Interim report
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Living REIT plc (the “Company”, “LIVE” or, together with its subsidiaries, the “Group”) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 The Board of Living REIT plc is pleased to announce its unaudited results for the six months ended 30 June 2026. Jos Short, Chair of Living REIT plc, commented: "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. With secure, inflation-aligned income, an attractive long-term debt profile and a disciplined approach to capital allocation, Living REIT is well positioned to deliver progressive dividends, further growth and long-term value for shareholders.” Highlights for the Six Months Ended 30 June 2026 • Net rental income increased by 2.3% to £20.2m (H1 2025: £19.8m) Driven by inflation-aligned rent reviews and Atrato’s proactive asset management. • Adjusted earnings per share increased by 2.2% to 3.42 pence (H1 2025: 3.34p) Sustained earnings growth underpinned by a stabilised portfolio and a predictable cost base. • Progressive dividend commitment and 3% annual dividend target increase Dividends of 2.895 pence per share declared in line with increased target of 5.79 pence per share. • Dividend cover remains market leading at 1.20x (H1 2025: 1.21x) The Board is confident of the sustainability of the Company’s progressive dividend policy. • EPRA NTA per share remained broadly stable at 95.36 pence (FY 2025: 94.23 pence) Portfolio valuations remained resilient despite ongoing macroeconomic uncertainty and elevated interest rates, driven by rental growth and balanced by outward yield shift from 6.42% to 6.54%. Post balance sheet acquisition and strategic progress • Living REIT launched with a broader mandate and a clear growth strategy Rebrand and revised investment policy expand the Company’s addressable market across adjacent UK living sectors with similar and complementary characteristics to Specialised Supported Housing (“SSH”). • Senior living acquisition creates a larger, more diversified listed platform Materially increased scale with pro-forma Gross Asset Value (“GAV”) of £825 million from £648.2 million1. Income and counterparty exposure diversified with two largest counterparties now representing c.33.5% of GAV (FY2025: 40%)2.
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• Long-dated, predominantly fixed-rate debt, supports future earnings visibility Weighted average cost of debt of 3.16%3 with a weighted average maturity of 8.9 years4 increasing net LTV to c.45%. • High single digit earnings accretion expected Acquisition of the Senior Living Portfolio expected to deliver high single-digit earnings accretion5, in addition to continued organic growth from the SSH portfolio. • Investment Manager's alignment with shareholders Atrato6 and the Board increased its shareholding to 4,360,570 Ordinary Shares, 0.9% of the Company, demonstrating further alignment alongside Atrato’s market capitalisation-based fee structure. Sustainability & ESG: • Enhanced sustainability governance framework New standalone policies strengthen the Company's governance framework and approach to managing sustainability risks and opportunities. • Significant improvement in external ESG performance disclosures and assessments An EPRA Sustainability Best Practices Gold Award received for second consecutive year. Submitted second annual GRESB assessment and increased its S&P Corporate Sustainability Assessment (CSA) score by 64% on prior year. • Triple-shortlisted at the Unlock Net Zero Awards 2026 Recognised for sustainability leadership through three shortlistings at the Unlock Net Zero Awards 2026: ‘Landlord of the Year’, ‘Biodiversity and Nature Award’, and ‘Retrofit Project of the Year’. Financial and Operational Summary Six months to 30 June 2026 Six months to 30 June 2025 Year ended 31 December 2025 Adjusted Earnings per Share7 3.42p 3.34p 6.53p Dividends per Share (declared) 2.90p 2.81p 5.62p Adjusted Dividend Cover8 1.20x 1.21x 1.17x EPRA Cost Ratio 17.1% 16.5% 18.7% Rent Collection 92.7% 91.4% 91.5% As at 30 June 2026 As at 30 June 2025 As at 31 December 2025 IFRS & EPRA Net Tangible Assets per share 95.36p 95.56p 94.23p Net Loan to Value9 37.8% 39.0% 39.5% Number of properties 478 492 492 Number of homes 3,301 3,412 3,412
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Notes: 1 Pro forma gross asset value of the Enlarged Group, based on LIVE’s portfolio as at 30 June 2026 and the gross asset value of the acquired Senior Living Portfolio. 2 Weighted by the property value attributable to the Enlarged Group’s two largest counterparties, expressed as a percentage of the Enlarged Group’s pro forma gross asset value, based on LIVE’s portfolio at 30 June 2026 and the acquired Senior Living Portfolio. 3 Assumes full drawdown of all debt facilities and a SONIA rate of 4.12% as at 30 September 2026. 4 As at September 2026, assuming the RCF is fully drawn and all extension options are exercised. 5 In the first full year post acquisition. 6 Owners, employees and affiliates. Based on 460,458,619 total voting rights (issued share capital excluding shares held in treasury). 7 EPRA adjusted earnings basis removes the impact of non-cash items and the termination payments to the previous investment manager from IFRS profit. 