey Nat Markham Secure futures, Managing Director CFO secure income Tom Still Managing Director Riding Hill Gardens, Bradford
Slide 27: Living REIT key terms
Living REIT key terms 27 UK listed REIT (Real Estate Investment Trust) The Company London Stock Exchange Main Market Management Atrato Partners Limited as Investment Manager Management fee structure is calculated on market capitalisation based on the following tiers: • 1.25% up to £150 million; Mana
Slide 28: Sector leading debt profile (30 June 2026)
Sector leading debt profile (30 June 2026) 28 % Fixed 117.5 90% 1 25.0 Average maturity 6.7 years £m 77.5 Average debt cost 2 41.5 3.06% FV debt adjustment 3 27.0 5.0 £51.5m 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Debt facilities Facility Key Rate type Repayment £293.5m Fixed rate Bul
Slide 29: Leading position maintained post transaction
Leading position maintained post transaction 29 % Fixed 117.5 92% 25.0 1 Average maturity 15.1 8.9 years £m 77.5 77.0 Average debt cost 2 41.5 3.16% FV debt adjustment 3 27.0 5.0 £85.0m 2026 2028 2030 2032 2034 2036 2038 2040 2042 Debt facilities Facility Key Rate type Repayment £385.6m Fixed rate B
Slide 30: Disclaimer
Disclaimer 30 THESE MATERIALS AND THEIR CONTENTS ARE NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION, OR TO
Slide 31: Disclaimer
Disclaimer 31 The Materials contain forward -looking statements, including as to the Company’s strategy, targets, dividend policy and dividend targets, expected earnings accretion, leverage and anticipated transactions and lease assignments. Such statements are not statements of historical fact , a