Results For the 12 Months Ended 31 December 2025

Summary by AI ^BETAClose X

Social Housing REIT plc reported a significant increase in adjusted earnings per share of 20.9% for the twelve months ended December 31, 2025, reaching 6.53p, with adjusted dividend cover improving to 1.17x. Net rental income grew by 11.7% to £40.03 million, driven by inflation-linked uplifts and improved rent collection to 91.5%. The company declared dividends of 5.62p per share, a 3% increase, and reduced its EPRA cost ratio to 18.7% due to a new management fee structure and cost reduction initiatives. The portfolio valuation stood at £606.3 million, reflecting a Net Initial Yield of 6.42%, while the company maintained its Fitch 'A-' investment grade rating with a stable outlook and a fixed-rate debt profile averaging 2.74%.

Disclaimer*

KPI and Definition	Performance (as at 31 December 2025)
1. IFRS & EPRA NTA Per Share
The value of our assets (based on an independent valuation) less the book value of our liabilities, attributable to Shareholders and calculated in accordance with EPRA guidelines. Further information is set out in Note 3 of the Unaudited Performance Measures.	94.23 pence per share (31 December 2024: 99.05p)
2. Total Accounting Return
Total accounting return is measured by reference to the growth in the Group's share price over a period, plus dividends declared for that period.	0.8% for the year (31 December 2024: -8.1%) The total accounting return since IPO is 39.1%
3. Adjusted EPS
EPRA earnings adjusted for company specific items to reflect the underlying profitability of the business, calculated on the weighted average number of shares in issue during the year.	6.53 pence per share for the year (31 December 2024: 5.40p)
4. Adjusted Dividend Cover
Dividends paid or declared in respect of the year ended 31 December 2025 totalled 5.622 pence, with dividend cover based on adjusted earnings.	The dividend was 1.17x covered for the year (31 December 2024: 0.99x)
5. Net Loan to Value ("LTV")
Net LTV is calculated as net borrowings (being total borrowings less cash and cash equivalents) divided by the gross carrying value of investment properties and other relevant property assets.	39.5% (31 December 2024: 37.7%)
6. Rent Collection
Rent collection is one of the Group's principal measures of performance, measured against total contracted rent due. Material rent arrears during the year mainly attributable to two Approved Providers, My Space Housing Solutions and Portus Supported Housing Limited.	91.5% for the year (31 December 2024: 87.6%)
7. Ongoing Charges Ratio
A measure of all operating costs incurred, calculated as a percentage of average net assets in that year.	1.51% (31 December 2024: 1.64%)
8. EPRA Cost Ratio
Administrative & operating costs (including costs of direct vacancy) divided by gross rental income.	18.68% (31 December 2024: 29.89%)
9. Exposure to Largest Approved Provider
The percentage of the Group's gross assets that are leased to the single largest Approved Provider.	33.4% (31 December 2024: 30.9%)

Measure and Definition	Performance (as at 31 December 2025)
1. EPRA EPS
A measure of EPS designed by EPRA to present underlying earnings from core operating activities.	6.37 pence per share for the year (31 December 2024: 5.08p)
2. EPRA Net Reinstatement Value ("NRV") Per Share
An EPRA NAV per share metric which assumes that entities never sell assets and aims to represent the value required to re-build the entity.	103.56 pence per share (31 December 2024: 108.86p)
3. EPRA Net Tangible Assets ("NTA") Per Share
An EPRA NAV per share metric which assumes entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.	94.23 pence per share (31 December 2024: 99.05p)
4. EPRA Net Disposal Value ("NDV") Per Share
An EPRA NAV per share metric which represents the Shareholders' value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.	106.62 pence per share (31 December 2024: 113.95p)
5. EPRA Net Initial Yield ("NIY")
Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs.	6.82% (31 December 2024: 6.44%)
6. EPRA "Topped-Up" Net Initial Yield
This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).	6.82% (31 December 2024: 6.45%)
7. EPRA Vacancy Rate
Estimated Market Rental Value ("ERV") of vacant space divided by ERV of the whole portfolio.	1.54% (31 December 2024: 0.32%)
8. EPRA Cost Ratio
Administrative & operating costs (including costs of direct vacancy) divided by gross rental income.	18.68% (31 December 2024: 29.89%)
9. EPRA LTV
Net debt divided by total property portfolio and other eligible assets.	39.08% (31 December 2024: 37.66%)
10. EPRA Like-For-Like Rental Growth
Changes in net rental income for those properties held for the duration of both the current and comparative reporting period.	Rental increase of 2.21% for the year (31 December 2024: 4.16%)
11. EPRA Capital Expenditure
Amounts spent on the purchase and development of investment properties (including any capitalised transaction costs).	£2.2 million for the year (31 December 2024: £2.2 million)

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	Year ended 31 December 2025	Year ended 31 December 2024
Adjusted Earnings per Share¹	6.53p	5.40p
Dividends per Share (declared)	5.62p	5.46p
Adjusted Dividend Cover²	1.17x	0.99x
EPRA Cost Ratio	18.7%	29.9%
Rent Collection	91.5%	87.6%

	As at 31 December 2025	As at 31 December 2024
IFRS & EPRA Net Tangible Assets per share	94.23p	99.05p
Net Loan to Value³	39.5%	37.7%
Number of properties	492	494
Number of homes	3,412	3,424

Social Housing REIT plc	Via Lauder Teacher Associates
Chris Phillips

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

Deutsche Numis (Corporate Broker & Financial Adviser)	Tel: +44 (0) 207 545 8000
Hugh Jonathan Amit Wangoo

Lauder Teacher (Financial PR Adviser)	sohoreit@lauderteacher.com
Colm Lauder Andrew Teacher Shirin Iqbal	Tel: +44 (0) 7787 444 960