8 Calculated as EPRA adjusted earnings divided by dividends paid during the period, including the second quarterly dividend paid in August 2026, for consistency with the prior period. 9 Net LTV is calculated as balance sheet borrowings less cash and cash equivalent s divided by investment property Results Presentation – Today A presentation for analysts will be hosted by LIVE's Investment Manager today at 08.30am. Those wishing to attend should contact Lauder Teacher on the details below. The Company's Interim Results and accompanying presentation will be available via the LIVE website at www.livingreit.com. A copy of the Interim Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT: Living REIT plc Via Lauder Teacher Associates Jos Short Atrato Partners Limited ir@atratopartners.com Michael Carey Natalie Markham Eddie Gilbourne Deutsche Numis (Corporate Broker & Financial Adviser) Tel: +44 (0) 20 7545 8000 Hugh Jonathan Amit Wangoo Lauder Teacher (Financial PR Adviser) livingreit@lauderteacher.com Colm Lauder Andrew Teacher Shirin Iqbal Tel: +44 (0) 7787 444 960 The Company's LEI is 213800BERVBS2HFTBC58. Further information on the Company can be found on its website at www.livingreit.com. IMPORTANT INFORMATION This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented ("UK MAR") and is disclosed in accordance with the Company's obligations under UK MAR. Upon the publication of this announcement, this inside information will be considered to be in the public domain.
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NOTES Living REIT is a UK-listed real estate investment trust with a portfolio of Living assets providing stable, long-term, inflation-aligned income. The Company invests in structurally supported areas of the UK residential property market, with a focus on delivering resilient income and positive social impact. This includes investments in specialised supported housing, senior living and care homes. Living REIT’s properties provide essential social infrastructure, supporting residents and communities whilst seeking to generate an attractive total return for shareholders. Living REIT is listed on the Closed-ended investment funds category of the FCA's Official List . The Company is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE All-Share Index. Atrato Partners Limited is the Company's Investment Manager.
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CHAIR'S STATEMENT Introduction This is my inaugural Chair's Statement and the first Chair's Statement for the renamed Living REIT. It has been an exceptionally busy and significant period for both the Company and the Board. We have presided over an evolution of the Company’s strategy, a rebrand and, post-balance sheet period end, the completion of a landmark acquisition. It is a privilege to join the Board at such an important stage in the Company's journey, and we are excited about the opportunities ahead. The newly rebranded Living REIT will continue to be the market-leading investor in SSH whilst now having the scope to invest in senior living and care homes. Our broadened investment policy significantly increases our investable universe and the range of opportunities available to the Company. Post-balance sheet period end, the strategic acquisition of a 2,163 homes senior living portfolio highlights our ability to execute on our new investment policy. This transaction is the first step in establishing a diversified living-sector platform to deliver long-term growth for Living REIT shareholders. It has also demonstrated our ability to utilise our shares as an acquisition currency in an environment where raising new equity through traditional channels remains challenging. Consolidation and M&A continue apace across the UK-listed real estate sector and although this acquisition represents a significant step forward in both scale and diversification, the Board recognises that further growth will be necessary to enhance liquidity and broaden shareholder appeal. We therefore continue to assess opportunities that meet our investment criteria, particularly where we can utilise our shares to be acquisitive. Director Change During the period, Chris Phillips, Peter Coward and Tracey Fletcher-Ray stepped down from the Board. The Board would like to thank them for their valuable contributions to the Company and wishes them all well for the future. Cecily Davis-Rowley will also be stepping down from the Board as of 24th September 2026 at today’s interim results. The Company would like to thank Cecily for her significant contributions to the Board since joining as a non-executive director in 2023. Cecily has helped oversee the Company during a critical period, with the transition of investment managers and a significant corporate transaction. The Board wishes Cecily well for the future. Financial Performance During the period, net rental income increased by 2.3%, reflecting the benefit of our inflation- aligned leases and Atrato’s proactive asset management. This growth continued to support the progression of the Company's earnings and dividend capacity. Earnings per share increased by 2.2%. The dividend increased by 3%, building on last year's uplift and demonstrating the Board's confidence in the Company's ability to deliver growing income and shareholder returns over the long term.
