Living REIT (LON: LIVE), a UK real estate investment trust that owns specialised supported housing and, since a recent rebrand, senior living and care homes, reported net rental income up 2.3% to £20.2m for the six months to the 30th of June 2026.
Adjusted earnings per share rose 2.2% to 3.42p and the board declared a half-year dividend of 2.895p, in line with an annualised target of 5.79p, a 3% increase. Dividend cover held at 1.20 times, which the board called market leading.
Shares in the London-listed trust changed hands at 74.9p in early trade today, down 0.4% from yesterday’s close of 75.2p, having opened at 73.6p. EPRA NTA, the trust’s measure of net asset value, was broadly flat at 95.36p per share against 94.23p at the last full year end, even as the portfolio’s valuation yield widened from 6.42% to 6.54%.
The interim numbers continue a stable recovery, with resident occupancy in the supported housing portfolio up to 88% and rent collection improved to 92.7%. IFRS profit before tax reached £9.975m, reversing a £2.863m loss in the same period last year.
The bigger change came after the balance sheet date. On the 16th of July, Living REIT completed the acquisition of Residential Secure Income REIT’s senior living portfolio for £108.1m, funded through £63.1m of new shares issued at 94.23p plus £45m of cash and new debt. The deal lifts pro-forma gross asset value to £825m from £648.2m and cuts concentration risk, with the two largest tenants now accounting for about 33.5% of assets, down from 40% at the last year end.
Chair Jos Short set out the rationale for combining growth with a broader mandate.
The first half of 2026 has been a significant period in the Company’s evolution. We have delivered further earnings growth and increased the dividend. Post-period, we broadened our investment mandate and completed the strategic acquisition of a senior living portfolio. Together, these achievements have created a larger, more diversified REIT with a broader investor base and improved share liquidity.
Jos Short, Chair, Living REIT plc
The acquisition is expected to add high single-digit earnings growth in its first full year, but it comes at the cost of higher borrowing: net loan-to-value is set to rise to about 45% from 37.8%, above the trust’s medium-term target of 40%. Debt remains long-dated, at a weighted average cost of 3.16% and average maturity of 8.9 years.