	31 December 2025 £'000s	31 December 2024 £'000s
Net rental income	40.0	35.8
Administrative expenses¹	(7.2)	(7.4)
Net finance expenses²	(7.1)	(7.2)
Adjusted earnings	25.7	21.2

	At 31 December 2025 £m	At 31 December 2024 £m
Annualised contracted rental income	43.7	42.6
Shortfall due to pass-through mechanism⁴	(3.0)	(2.5)
Expected Credit Losses	(0.7)	(3.3)
Movement in Lease Incentive Debtor	0.0	(1.0)
Net rental income	40.0	35.8

	31 December 2025	31 December 2024
EPRA cost ratio including direct vacancy costs	18.7%	29.9%
EPRA cost ratio excluding direct vacancy costs	18.0%	29.8%

Declared	Pence per Share	In respect of financial year ended	Paid
20 March 2025	1.3650	31 December 2024	11 April 2025
20 May 2025	1.4055	31 December 2025	27 June 2025
9 September 2025	1.4055	31 December 2025	3 October 2025
27 November 2025	1.4055	31 December 2025	19 December 2025

	31 December 2025 £m	31 December 2024 £m
Investment Property	602.8	624.7
Assets Held for Sale	2.0	-
Bank and other borrowings	(261.7)	(261.4)
Cash	25.4	27.5
Other net assets/(liabilities)	2.3	(1.1)
IFRS net asset value & EPRA net tangible assets	370.8	389.7

	Norland Estates Limited	TP REIT Propco 2 Limited
Asset Cover Ratio (ACR)
ACR Covenant	x2.00	x1.67
ACR 31 December 2025	x2.39	x1.96
Blended Net initial yield	7.03%	6.40%
Headroom (yield movement)	128bps	104bps

Interest Cover Ratio (ICR)
ICR Covenant	1.75x	1.75x
ICR 31 December 2025	4.89x	4.82x
Headroom (rental income movement)	64%	61%

	Risks with a negative outlook over the next year
4	Volatile Trading Market
5	Inflationary Pressures
9	Poor or Inadequate Housing Management

	Risks with a stable outlook over the next year
2	Non-payment of Voids by Care Providers
6	Regulatory Changes Impacting the Sector
8	Property Valuation Volatility
10	Debt Covenant Breaches
11	Health and Safety Non-compliance

	Risks with a positive outlook over the next year
1	Approved Provider Default
3	Potential Impact of Climate Change
7	Non-compliance with Regulatory Standards