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Active Asset Management In SSH, long-term performance is fundamentally about getting the basics right: owning the right property, in the right location and setting rents at sustainable levels. It also requires a proactive approach to asset management. Atrato, our Investment Manager, maintains close oversight of Approved Provider (“AP”) performance and has demonstrated an ability to identify and address issues quickly and effectively when they arise. The combination of strong property fundamentals and active asset management is central to the Company's continued success. Macroeconomic backdrop The broader macroeconomic environment remains uncertain, with geopolitical tensions and inflationary pressures continuing to influence financial and property markets. Against this backdrop, the Board continues to place significant value on the Company's combination of inflation-aligned income and attractive, long term, fixed-rate debt financing. This combination results in our market leading dividend cover of 1.20x with limited near-term refinancing risk. The Company's balance sheet remains a significant competitive advantage. Prior to the senior living acquisition, the portfolio benefitted from sector-leading debt with an average cost of 2.74%, fixed for an average term of 7.1 years. The acquisition added a further £92.1 million of long-dated debt at an attractive cost of 3.46% with a maturity profile extending to 2043. Including the newly established £30.0 million Revolving Credit Facility (“RCF”), the Company’s average cost of debt is now 3.16%3 with a weighted average maturity of 8.9 years. We remain committed to our medium-term target of 40% LTV which we intend to achieve through cash flow generation and property disposals. Investment Manager The Board is confident in Atrato’s ability to execute the Company's strategy. Within 18 months, Atrato has grown earnings, strengthened the portfolio, significantly improved share price and identified innovative growth opportunities. Atrato’s interests are closely aligned with shareholders via both fee structure and their direct shareholding in the Company. Governance The Board notes that, while all resolutions proposed at the Company’s recent Annual General Meeting were passed, the resolution relating to the re-election of a Director received more than 30% of votes against. The Board takes the views of shareholders seriously and, in accordance with Provision 5.2.4 of the AIC Code of Corporate Governance, initiated a formal consultation with shareholders who voted against the resolution. At the Board’s request, Deutsche Numis, the Company’s corporate broker, contacted a significant proportion of the dissenting shareholders to provide them with an opportunity to discuss their concerns directly with the Chair. The principal concern raised during the consultation related to Director attendance and the importance shareholders place on all Directors demonstrating an appropriate level of attendance, in discharging their responsibilities to the Company.
