Living REIT (LIVE) H1 2026 earnings summary

Executive summary

• Interim results for H1 2026 show strong performance in the SSH business, with a broadened mandate and strategic senior living acquisition post-period, expanding the platform and addressable market.

• Continued earnings and income growth, with improved rent collection and a 3% dividend target increase.

• Proactive asset management and early intervention with approved providers ensured income continuity and minimized risk.

• Portfolio diversification reduced exposure to top two counterparties from 40% to 33.5% of GAV.

• Rebranding to Living REIT (LIVE) and management changes supported the new growth strategy.

Financial highlights

• Net rental income rose 2.3% year-over-year to GBP 20.2 million for H1 2026, driven by inflation-linked leases and asset management.

• Adjusted EPRA earnings increased 2.2% to GBP 13.5 million; adjusted EPRA EPS up to 3.42p.

• Dividend target increased by 3% for the second consecutive year, with dividend cover at 1.20x.

• Rent collection improved to 92.7%, and EPRA NTA per share increased to 95.4p.

• EPRA cost ratio rose to 17.1%; ongoing charges ratio at 1.64%.

Outlook and guidance

• Senior living acquisition expected to deliver high single-digit earnings accretion in the first full year post-acquisition.

• Commitment to progressive dividends and a medium-term net LTV target of 40% through property disposals.

• Focus on integrating the new portfolio, further growth, and disciplined capital allocation.