Risk Category: Credit Approved Provider Default
Risk Description		Mitigating Actions
The default of one or more of the Group's Approved Provider lessees could impact the rental income received from the relevant assets. If the Approved Provider cannot remedy the default, the Group may have to forfeit, assign or regear the relevant lease. This could lead to a temporary or sustained reduction in rental income.		Under the terms of the Group's Investment Policy and restrictions, no more than 35% of the Group's Gross Asset Value may be exposed to one lessee, with no two lessees representing more than 55% of exposure. This restriction is in place to mitigate against the risk of significant rent loss in the event of an Approved Provider default. When a lessee defaults or when the Group believes it likely that a lessee would default on its lease obligations, the Group will look to move the impacted properties to another Approved Provider. The intention is to ensure both ongoing provision of services to residents, and, as much as possible, to preserve the income stream associated with the relevant properties. The Group is currently looking to restructure the agreements it has with Approved Providers to improve the security of the income it receives from them, subject to agreement with the relevant Approved Provider and the consideration of the Regulator of Social Housing.
Risk Category: Credit Non-payment of Voids by Care Providers.
Risk Description	Mitigating Actions
The Group has leases with Approved Providers under which they are responsible for paying rent irrespective of resident occupancy of the underlying property. The Approved Provider will usually mitigate this risk by entering into a Service Level Agreement ("SLA") with a Care Provider under which the Care Provider agrees to cover the rent in relation to any voids in the property (the Approved Provider being unable to claim Housing Benefit for void units). If a Care Provider enters financial difficulty and is unable to meet the terms of the SLA (specifically paying the contracted voids cover to an Approved Provider), this could have a negative impact on the financial performance of the Approved Provider, impinging its ability to pay the Group its rent. This risk is compounded if there is low occupancy or persistent voids in a property.	Whilst the Group does not have a contractual relationship with Care Providers, it monitors and engages with them to ensure, as far as reasonably possible, that they are financially viable and operationally robust. Should a Care Provider experience a deterioration in financial performance, the Group works with a wide range of alternative Care Providers who would be invited to step in to provide care services and maintain void cover arrangements. Resident occupancy is also closely monitored by the Group, who proactively engages with Approved Providers and Care Providers to optimise occupancy throughout the portfolio.
Risk Category: ESG Potential Impact of Climate Change.
Risk Description	Mitigating Actions
Changing weather patterns under projected climate change scenarios could physically damage the properties owned by the Group, reducing their value and impacting their operational viability. New regulatory standards (e.g. minimum EPC standards) could require capital expenditure works to improve efficiency or result in a reduction in the economic utility of properties and their valuations if not undertaken. The impact of the most prominent climate-related risks to the portfolio is assessed in detail in the Group's Task Force on Climate-related Financial Disclosures ("TCFD") reporting.	The Investment Manager's sustainability team has been working with the operations team to assess the risk that climate change poses to the Group's properties and ensuring that protections (or plans to implement protections) are put in place for any properties that are deemed to be at high risk of material adverse impacts resulting from climate change. The key transition risks to the portfolio have been identified and qualitatively assessed. Physical risks to the portfolio have been assessed using analytical software and the out-puts of this analysis are demonstrated in the Group's TCFD reporting. The Group believes that its reporting on climate change meets regulatory requirements and is reviewed on an ongoing basis to ensure continued compliance, in conjunction with the Sustainability Committee. The Group is actively working to upgrade the portfolio so that all properties meet the current legislative target (for England and Wales) of having an EPC rating of C or above from 2030.
Risk Category: Economic Volatile Trading Market.
Risk Description	Mitigating Actions
A volatile trading market for the Group's shares could inhibit its growth. Shareholders may also not be able to realise their shares at a price above or the same as they paid for the shares or at all. The Company's shares have continued to be traded at a discount to Net Tangible Assets ("NTA"), which is limiting the ability to raise additional capital and thereby grow the fund.	The Investment Manager and the Board review share performance on an ongoing basis. Normal share market pricing management may be utilised by the Board, including share buybacks, enhanced reporting and investor engagement, within the regulated framework.
Risk Category: Economic Inflationary Pressures.
Risk Description	Mitigating Actions
Inflation-linked rent reviews greater than those supported by the current Rent Settlement could impact the ability of Approved Providers to pay rent due under the leases of properties owned by the Group, since they would not be matched by increases submitted to Housing Benefit.	The Group's portfolio benefits from annual inflation-linked leases with Approved Providers who claim Housing Benefit which is similarly inflation-linked (the current rent settlement from 2026 to 2036 permits increases of CPI + 1% annually). There is therefore alignment between the Group's contractual rental income and underlying Housing Benefit claims. To mitigate the risk of any future misalignment between contractual rent due and Housing Benefit claims, the Group has rolled out a risk-sharing clause that will link rental increases to the lower of CPI or prevailing government policy in relation to SSH rent increases.
Risk Category: Legal, Tax & Regulatory Regulatory Changes Impacting the Sector.
Risk Description	Mitigating Actions
Risk of changes to the social housing regulatory regime and changes to government policy in relation to social housing and Housing Benefit policy.	It is important that the Group works with its Approved Provider lessees to ensure that they engage with the Regulator and respond proactively to any changes in regulation or policy. It is also important that the Group understands what, if any, impact it will have on their organisation and the properties leased to them. The Group frequently engages directly with the Regulator of Social Housing ("RSH") to gain insight into any proposed regulatory changes reasonably expected to be implemented. The social housing regulatory regime, in which most of the Group's lessees operate, provides a high degree of accountability and transparency. The Group has rolled out a risk sharing clause with 66% of its Approved Providers to re-balance the apportionment of risk between the parties, including mitigating changes in central government policy relating to Specialised Supported Housing ("SSH").
Risk Category: Legal, Tax & Regulatory Non-compliance with Regulatory Standards.
Risk Description	Mitigating Actions
Should an Approved Provider lessee of the Group be deemed non-compliant by the RSH, in particular in relation to financial viability, depending on the further actions of the RSH it is possible that there may be a negative impact on the market value of the relevant leased properties. Depending on the exposure of the Group to such an Approved Provider(s), this in turn may have a material adverse effect on the Group's NTA unless the matter is resolved through an improvement in the relevant Approved Provider's rating or the transfer of leases to an alternative Approved Provider.	The Investment Manager has established relationships with the Approved Providers with whom it works. The Approved Providers keep the Investment Manager informed of developments surrounding regulatory notices and interactions with the RSH. Where Approved Providers have been deemed non-compliant, the Group seeks to work with them to help address issues identified by the RSH. The Group has leases in place with 10 Registered Providers that have been deemed non-compliant by the Regulator and is working with them in the manner set out above.
Risk Category: Economic Property Valuation Volatility.
Risk Description	Mitigating Actions
Property valuations are inherently subjective and uncertain, particularly when market liquidity and transactional evidence is low. Market conditions, which may impact the creditworthiness of Approved Provider lessees, may adversely affect valuations. The Group portfolio is valued on a Market Value (investment) basis, which takes into account the expected rental income to be received under the leases in the future. This valuation methodology provides a significantly higher valuation than the vacant possession value of a property. In the event of an unremedied default of an Approved Provider lessee, the value of those assets in the portfolio may be negatively affected. Any changes could affect the Group's NTA and the share price of the Group.	All of the Group's property assets are independently valued on a quarterly basis by a third-party valuer (currently Jones Lang LaSalle, a specialist property valuation firm), who are provided with regular updates on portfolio activity by the Investment Manager. The valuer inspects a proportion of the portfolio annually to ensure that desktop based valuations are appropriate. The Investment Manager and Audit Committee meet with the external valuers to discuss the basis of their valuations and their quality control processes. Default risk of Approved Providers is mitigated in accordance with the "Approved Provider default" principal risk explanation provided above. In order to protect against loss in value, the Investment Manager's operational team seeks routinely to visit each property in the portfolio, and works closely with the Group's lessees to ensure, to the extent reasonably possible, their ongoing financial strength viability and that governance procedures remain robust through the duration of the relevant lease.
Risk Category: Service Provider Poor or Inadequate Housing Management.
Risk Description	Mitigating Actions
Approved Providers and care providers may face a number of operational challenges (e.g. rising costs and labour shortages) heightening the risk of poor or inadequate housing management of the Group's properties. Poor property management services being provided to the individuals in the Group's properties could undermine the benefits of SSH and cause reputational damage to the Group which could negatively impact the Group's performance and/or the price of the Company's shares. Individual cases of poor housing management at a property or Approved Provider portfolio level may also reduce the referral demand for those properties, impacting the ability of Approved Provider to pay rent to the Group.	The Investment Manager undertakes proactive property inspections to review the physical condition of the Group's properties, ensure lessee compliance with lease obligations and to observe the quality of services being provided to the Group's residents. In addition, there is frequent engagement with the Group's Approved Providers and Care Providers, along with quarterly operational and compliance surveys, to collect data on the performance of the Group's lessees and properties. A key part of the Investment Manager's due diligence pre-acquisition is to ensure that - whilst the Group has no contractual relationship with them and is not responsible for the care they provide - the Care Provider attached to a project is capable to deliver the quality of care provided and financially robust to meet its void obligations. Most Care Providers are regulated by the Care Quality Commission ("CQC"), offering an additional layer of regulation and oversight. The Investment Manager operations team monitor the Care Providers on an ongoing basis. The team engage with Care Provider staff when carrying out property inspections, hold regular calls with Care Providers to which the Group has the largest exposure, monitor CQC ratings for those Care Providers relevant to the Group and track these ratings using an internal CQC register that the team updates on an ongoing basis.