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The Board recognises the significance of the vote and has carefully considered the feedback received. The Chair holds all Directors to a high and consistent standard of commitment, availability and contribution and will continue to do so. The Board will continue to monitor the attendance, contribution and effectiveness of all Directors and keep the composition and succession arrangements of the Board under review. The Board remains committed to maintaining an open and constructive dialogue with shareholders and thanks those shareholders who participated in the consultation for their candid and constructive feedback. Strategic outlook The Board is excited about the future of Living REIT. The Company now benefits from a larger and more diversified portfolio, predominantly inflation-aligned income, long-dated fixed-rate debt and an expanded investment mandate. We believe these foundations position the Company to deliver further earnings growth, dividend progression and long-term shareholder value. Jos Short Chair 23 September 2026
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INVESTMENT MANAGER’S REPORT Investment case for SSH remains attractive The investment case for SSH is as compelling as it has ever been. The sector provides much-needed homes for society’s most vulnerable people considerably cheaper than the alternative forms of accommodation, saving the UK taxpayer millions each year. The income is inflation-aligned and is ultimately funded by central government. Demand continues to outweigh supply which has been demonstrated by our resident occupancy increasing to 88% (H1 2025: 86%) and we expect this positive trajectory to continue. Approved Providers (“AP”s) also benefit from contractual void cover from care providers and claim void funds from the Local Authority. LIVE’s continued occupancy improvement highlights the need for these homes and the quality of our portfolio. The sector's reputation has been adversely affected by issues elsewhere in the wider social housing market, particularly with respect to the homeless accommodation sector. Living REIT has no exposure to the homeless sector which is materially different to SSH in terms of strategy, asset quality and tenant profile. Significant progress has been made in highlighting these differences and rebuilding confidence in both the Company and the sector. This is reflected in improved investor engagement, stronger market sentiment and the Company’s share price performance since our appointment. We continue to be proactive in engaging with investors, advisers and other stakeholders to improve awareness of the strong investment fundamentals of SSH, the attractive returns on offer and its important social impact. LIVE’s largest tenant upgraded by the Regulator of Social Housing The SSH sector continues to evolve and mature, with increasing regulatory scrutiny helping support higher governance and operational standards across the industry. In June, the Regulator of Social Housing delivered an important message through its decision to upgrade Inclusion Housing from non-compliant to compliant. This demonstrates the Regulator agrees that leasing is an acceptable form of delivering SSH and furthermore, that lease-based providers can be compliant with its standards. Inclusion has consistently demonstrated strong governance, stable operational performance and a commitment to delivering high-quality services. Its regulatory upgrade provides further evidence that lease-based APs can operate successfully within the regulatory framework when supported by appropriate governance, financial discipline and operational capability. Inclusion represents 33.8% of the Company’s SSH portfolio and remains the Company's largest lessee exposure. We expect this development to support the institutionalisation of SSH and it gives the sector a positive example of the governance and operating standards needed to achieve compliance. Atrato’s proactive approach to asset management is working Atrato has consistently communicated to shareholders that many of its APs, while operating within highly specialised sectors and delivering important services, can be thinly capitalised and may therefore face periods of financial stress. As a result, proactive asset management is a core component of our investment strategy. Through regular engagement with our APs, we maintain
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detailed oversight of their operational and financial performance, enabling us to identify emerging risks at an early stage and take timely, appropriate action to protect income and support the long- term sustainability of our investments. The recent situation involving Pivotal demonstrates the value of this approach. Through our ongoing monitoring we identified pressures within Pivotal before they became public. We worked collaboratively with Pivotal and other stakeholders to transfer the relevant leases in February to an alternative AP, IHL. The transfer took place on the same lease terms and at the same rent. In June, following the assignment, the Regulator of Social Housing published its decision to de-register Pivotal as a Registered Provider. This means Pivotal will no longer be able to provide social housing therefore it was a great outcome for shareholders that we assigned the Pivotal ahead of this, with no impact on earnings. Our enhanced AP oversight has identified potential concerns with Auckland. The LIVE properties leased to Auckland are well occupied, in good condition and in payment. However, our monitoring flagged a rent arrears issue with another landlord. We have therefore made the proactive decision to transfer these properties to an alternative AP on the same lease terms. As with Pivotal, we do not expect any impact on earnings as a result of the transfer. In both cases, our proactive asset management is clearly working for shareholders and ensuring continuity for residents. Given the creditworthiness of AP counterparties within the SSH sector, asset management issues with APs are to be expected. However, as demonstrated, these issues should not affect rental income, or be a concern for shareholders, if handled proactively, expeditiously and appropriately. The national undersupply of SSH in the UK means that an SSH property with the right fundamentals will always have strong demand from alternative APs. Diversification into wider living sector During our time as Investment Manager, we have increased earnings and returned to a progressive dividend policy. However, many investors in listed real estate require greater scale and deeper share liquidity to invest. We therefore needed to establish a credible route to disciplined growth. We undertook a detailed review of adjacent living sector opportunities that could complement the Company’s existing portfolio while maintaining the characteristics that have historically underpinned the investment proposition. This review identified senior living and care homes as attractive sectors, sharing many of the fundamental attributes that have driven our success in SSH, including: • Strong structural demographic demand • Inflation-aligned income • Needs-driven occupancy • Positive social impact Diversification into these sectors significantly expands the Company’s addressable market for growth while maintaining a focus on resilient, socially beneficial real estate. Post-balance sheet period; earnings accretive acquisition In line with this strategy, the Company completed the acquisition of Residential Secure Income REIT’s senior living portfolio on 16th July 2026 for an equity consideration of £108.1 million.
