Social Housing Reit (SOHO) H1 2025 earnings summary

Executive summary

• Focused on UK specialist supported housing, providing essential social infrastructure for vulnerable adults through a diversified portfolio of 492 properties and 3,412 lettable homes, with 86% occupancy.

• Key initiatives included driving EPS growth, resolving tenant and portfolio challenges, and addressing approved provider credit risk.

• Interim results for H1 2025 show improved operational discipline, transparency, and financial performance under new management.

• Portfolio repositioning and proactive tenant management have driven higher rent collection and cost reductions.

• The company remains focused on delivering socially impactful housing and sustainable returns.

Financial highlights

• Adjusted EPRA earnings per share rose 22% year-on-year to 3.3p; dividend cover improved to 1.21x.

• Net rental income increased by 4% year-over-year and 19% sequentially to £19.8m.

• EPRA cost ratio reduced to 16.5% from 18.7% year-over-year.

• EPRA NTA per share at 30 June 2025 was 95.6p, down from 99.0p at year-end 2024, mainly due to a property value reduction.

• Rent collection at 91.4% for the period ending 30 June 2025.

Outlook and guidance

• Dividend target increased by 3% to 5.622p per share, with a return to a progressive dividend policy.

• Portfolio expected to benefit from uncapped, inflation-linked income, with 86% of rental income linked to inflation.

• Ongoing portfolio optimization and sector turnaround efforts may lead to public or private market opportunities.

• Entering H2 2025 with improved earnings, enhanced tenant oversight, and a resilient platform.