Stakeholder		Why is it important to engage?	How have the Investment Manager / Directors engaged?		What were the key topics of engagement?		What was the feedback obtained and the outcome of the engagement?
Shareholders		Investment from our shareholders plays an important role, providing capital to ensure we can deliver additional housing into the Specialised Supported Housing sector. Through the investment of private capital into an under-funded sector, we can achieve a positive social impact whilst ensuring our shareholders receive a long-term inflation-linked return.	The way in which we engage with our shareholders is set out in our Corporate Governance Report.		Financial and operational performance. Share price discount to NAV and potential rectification action. The share price, potential share buybacks and potential sales from the portfolio. The regulatory environment of the Specialised Supported Housing sector. Environmental, social and governance considerations. Understanding the underlying concerns of shareholders that resulted in votes against resolutions 3, 4, 5 and 13, at the Company's 2025 Annual General Meeting. The Company's key service provider appointments, including the Investment Manager and broker arrangements.		The Board and the Investment Manager continue to evaluate the benefits of deploying available capital or pursuing share buybacks in the context of shareholder feedback, market conditions and the Company's ambition for growth. The Board and Investment Manager consider shareholder concerns when speaking to the Regulator of Social Housing and agreed to keep shareholders updated of any developments. We understand the importance of, and are committed to, working with Approved Providers to address the concerns of the Regulator. The Investment Manager has enhanced environmental, social and governance considerations within its investment process, and within its own business in discussion with the Board's Sustainability and Impact Committee. Refer to Sustainability Report for more information. During FY25, the Board consulted with a number of the Company's shareholders in accordance with Provision 5.2.4 of the AIC Code of Corporate Governance in relation to the resolutions regarding Director re-elections at the 2025 AGM. As disclosed within the Interim results to 30 June 2025, the feedback from the shareholder consultation has informed the Board's subsequent actions and adjustments were made to the Company's governance and strategic approach. Atrato was appointed as the Company's new Investment Manager from 1 January 2025.
Residents		Our strategy is centred on leasing Specialised Supported Housing to Approved Provider lessees to house vulnerable adults. We remain focused on providing homes which offer the vulnerable adult residents greater independence than institutional accommodation.	The Investment Manager monitors resident welfare through engagement with Approved Providers to assess the quality of the service they are delivering to residents. The Investment Manager receives quarterly reports from Approved Providers to ensure compliance with health and safety standards. This information is considered in the context of qualitative information from discussions with Care Providers operating in each Approved Providers' properties, market intelligence and feedback from the Investment Manager's inspections. The Investment Manager does not generally engage with residents directly. Instead, day-to-day engagement is done by care providers and, to a lesser extent, Approved Providers.		We provide oversight of resident welfare by reviewing the Investment Manager's due diligence on new acquisitions or developments prior to occupation. We then monitor information provided by the Investment Manager on our Approved Provider lessees' compliance with health and safety standards to ensure that residents are looked after by the Group's counterparties; we request updates on any health and safety issues every quarter.		Resident issues raised as a result of engagement through care providers are addressed with the relevant Approved Provider. Any compliance issues are remedied with any associated works undertaken. The Group's investment decisions are informed by the long-term needs of the Approved Provider lessees and their residents. The Group has commenced a portfolio-wide EPC Upgrade Programme, which will deliver more efficient homes for our Approved Providers to house vulnerable adults safely and efficiently ahead of the anticipated regulatory deadline.
Investment Manager	The Investment Manager is responsible for executing the Investment Objective within the Investment Policy of the Company.		The Board maintains regular and open dialogue with the Investment Manager at Board meetings, supplemented by regular contact on operational and investment matters outside of meetings.	In addition to all matters related to the execution of the Company's Investment Objective, the Board engages with the Investment Manager on developments in the market and updates from the Regulator of Social Housing. The Board appointed a new Investment Manager, Atrato, from 1 January 2025.		The Investment Manager produces quarterly reports for the Board, detailing various governance and operational matters at the Board's request. Capital allocation is also considered with regard to the views of the Board. The Board closely monitored the transition process to the new Investment Manager, Atrato, to ensure that it was effective and minimised disruption to the Group's stakeholders. The collaboration between the Board, the former investment manager and Atrato ensured that the welfare of the residents of the Group's properties was prioritised, operational performance was preserved and that progress continued with corporate initiatives whilst the transfer was affected.
Approved Providers	Our relationship with Approved Providers is integral to ensuring rent is paid to the Group and that properties are managed appropriately. The Group's leases with Approved Providers are on fully repairing and insuring terms - meaning that Approved Providers are responsible for management, repair and maintenance, in addition to tenanting the properties and claiming rents on behalf of the residents via Housing Benefit from the relevant local authority.		The Investment Manager looks to maintain strong relationships with Approved Providers, having formal meetings with senior management at least every six months as well as engaging more frequently on an ad hoc basis on a variety of matters. Periodic operational surveys and biannual compliance surveys are provided to the Investment Manager.	The Investment Manager discussed a number of topics with Approved Providers including that properties are managed in accordance with their leases; financial reporting and governance; and specific property-related issues such as occupancy, health and safety issues, rent levels, management accounts and governance. During the year, the Investment Manager had significant engagement with a number of Approved Providers in relation to lease assignments.		Refer to the Fund Manager's Report. Further detail on the progress of the stabilisation following the assignment of leases from Parasol to Portus (formerly Westmoreland), the ongoing assignment away from My Space and the successfully completed assignment from Pivotal to IHL is set out in the Investment Manger's Report.
Care Providers	Our Approved Providers house residents who receive care and support from care providers. It is important to ensure that these vulnerable residents receive the best possible care. In addition, the care providers often cover the rental cost of void units so we engage with care providers to ensure our Approved Providers are able to pay our rent in the event of persistent empty units. Therefore, whilst the Company has no contractual relationship with the care providers operating in the portfolio, they play an essential role in the occupancy levels of our properties and strong engagement with the Group ensures the best possible outcomes for our Approved Provider lessees and their residents.		The Investment Manager meets periodically with the largest ten care providers, who supporting approximately half of residents across the portfolio, as part of its due diligence processes. In addition, the Investment Manager regularly meets and engages with care provider representatives when inspecting the Group's portfolio, when reviewing quarterly data and on an ad hoc basis when matters arise.	The Investment Manager engages with care providers on the performance of the Approved Provider lessees including health and safety compliance, property management by Approved Providers, their financial and operational capacity for new schemes, occupancy levels and financial performance.		The Investment Manager will not consider deals where care providers do not meet the care or governance standards expected or where care providers are unable to demonstrate the financial strength to meet their obligations under a service level agreement. Following engagement, scopes of work have been updated with input from care providers to ensure future properties acquired or developed meet the specific care needs of residents. Whilst done at the relevant Local Authorities' discretion, care providers have been changed where expectations around the standard of care were not met or where engagement identified care providers in financial difficulties.
Local authorities	Local Authorities are responsible for identifying appropriate housing and care for the individuals who live in the Group's properties. New acquisitions are assessed to ensure that they meet the expectations of the relevant Local Authority in order to ensure that schemes are supported and that referrals are made as efficiently and considerately as possible.		When looking at a new acquisition, the Investment Manager engages with, or receives feedback from, various departments within Local Authorities including Commissioners and Housing Benefit officers. The Investment Manager will look to engage with a Local Authority in relation to an existing scheme if required (for example, if a new care provider is needed).	The aim of engagement with Local Authorities is, as much as possible, to ensure that the properties acquired by the Group are consistent with the requirements of the relevant Local Authority. Where necessary, Local Authorities will be engaged with directly post-acquisition of a property to access ongoing demand levels and to determine any changes in commissioning strategy.		The Investment Manager will listen to feedback from Local Authorities and, where possible, will work with Approved Providers to improve and upgrade properties to ensure that they meet ongoing commissioning requirements. The Group completed the pilot phase of its building efficiency upgrade programme across 11 properties. Refer to the Fund Manager's Report for more detail.