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The transaction was funded through: • £63.1 million through the issue of 66,992,129 new shares at 94.23 pence (last reported EPRA net tangible asset value); and • £45 million of cash, from existing cash balances and a new £30 million debt facility A key benefit of the transaction was the porting of £92.1 million long-dated debt provided by Scottish Widows with an attractive all-in cost of 3.46% and final maturity in 2043. This is a significant strategic transaction for the Company. On a pro forma basis, GAV increased to £825 million1. The acquisition materially increases the scale of the portfolio, broadens the Company’s investment mandate and strengthens its position within the listed REIT market. The acquisition is expected to be high single-digit earnings accretive in the first full financial year following completion and provides an enhanced platform for further growth. Senior Living portfolio We are pleased with the data the property manager, My Future Living, collects and are especially impressed by how they have adapted to the Renters Right Act. The expected portfolio performance is in line with our underwriting and we expect to pay down £5m of the new £30m debt facility shortly as a result planned property sales. We have identified a further pipeline of senior living assets and plan to deploy restricted cash from historic disposals into income-generating assets by the end of the year. We have entered the senior living market at a key inflection point as the market shifts from favouring homeownership to favouring renting. Rental accommodation can allow people to release housing equity and pass on to younger generations, whilst also allowing more flexibility on where they live in their retirement. One in three people in the UK are over 55 and this is forecast to grow by a further 11.4% between 2022 and 2032. It is estimated that this demographic hold £3.7 trillion of the UK property’s wealth – 68% of the UK. This purpose-built senor living portfolio offers good quality accommodation, with appropriate levels of amenity space at affordable rents and predictable service charges. Looking ahead The senior living acquisition represents an important milestone in the Company's evolution. Our immediate focus is on integrating the portfolio and delivering the benefits of increased scale. Further growth remains important to achieving scale, liquidity and long-term shareholder value and we are actively assessing opportunities across our expanded investment mandate. We remain disciplined in our approach and will only pursue transactions that are strategically aligned, earnings accretive and enhance shareholder value. We believe the combination of a high-quality portfolio, active asset management, low-cost fixed- rate debt and a broader investment mandate puts the Company in a strong position to deliver further earnings growth and create long-term shareholder value.
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Michael Carey Managing Director, Atrato Partners 23 September 2026
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CHIEF FINANCIAL OFFICER'S REPORT Financial performance The Company delivered a robust financial performance during the period, with growth in rental income driving improved earnings and supporting a further increase in the dividend. Net rental income increased to £ 20.2 million (30 June 2025: £19.8 million), representing growth of 2.3%. This increase was driven by the inflation-aligned nature of the portfolio’s income streams, together with the continued benefits of active asset management across the portfolio. All of the Group’s rental income benefits from inflation -linked or inflation-aligned rent reviews with the majority taking place annually in April. As at 30 June 2026, the portfolio comprised 375 leases and occupancy agreements, generating annualised contracted rental income of £43.3 million. Administrative expenses and EPRA cost ratio Administrative and other expenses were £1.7 million during the period (30 June 2025: £1.8 million). The Company continues to maintain a disciplined approach to cost control while investing appropriately in the resources required to support an enlarged and increasingly diversified portfolio. The EPRA cost ratio for the period was 17.1% (30 June 2025: 16.5%) driven by the impact of the costs of the new financing in anticipation of the post balance sheet acquisition and an increase in management fees due to the higher share price. Adjusted earnings and dividend cover The Directors consider adjusted earnings to be a key measure of the Company's underlying operating performance and an important indicator of dividend sustainability. Adjusted earnings for the period increased to £13.5 million (30 June 2025: £13.2 million), whilst adjusted earnings per share increased by 2.2% to 3.42 pence (30 June 2025: 3.34 pence). The increase in adjusted earnings reflects the growth in rental income and the benefits of the Company's predominantly low-cost fixed-rate debt structure. A reconciliation between IFRS earnings and adjusted earnings can be found in Note 21 to the financial statements. Dividend cover remained robust at 1.20x during the period (30 June 2025: 1.21x), providing continued support for the Company's progressive dividend policy. The Board declared interim dividends of 1.4475 pence per share in respect of the period from 1st January 2026 to 31st March 2026 which represents a 3% increase. EPRA net tangible assets As at 30 June 2026, EPRA Net Tangible Assets ("EPRA NTA") per share were 95.36 pence (31 December 2025: 94.23 pence). The Company's net asset value remained broadly stable throughout the period despite ongoing macroeconomic uncertainty and a higher-for-longer interest rate environment.
