Dividend Declaration, Valuation Frequency Change
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 20251.
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 30th June and 31st 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 Broker) |
Tel: 020 7710 7600 |
|
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.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 2 days ago Close Brothers Group
- 2 days ago Savannah Energy
- 2 days ago Mid Wynd International Inv Trust
- 2 days ago Dillistone Group
- 2 days ago SSP Group