	ESG Pillar
	PILLAR 1 \| Thriving People	PILLAR 2 \| Sustainable Homes	PILLAR 3 \| Engaged Governance
Aim	Putting resident welfare first and delivering on our impact objectives to create long-lasting positive social outcomes	Taking actions to improve the quality and sustainability of our homes and create a more energy efficient, climate-resilient portfolio	Making responsible choices, managing risks and partnering with stakeholders to create long-term stakeholder value
Aligned UN SDGs	3, 10, 11	11, 12, 13	8, 17
Impact Goal	Increase the provision of Specialised Supported Housing, delivering positive outcomes for vulnerable individuals and value for money for the public sector
Impact Objectives	Deliver socially needed accommodation	Fund & manage sustainable developments	Enable the provision of quality services
KEY METRICS	Number of homes and potential residents Occupancy rate % of homes defined as 'new' to the SSH sector	% homes EPC C or above Number of EPCs improved via EPC Upgrade Programme % assets climate risk screened	Number of inspections per 100 properties % of lessees met with annually Resident satisfaction (tenant satisfaction measures)
Outcomes	Improved resident wellbeing	Net Zero by 2050	Sector growth and maturity
	Transparent Reporting

Recommendation	Recommended Disclosures
Governance Disclose the organisation's governance around climate-related risks and opportunities.	a. Describe the Board's oversight of climate-related risks and opportunities.
	b. Describe management's role in assessing and managing climate-related risks and opportunities.
Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation's businesses, strategy, and financial planning where such information is material.	a. Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term.
	b. Describe the impact of climate-related risks and opportunities on the organisation's businesses, strategy, and financial planning.
	c. Describe the resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
Risk Management Disclose how the organisation identifies, assesses, and manages climate-related risks.	a. Describe the organisation's processes for identifying and assessing climate-related risks.
	b. Describe the organisation's processes for managing climate-related risks.
	c. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation's overall risk management.
Metrics and Targets Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.	a. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process.
	b. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas ("GHG") emissions and the related risks.
	c. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets.

