REG - Social Housing Reit - Dividend Declaration, Valuation Frequency Change

Social Housing REITAnnouncement

Tue 07:02

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RNS Number : 3014J  Social Housing Reit PLC  20 May 2025

20 May 2025

Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

2025 DIVIDEND GUIDANCE, DIVIDEND DECLARATION AND CHANGE TO VALUATION FREQUENCY

 

The Board of Directors of Social Housing REIT plc (LON: SOHO) (the "Board"),
the real estate investment trust investing in specialised supported housing
across the UK, is pleased to announce the Company is targeting an aggregate
dividend of 5.622 pence per Ordinary Share in respect of the financial year
ending 31 December 2025(1).

 

This represents a 3.0% increase on the 5.46 pence per share paid in respect
of the financial year ended 31 December 2024 and is the first dividend target
increase since 2022.

 

The dividend increase is driven by three factors:

 ·    The successful progress achieved with the lease assignments from
 Parasol to Westmoreland;
 ·    A reduction in costs driven by the transition to a management fee
 based on market capitalisation following the appointment of Atrato Partners
 Limited (the "Investment Manager"); and
 ·      An improvement in the earnings of SOHO, driven in part by annual
 inflation-linked rent increases.

 

Looking ahead, the Board and Investment Manager expect the Company to return
to a long-term progressive dividend policy.

 

Dividend Declaration

 

The Board has declared an interim dividend in respect of the period from 1
January to 31 March 2025 of 1.4055 pence per Ordinary Share, payable on or
around 27 June 2025 to holders of Ordinary Shares on the register on 30 May
2025. The ex-dividend date will be 29 May 2025.

 

The dividend will be paid as a Property Income Distribution.

 

Investment Manager Shareholdings

 

The combined shareholdings (units) in the Company held by the Atrato senior
team and the Atrato Employee Benefit Trust is 2,778,148.

 

The following senior members of the Investment Manager hold the below
shareholdings (units) in the Company:

 

 Benedict Green                 1,486,311
 Steve Windsor                  851,114
 Natalie Markham                169,136
 Adrian D'Enrico                28,815
 Michael Carey                  39,955
 Thomas Still                   30,935
 Atrato Employee Benefit Trust  171,882

 

Change to Valuation Frequency

 

The Board announces the change from a quarterly to a bi-annual valuation of
the Company's portfolio, bringing the Company in line with the wider listed UK
Real Estate sector. This change reduces the number of valuations and results
in a reduction of ongoing costs, in line with the Investment Manager's
approach to driving further efficiency savings.

 

Going forwards, the Group's properties will continue to be independently
valued by Jones Lang LaSalle Limited on an individual asset basis (as required
by IFRS) at the 30(th) June and 31(st) December in each year.

 

 

ENDS

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 Social Housing REIT plc                        Via Brunswick Group
 Chris Phillips

 Atrato Partners Ltd                            ir@atratopartners.com
 Adrian D'Enrico
 Michael Carey
 Eddie Gilbourne

 Akur Capital (Joint Financial Adviser)         SOHO@akur.co.uk
 Tom Frost
 Anthony Richardson
 Siobhan Sergeant

 Stifel (Joint Financial Adviser and Corporate  Tel: 020 7710 7600

 Broker)
 Mark Young
 Rajpal Padam
 Madison Kominski

 Brunswick Group (Financial PR Adviser)         SOHO@brunswickgroup.com

                                                Tel: 020 7404 5959
 Nina Coad
 Robin Wrench
 Mara James

 

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at
 www.socialhousingreit.com (http://www.socialhousingreit.com/) .

 

(1) The target dividend is a target only and not a forecast. There can be no
assurance that the target will be met and it should not be taken as an
indication of the Company's expected or actual future results.

 

NOTES:

The Company primarily invests in social housing assets in the UK, with a
particular focus on specialised supported housing (SSH). SSH is accommodation
for vulnerable adults requiring support to live independently, including those
with learning difficulties, mental health problems and physical disabilities.
These properties are specially designed or adapted to meet residents' needs
and are managed by Approved Providers who are predominantly regulated by the
Regulator of Social Housing. Approved Providers consist of Housing
Associations and Local Authorities, or other regulated organisations in
receipt of direct payment from local government.

 

These operational residential properties deliver sustainable, long-term,
growing income for shareholders, improved outcomes for residents and savings
to the taxpayer.

 

The Company is listed on the Closed-ended investment funds category of the
FCA's Official List and its Ordinary Shares are traded on the LSE's Main
Market.

 

Atrato Partners Limited is the Company's Investment Manager.

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