**Summary**
Social Housing REIT PLC (SOHO) reported its final results for the 12 months ended December 31, 2025, highlighting improved earnings and operational oversight under the management of Atrato Partners Limited. Key financial highlights include a 20.9% rise in adjusted earnings per share, a significant improvement in adjusted dividend cover to 1.17x, and an 11.7% increase in net rental income to £40.03 million. The company raised its dividend target by 3%, declared dividends of 5.622 pence per share, and achieved substantial cost savings with an EPRA cost ratio reduced to 18.7%. SOHOs debt profile remains highly attractive with an average fixed cost of 2.74% and a Fitch A- investment grade rating reaffirmed. The portfolio was valued at £606.3 million with a Net Initial Yield of 6.42%. Operationally, rent collection improved to 91.5%, and the company made progress in lease assignments and portfolio optimization, including the disposal of non-core assets. The company is well-positioned for growth, focusing on earnings growth, portfolio optimization, cost discipline, and accretive growth opportunities, while maintaining a strong commitment to providing high-quality supported housing and delivering long-term, inflation-linked income for shareholders.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Rental Income (£ million) | 35.85 | 40.03 | +11.7% |
| Adjusted Earnings per Share (pence) | 5.40 | 6.53 | +20.9% |
| Dividends per Share (pence) | 5.46 | 5.62 | +3% |
| Adjusted Dividend Cover | 0.99x | 1.17x | +18.2% |
| EPRA Cost Ratio | 29.9% | 18.7% | -37.5% |
| Rent Collection | 87.6% | 91.5% | +4.4% |
| Net Loan to Value | 37.7% | 39.5% | +4.8% |
| Average Fixed Cost of Debt | N/A | 2.74% | N/A |
| Total Debt (£ million) | 261.4 | 263.5 | +0.8% |