Tropical Cyclone	Heat Stress Index	Precipitation Stress Index	Permafrost Extent
River Flood (Defended)	Heat-Humidity Stress Index	Drought Stress Index	Water Scarcity
Storm Surge (Defended)	Cold Stress Index	Sea Level Rise	Fire Weather Stress Index
Subsidence

Material Topic	Risk/ Opp	Description	Magnitude	Likelihood	Potential Financial Impacts
Energy Management and GHG emissions*	Risk	Risk arising from the ongoing energy transition and evolving regulatory landscape increasing expectations around housing energy efficiency, coupled with the potential introduction of legislation mandating minimum energy performance standards. SOHO may also need to adapt to future energy related regulation as the UK progresses toward net zero by 2050.	4	4	23% of the portfolio currently holds an EPC rating of D or below. Although these ratings are not presently a significant determinant of occupier demand, they are gaining prominence among investors and valuers. The EPC Upgrade Programme is intended to mitigate this risk. While expenditure will be phased over the next five years, the likelihood of failing to meet minimum EPC standards may increase during this time.
Energy Management and GHG emissions*	Opp	Opportunity to partner with stakeholders and leverage experience to improve energy efficiency, and install on-site renewable infrastructure, reducing energy bills for tenants and increasing comfort for residents, while also ensuring the portfolio retains its long-term value and liquidity.	4	2	The EPC Upgrade Programme offers potential benefits such as increasing asset values and improving tenant affordability by enhancing building energy performance. This is considered a medium‑term opportunity, coinciding with the expected implementation of minimum EPC rating standards, when non‑compliant properties may be subject to a 'brown' discount.
Product Design and Lifecycle Management	Risk	Risk that forward-funded developments or purchased buildings are not built with circularity principles such as resource efficiency, durability and recyclable materials and/or do not meet regulatory requirements or market expectations.	3	3	As the Company does not currently engage in significant development activity these risks relate to existing buildings where they are not fit for purpose. See above for discussion on the Company's strategy for dealing with minimum EPC rating risks. Further unmatched costs may also arise at lease expiry.
Physical Impacts of Climate Change*	Risk	Risk that properties within SOHO's portfolio will face increasing exposure to climate related physical impacts. More frequent and severe climate events could place pressure on existing infrastructure and heighten operational and tenant related risks over time. In extreme cases, physical damage could limit residents' ability to remain in their homes. These risks are particularly significant given the vulnerability of many of the Group's residents.	2	3	Although the risk magnitude could be high for individual properties, the dispersed nature of SOHO's portfolio means the overall risk to the Company is considered low. Any financial impacts from damage -which could reduce revenue or impair the value of certain properties - - would be mitigated by insurance coverage. However, the increasing likelihood of such risks may lead to higher insurance costs in future.

Scenario	Description
SSP1-2.6 Sustainability	In this most optimistic scenario, all countries (with the strong supporting the weak) move gradually but consistently towards a more sustainable economic system. Inequality within and between countries is reduced and consumption is orientated towards lower material growth and lower resource and energy consumption. This moderate scenario leads to an expected warming at the end of the 21st century of around 1.0-2.4°C relative to the pre-industrial period (1850-1900). The SSP1-2.6 scenario is comparable to the RCP2.6 scenario.
SSP2-4.5 Middle of the road	In this scenario, global and national institutions work towards sustainable development but make slow progress. Development and income growth proceed unevenly, with some countries making relatively good progress while others fall short of expectations. The environment experiences degradation but the overall intensity of resource and energy use declines. This scenario would be expected to lead to a warming by the end of the 21st century of between 2.1 and 3.5°C relative to the pre-industrial period (1850-1900). The SSP2-4.5 scenario is comparable to the RCP4.5 scenario.
SSP3-7.0 Regional rivalry	Under this scenario a resurgence in nationalism, concerns about competitiveness and security, and regional conflicts push countries to increasingly focus on domestic or, at most, regional issues. Achievement of national and regional food, energy, and security goals are prioritised above international cooperation to tackle shared goals. Economic development remains material-intensive and environmental degradation worsens. Under this scenario warming by the end of the 21st century is expected to be between 2.8 and 4. °C. The SSP3-7.0 scenario is comparable to the RCP7.0 scenario.
SSP5-8.5 Fossil-fuelled development	In this scenario faith is placed in competitive markets and innovation. Fossil fuels are increasingly exploited and social and economic development drives the adaptation of resources and energy intensive lifestyles around the world. Local environmental problems like air pollution are managed, but high greenhouse gas releases drive excessive global warming and related increases in natural catastrophe exposure. Under this scenario warming by the end of the 21st century is expected to be between 3.3 and 5.7°C. The SSP5-8.5 scenario is comparable to the RCP8.5 scenario.

Emissions	FY23	FY24		FY24 restated⁴	FY25
	Location-based	Location-based	Market-based	Market- based	Location-based	Market-based
Scope 1 and 2⁵	N/A	N/A	N/A	N/A	N/A	N/A
1. Purchased Goods and Services (PG&S)	Not measured in FY23	1,216	1,216	1,216	967	967
2. Capital Goods	N/A	N/A	N/A	0	770	770
6. Business Travel	Not measured in FY23	3	3	3	3	3
13. Downstream Leased Assets (DLA)⁶	4,763	6,044	7,570	5,878	5,859	6,133
Scope 3 Total	4,763⁷	7,263	8,789	7,096	7,600	7,874

