Property valuation and trading update
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
31 October 2025
Home REIT plc
Property valuation and trading update
Home REIT plc (LSE: HOME) ("HOME" or the "Company"), today announces an updated property valuation and associated trading update.
Jones Lang LaSalle ("JLL") has issued its draft valuation report on the Company's property portfolio for the period ended 31 August 2025, which is presented below. The valuation for the period ended 28 February 2025 is also presented for comparison purposes.
|
|
31 August 2025 |
28 February 2025 |
|
Number of properties |
853 |
860 |
|
Portfolio valuation |
£155.7m |
£169.0m |
In line with the JLL valuation as at 28 February 2025, the majority of the portfolio (70% by number of properties) has been valued on a vacant possession basis, with the remainder at investment value, and on an individual property basis. The reduction in the property valuation is principally a result of adjustments to the basis of valuation for properties held at investment value. This has resulted in a reduction to the cap of vacant possession value at which these properties with leases are held (126% of MV-VP versus 154% of MV-VP previously). Further, JLL applied a discount to vacant possession value for supported living properties which are not on a direct lease. The overall valuation has also decreased due to specific factors for individual properties.
The valuation has been prepared in accordance with the current Royal Institution of Chartered Surveyors' Valuation - Global Standards, effective from January 2025, incorporating the IVS and the current UK national supplement. The valuation in the table is unaudited and may be subject to amendment as part of the completion of the formal audit process for the year ended 31 August 2025.
Historic Accounts Update
The unaudited interim accounts for the periods ending 28 February 2024 and 28 February 2025 are expected to be published by the end of 2025. The process for the audit and publication of the Company's annual results for the period ending 31 August 2025 has commenced, with the results expected to be published in the first quarter of 2026.
The Board and AEW remain committed to the restoration of trading in the Company's ordinary shares as soon as practicable.
Financial Position Update
At the period ended 31 August 2025, the Company had £9.6m of cash. The Company's cash together with rental income are expected to be sufficient to fund the Company's operational expenses and fees during the managed wind-down and for the next twelve months.
Portfolio Sale Update
After an extensive marketing campaign commenced in Q4 2024, non-binding offers were received for the full portfolio in February 2025 and due diligence is progressing. The Company anticipates that the portfolio sale process will conclude in the fourth quarter of 2025. However, there is no assurance that the portfolio sale will progress under the current expected timeline or with terms which are acceptable to the Board. AEW continues to undertake asset management initiatives focused on adding value to the portfolio and preparing them for sale.
Litigation
There have been no material changes with regards to the potential shareholder group litigation, the FCA investigation, or the Company's pursuit of legal action. Any relevant announcements in this regard will be made at the appropriate time.
The person responsible for arranging the release of this announcement on behalf of the Company is Apex Group.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
FTI Consulting (Communications Adviser) Dido Laurimore Bryn Woodward Oliver Harrison |
HomeREIT@fticonsulting.com +44 (0)20 3727 1000 |
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website: www.homereituk.com
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