The Board of Directors of Social Housing REIT plc (LON: SOHO), the real estate investment trust investing in specialised supported housing across the UK, is pleased to announce the Group’s audited results for the year ended 31 December 2024.
Chris Phillips, Chair of Social Housing REIT plc, commented:
“We are pleased to present another resilient set of results for the year. The portfolio continues to perform operationally, with high levels of resident occupancy and tenant satisfaction.
Our newly appointed Investment Manager, Atrato, is in post and is already progressing key strategic improvements for SOHO. Its initial focus has been on successfully completing the Westmoreland transfer and resolving the My Space issue, where we have entered into an option agreement which provides us with control over the solution.
This proactive step, led by Atrato, will help improve rent collection and resident occupancy. With the dividend for last year being effectively covered (0.99x), top line growth has the potential to drive earnings and valuation upside going forwards, particularly when coupled with our long term, low cost debt and the cost savings resulting from the switch to market capitalisation management fee under Atrato’s appointment.
Looking ahead, we are excited to take SOHO forwards with Atrato, building on our track record of providing much needed homes for vulnerable residents, allowing them to live independent and happy lives whilst delivering long-term, growing income for shareholders.”