Scope	Category	Methodology	Emission Factors Source
3	1. Purchased Goods & Services	The Environmentally Extended Input Output (EEIO) method, which estimates emissions from expenditure, was used to calculate the emissions from this category. The SOHO team provided spend for the reporting year split by supplier. The suppliers were mapped against the DEFRA Input/Output (IO) categories, which are based on SIC codes and have an associated emission factor. The DEFRA IO emission factors were multiplied by the spend to calculate the emissions. Exclusions include service charge costs and costs that are recharged to tenant in full.	DEFRA EEIO factors
3	2. Capital Goods	The Environmentally Extended Input Output (EEIO) method, which estimates emissions from expenditure, was used to calculate the emissions from this category. The SOHO team provided spend for the reporting year split by supplier. The suppliers were mapped against the DEFRA Input/Output (IO) categories, which are based on SIC codes and have an associated emission factor. The DEFRA IO emission factors were multiplied by the spend to calculate the emissions. Exclusions include service charge costs and costs that are recharged to tenant in full.	DEFRA EEIO factors
3	6. Business Travel	This includes the upstream well-to-tank emissions of business travel activities.	UK Government GHG Conversion Factors for Company Reporting, DESNZ
3	13. Downstream leased assets	Where actual fuel and electricity consumption data was provided, this was used. For any gap filling and estimations, methodology notes are included below: Electricity estimates: Electricity consumption is estimated using actual data from sites with recorded usage. First, electricity consumption and floor area data are collected from sites with available records. This helps calculate electricity intensity, which serves as a benchmark. The benchmark intensity is calculated by dividing electricity consumption by floor area (kWh/m²). This value represents typical electricity usage per square metre. For sites without actual data, the benchmark intensity is multiplied by their floor area to estimate electricity consumption. Natural Gas estimates: Natural gas consumption is estimated using actual data from sites with recorded usage. Natural gas consumption and floor area data are collected from sites with available records. This helps calculate electricity intensity, which serves as a benchmark. The benchmark intensity is calculated by dividing natural gas consumption by floor area (kWh/m²). This value represents typical electricity usage per square metre. For sites without actual data, the benchmark intensity is multiplied by their floor area to estimate natural gas consumption. Waste estimates: Waste consumption is estimated using UK Government data on household waste, number of UK households and average floor area of dwellings. This data was used to create a benchmark, estimating average tonnes of waste per m2. This benchmark was multiplied by property floor area, estimating total waste per lessee. Water estimates: Water consumption is estimated using GRESB benchmarks. The benchmarks consider cubic metre of water per metre squared of floor area (m3/m²). The benchmarks were multiplied by property floor area, to estimate total water usage per lessee.	UK Government GHG Conversion Factors for Company Reporting, DESNZ

	Note	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Income
Rental income	5	40,743	39,072
Expected credit loss	5	(743)	(3,329)
Insurance charge income	5	656	713
Insurance charge expense	5	(656)	(713)
Other income	5	30	106
Total income		40,030	35,849

Expenses
Directors' remuneration	6	(340)	(307)
General and administrative expenses	9	(4,006)	(3,556)
Management fees	8	(3,265)	(7,814)
Total expenses		(7,611)	(11,677)

Loss from fair value adjustment on investment properties	13	(22,053)	(53,030)
Operating profit/(loss)		10,366	(28,858)

Finance income		297	148
Finance costs	11	(7,670)	(7,679)
Profit/(loss) for the year before tax		2,993	(36,389)

Taxation	12	-	-

Profit/(loss) and total comprehensive income for the year		2,993	(36,389)

IFRS earnings/(loss) per share - basic and diluted	35	0.76p	(9.25)p

	Note	31 December 2025 £'000	31 December 2024 £'000
Assets
Non-current assets
Investment properties	13	602,813	624,695
Trade and other receivables	14	3,038	3,306
Total non-current assets		605,851	628,001

Current assets
Assets held for sale		1,947	-
Trade and other receivables	15	3,562	3,315
Cash, cash equivalents and restricted cash	16	25,414	27,492
Total current assets		30,923	30,807
Total assets		636,774	658,808

Liabilities
Current liabilities
Trade and other payables	17	2,748	6,095
Total current liabilities		2,748	6,095

Non-current liabilities
Other payables	18	1,532	1,528
Bank and other borrowings	19	261,718	261,441
Total non-current liabilities		263,250	262,969
Total liabilities		265,998	269,064
Total net assets		370,776	389,744

Equity
Share capital	21	3,940	3,940
Share premium reserve	22	203,753	203,753
Treasury shares reserve	23	(378)	(378)
Capital redemption reserve	24	93	93
Capital reduction reserve	24	155,359	155,359
Retained earnings	25	8,009	26,977
Total equity		370,776	389,744

IFRS net asset value per share - basic and diluted	36	94.23p	99.05p

Year ended 31 December 2025	Note	Share capital £'000	Share premium reserve £'000	Treasury shares reserve £'000	Capital redemption reserve £'000	Capital reduction reserve £'000	Retained earnings £'000	Total equity £'000
Balance at 1 January 2025		3,940	203,753	(378)	93	155,359	26,977	389,744
Profit and total comprehensive income for the year		-	-	-	-	-	2,993	2,993
Transactions with owners
Dividends paid	26	-	-	-	-	-	(21,961)	(21,961)
Balance at 31 December 2025		3,940	203,753	(378)	93	155,359	8,009	370,776

	Note	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Cash flows from operating activities
Profit/(loss) before tax		2,993	(36,389)
Adjustments for:
Expected credit loss		743	3,329
Loss from fair value adjustment on investment properties		22,053	53,030
Finance income		(297)	(148)
Finance costs		7,670	7,679
Operating results before working capital changes		33,162	27,501

Increase in trade and other receivables		(986)	(1,853)
(Decrease)/increase in trade and other payables		(3,241)	3,421
Net cash generated from operating activities		28,935	29,069

Cash flows from investing activities
Capital expenditure on investment properties		(2,306)	(2,271)
Proceeds from sale of assets		350	-
Restricted cash movement		166	(155)
Interest received		253	103
Net cash used in investing activities		(1,537)	(2,323)

Cash flows from financing activities
Interest paid		(7,349)	(7,348)
Loan arrangement fees paid	19	-	(29)
Dividends paid	26	(21,961)	(21,484)
Net cash used in financing activities		(29,310)	(28,861)