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Debt financing and liquidity The Group continues to benefit from a highly attractive debt profile which remains a significant competitive advantage and underpins earnings visibility. The existing Barings and MetLife facilities provide £263.5m of long-term debt at a blended all-in cost of 2.74% with a weighted average term of 7.1 years. During the period, in anticipation of the acquisition of the senior living portfolio, the Group entered into a new £25.0 million RCF and a £5.0 million term loan with Barclays Bank plc. These facilities are priced at 175bps and 180bps above SONIA respectively. The term loan was fully drawn at the period end. As at 30 June 2026, net LTV was 37.8%. Post balance sheet financing Post balance sheet, the Company completed the strategic acquisition of a senior living portfolio, increasing the scale and diversification of the portfolio while maintaining an appropriate capital structure. The transaction included £92.1 million of long-dated debt provided by Scottish Widows at an attractive fixed rate of 3.46%, with maturities extending to 2043. Following the acquisition and the drawing of the new £30.0 million Barclays credit facilities, the Company's weighted average cost of debt is 3.16% and its weighted average debt maturity is 8.9 years. Post acquisition, net LTV is expected to rise to circa 45%. The Company remains committed to maintaining leverage around its target of 40% over the medium-term through planned disposals and capital recycling. We intend to pay down £5m of the new £30m facility, funded by £6.9m of property sales completed or exchanged since the period end. The Company continues to maintain substantial headroom against all financial covenants. Outlook The Company enters the second half of 2026 in a robust financial position. Post-balance sheet, the acquisition of the senior living portfolio represents an important milestone for the Company, increasing scale, diversifying its income base and creating additional opportunities to enhance shareholder value. Rental income and earnings continue to grow, dividend cover remains strong and the balance sheet provides a stable platform to support future growth. The Board and Investment Manager remain focused on disciplined capital allocation, earnings growth and the delivery of sustainable long-term shareholder returns.
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Nat Markham Chief Financial Officer, Atrato Partners 23 September 2026 PORTFOLIO SUMMARY Top 10 Lessees Lessee Type Number of Properties Annual Rent Roll (£) % Rent Roll % H1 2026 Rent Collection % Resident Occupancy Inclusion RP 124 13,419,459 31.0% 100% 90% Portus RP 75 5,757,574 13.3% 83%* 91% Hilldale RP 30 3,754,385 8.7% 100% 88% Falcon RP 59 3,587,676 8.3% 100% 88% My Space RP 26 2,685,671 6.2% 22%** 64% Chrysalis RP 27 2,473,073 5.7% 100% 90% Auckland RP 30 2,089,763 4.8% 98% 89% Care Housing Association RP 11 1,679,824 3.9% 100% 94% Blue Square RP 11 1,613,259 3.7% 100% 97% Highstone RP 21 1,593,859 3.7% 100% 95% Top 10 Totals 414 38,654,543 89.3% * Following the assignment of all 38 properties away from Par asol to Portus, 15 leases remain on a pass-through basis in the sta bilisation phase. Up to 30 June 2026, this has reflected improved rent collection of an aggregate 57% against the pre-assignment contracted rent level for those pr operties. ** My Space leases, until they are assigned, were varied by their CVA to a pass -through basis.