Net decrease in cash and cash equivalents		(1,912)	(2,115)
Cash and cash equivalents at the beginning of the year		23,289	25,404
Cash and cash equivalents at the end of the year	16	21,377	23,289

	Norland Estates Limited	TP REIT Propco 2 Limited
Asset Cover (ACR)
Asset Cover Ratio Covenant	x2.00	x1.67
Asset Cover Ratio 31 December 2025	x2.39	x1.96
Blended Net initial yield	7.03%	6.40%
Headroom (yield movement)	128bps	104bps
Interest Cover (ICR)
Interest Cover Ratio Covenant	1.75x	1.75x
Interest Cover Ratio 31 December 2025	4.89x	4.82x
Headroom (rental income movement)	64%	61%

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Rental income - freehold assets	38,498	36,709
Rental income - leasehold assets	2,245	2,363
	40,743	39,072
Expected credit loss	(743)	(3,329)
Insurance charge income	656	713
Insurance charge expense	(656)	(713)
Other income	30	106
	40,030	35,849

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Opening expected credit loss provision	(8,021)	(6,666)
Increase in provision for My Space Housing	(705)	(3,329)
Increase in provision for all other APs	(38)	-
Write off of Parasol debtor	-	1,974
Write off of My Space Housing debtor on CVA	8,726	-
Write off of other AP's debtor	38	-
Closing expected credit loss provision	-	(8,021)

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Directors' fees	301	275
Employer's National Insurance Contributions	39	32
	340	307

Market capitalisation threshold	Relevant fee rate (per annum)
Up to and including £150 million	1.25% (equivalent to 0.3125% per quarter)
Above £150 million, up to and including £300 million	1.00% (equivalent to 0.25% per quarter)
Above £300 million	0.70% (equivalent to 0.175% per quarter)

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Property costs	1,391	148
Legal and professional fees	1,076	1,356
Audit fees	472	429
Marketing costs	437	471
Administration and secretarial fees	413	319
Other administrative expenses	177	149
Lease transfer costs	40	271
AIFM fees	-	233
AIFM termination fees	-	180
	4,006	3,556

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Group audit fees - current year	309	280
Subsidiary audit fees	38	34
	347	314

Results For the 12 Months Ended 31 December 2025

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Interest payable on bank borrowings	7,217	7,217
Amortisation of loan arrangement fees	277	287
Lender valuation fees	121	121
Head lease interest expense	44	44
Bank charges	11	10
	7,670	7,679
Total finance cost for financial liabilities not measured at fair value through profit or loss	7,659	7,669

	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Current tax
Corporation tax charge for the year	-	-
Total current income tax charge in the profit or loss	-	-

	Operational assets £'000
As at 1 January 2025	624,695

Acquisitions and additions*	2,200
Fair value adjustment***	(21,789)
Disposals	(350)
Transferred to Assets Held for Sale**	(1,947)
Movement in head lease ground rent liability	4
As at 31 December 2025	602,813

As at 1 January 2024	675,497

Acquisitions and additions*	2,221
Fair value adjustment	(53,027)
Movement in head lease ground rent liability	4
As at 31 December 2024	624,695

	31 December 2025 £'000	31 December 2024 £'000
Fair value adjustment in note 13	(21,789)	(53,027)
Loss from fair value adjustments on assets held for sale	-	(3)
Loss on disposal of investment properties	(264)	-
Loss from fair value adjustments in SOCI	(22,053)	(53,030)

	31 December 2025 £'000	31 December 2024 £'000
Investment property valuation	606,275	626,351
Fair value adjustment - headlease ground rent	1,472	1,468
Fair value adjustment - lease incentive debtor	(2,987)	(3,124)
Transferred to Assets Held for Sale	(1,947)	-
	602,813	624,695

Portfolio metrics	31 December 2025	31 December 2024
Capital Deployed (£'000)*	577,402	576,804
Number of Properties	492	494
Number of Tenancies***	389	391
Number of Registered Providers***	27	28
Number of Local Authorities***	151	148
Number of Care Providers***	115	109
Valuation Net Initial Yield (NIY)**	6.42%	6.22%

	31 December 2025		31 December 2024
Region	*Cost £'000	% of funds invested	*Cost £'000	% of funds invested
North West	112,689	19.5	111,206	19.3
West Midlands	93,221	16.1	93,006	16.1
Yorkshire	81,839	14.2	87,103	15.1
East Midlands	69,323	12.0	63,979	11.1
North East	56,913	9.9	56,653	9.8
South East	54,889	9.5	54,366	9.4
London	49,717	8.6	49,626	8.6
South West	26,548	4.6	28,099	4.9
East	23,703	4.1	24,206	4.2
Scotland	5,900	1.0	5,900	1.0
Wales	2,660	0.5	2,660	0.5
Total	577,402	100.00	576,804	100.0

	Date of valuation	Total £'000	Quoted prices in active markets (Level 1) £'000	Significant observable inputs (Level 2) £'000	Significant unobservable inputs (Level 3) £'000
Assets measured at fair value:
Investment properties	31 December 2025	602,813	-	-	602,813
Investment properties	31 December 2024	624,695	-	-	624,695

	2025	2024
Range of discount rates	6.3%-10.7%	6.4%-10.4%
Average discount rate	7.7%	7.6%
Range of Rental values (passing rents or ERV as relevant) of Group's Investment Properties	£0.008m - £0.56m	£0.007m - £0.55m
Average of Rental values (passing rents or ERV as relevant) of Group's Investment Properties	£0.1m	£0.1m
CPI/RPI increase over the term of the relevant leases	2.0%/2.5%	2.0%/2.5%

	31 December 2025 £'000	31 December 2024 £'000
Lease incentive debtor	2,743	3,156
Other receivables	295	150
	3,038	3,306