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KEY PERFORMANCE INDICATORS We set out below our key performance indicators for the Company. Balance sheet Key Performance Indicators: Profit and Loss Key Performance Indicators: KPI Definition As at 30 June 2026 As at 31 December 2025 IFRS & EPRA NTA per share The value of our assets (based on an independent valuation) less the book value of our liabilities, attributable to Shareholders and calculated in accordance with EPRA guidelines. Further information is set out in Note 3 of the Unaudited Performance Measures. 95.36p 94.23p Net Loan to Value (“LTV”) The Group’s medium to long-term target LTV is 35% to 40% with a maximum of 50%, calculated as balance sheet borrowings divided by gross asset value. 37.8% 39.5% Exposure to Largest Approved Provider The percentage of the Group’s gross assets that are leased to the single largest Approved Provider. 31.6% 33.4% KPI Definition Six months to 30 June 2026 Six months to 30 June 2025 Total Accounting Return Total accounting return is measured by reference to the growth in the Group’s share price over a period, plus dividends declared for that period. 2.7% (0.7)% Adjusted EPS EPRA earnings adjusted for company specific items to reflect the underlying profitability of the business, calculated on the weighted average number of shares in issue during the period. 3.42p 3.34p Adjusted Dividend Cover Dividends paid or declared in respect of the six months ended 31 December 2026, with dividend cover based on adjusted earnings. 1.20x 1.21x Rent Collection Rent collection is one of the Group’s principal measures of performance, measured against total contracted rent due. Material rent arrears during the period was mainly attributable to one Approved Provider, My Space Housing Solutions. 92.7% 91.4%
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Ongoing Charges Ratio A measure of all operating costs incurred, calculated as a percentage of average net assets in that year. 1.64% 1.44% EPRA Cost Ratio Administrative & operating costs (including costs of direct vacancy) divided by gross rental income. 17.05% 16.47%
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EPRA PERFORMANCE MEASURES The table below shows additional performance measures, calculated in accordance with the Bes t Practices Recommendations of the European Public Real Estate Association (“ EPRA”). We provide these measures to aid comparison with other European real estate businesses. For a full reconciliation of all EPRA performance indicators, please see the Note s to EPRA measures within the supplementary section of the financial statements. Balance sheet EPRA Performance Measures: Profit and loss EPRA Performance Measures: Measure Definition As at 30 June 2026 As at 31 December 2025 EPRA Net Reinstatement Value (“NRV”) per share An EPRA NAV per share metric which assumes that entities never sell assets and aims to represent the value required to rebuild the entity. 104.59p 103.56p EPRA Net Tangible Assets (“NTA”) per share An EPRA NAV per share metric which assumes entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. 95.36p 94.23p EPRA Net Disposal Value (“NDV”) per share An EPRA NAV per share metric which represents the Shareholders’ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. 107.92p 106.62p EPRA Net Initial Yield (“NIY”) Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers’ costs. 6.84% 6.82% EPRA “Topped- Up” Net Initial Yield This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents). 6.84% 6.82% EPRA Vacancy Rate Estimated Market Rental Value (“ERV”) of vacant space divided by ERV of the whole portfolio. 0.32% 1.54% EPRA LTV Net debt divided by total property portfolio and other eligible assets. 38.2% 39.7% Measure Definition Six months to 30 June 2026 Six months to 30 June 2025
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EPRA EPS A measure of EPS designed by EPRA to present underlying earnings from core operating activities. 3.30p 3.24p EPRA Cost Ratio Administrative & operating costs (including costs of direct vacancy) divided by gross rental income. 17.05% 16.47% EPRA Like-for-like Rental Growth Changes in net rental income for those properties held for the duration of both the current and comparative reporting period. 2.92% 1.59% EPRA Capital Expenditure Amounts spent for the purchase and development of investment properties (including any capitalised transaction costs). £0.8 million £1.2 million
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PRINCIPAL RISKS AND UNCERTAINTIES The Board is responsible for managing risk and considers that the principal risks and uncertainties as presented on pages 26 to 31 of our 2025 Annual Report were unchanged during the six-month period to 30 June 2026. The Board undertakes a formal risk review, with the assistance of the Audit Committee twice a year to assess the principal risks and uncertainties. The Investment Manager on an ongoing basis has responsibility for identifying potential risks and escalating these in accordance with the risk management procedures. The risks are summarised below: • Approved Provider Default • Non-payment of Voids by Care Providers • Potential Impact of Climate Change • Volatile Trading Market • Inflationary Pressures • Regulatory Change Impacting the Sector • Non-compliance with Regulatory Standards • Property Valuation Volatility • Poor or Inadequate Housing Management • Debt Covenant Breaches • Health and Safety Non-compliance In contemplation of the post balance sheet acquisition of senior living assets, the Board consider the following risks, as outlined in the circular distributed on 19th June, to be the key considerations in relation to investment into senior living assets but will continue to consider the risks posed by this sub sector as part of its twice yearly risk review. Non-payment of rent The properties are let to individuals who qualify for senior living housing. If an individual is in financial difficulty or refuses to pay their rent, the Group could suffer a rental shortfall and incur additional cost to re-let the property. The re-letting of the property will be restricted to people that qualify for senior living housing. Renters Rights Act 2025 (“RRA”) The RRA came into force on 1 May 2026. A key feature of the RRA is the prohibition on contractual, automatic rent reviews in residential tenancies. This means that landlords will only be able to propose one rent increase annually, utilising a statutory notice. Under the RRA, a tenant has the right to challenge the rent within 6 months of the start of a new tenancy and the right to challenge a proposed annual rent increase. If the landlord and tenant cannot agree a new rent by negotiation, the tenant can request that the decision be referred to a tribunal. Until such time as the tribunal decision is received, the tenant’s rent is not subject to the proposed uplift. If the tribunal upholds an uplift, any difference between the proposed uplifted rent and the original rent is not backdated. The process therefore introduces a degree of uncertainty around the quantum of rental uplifts achievable and the timing of rental uplifts being effective, when compared to current contractual inflation-linked rental uplift mechanisms in tenancy agreements.
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Negative perception of the senior living sector There may be circumstances in which the removal or eviction of a tenant is warranted. Such circumstances may include instances of a tenant undertaking illegal activities, perpetrating domestic violence, or permanent rental arrears. While these decisions will be made by a third-party service provider, there is the potential that, as an owner, the Group may receive negative media attention, which may adversely affect the Group’s image. Changes in legislation, regulation, policy or practice Government may change policy or introduce legislation that affects the senior living sect or. Any changes to the legislation applicable to, or the regulatory status of, the Group an d/or the Group’s underlying investments, could affect the net income received by Group and/or the Company’s ability to provide returns to Shareholders.
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DIRECTORS’ RESPONSIBILITY STATEMENT The Directors confirm that to the best of their knowledge this unaudited condensed set of financial statements has been prepared in accordance with UK-adopted International Accounting Stan dard (“IAS”) 34 ‘Interim Financial Reporting’ and that the operating and financial review above in cludes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclo sure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority namely: • an indication of important events that have occurred during the six months ended 30 June 2026 and their impact on the condensed financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and • material related party transactions in the six months ended 30 June 2026 as dis closed in Note 18 and any material changes in the related party transactions disclosed in the 20 25 Annual Report. Shareholder information is as disclosed on the Living REIT plc website, whic h can be found at www.livingreit.com. Approval This Directors’ responsibilities statement was approved by the Board of Directors and signed o n its behalf by: Jos Short Chair 23 September 2026
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INDEPENDENT REVIEW REPORT TO LIVING REIT PLC Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accoun ting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. We have been engaged by the Company to review the condensed set of financial statements i n the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following: Condensed Group Statement of Comprehensive Income Condensed Group Statement of Financial Position Condensed Group Statement of Changes in Equity Condensed Group Statement of Cash Flows The related explanatory notes Basis for conclusion We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance wi th International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an au dit. Accordingly, we do not express an audit opinion. As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audi t as described in the Basis for conclusion section of this report, nothing has come to our att ention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern. Responsibilities of directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liq uidate the Company or to cease operations, or have no realistic alternative but to do so.
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Auditor’s responsibilities for the review of the financial information In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. BDO LLP Chartered Accountants London, UK 23 September 2026 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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GROUP FINANCIAL STATEMENTS CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) Note £’000 £’000 £’000 Income Rental income 4 20,261 20,415 40,743 Expected credit loss 4 (18) (623) (743) Insurance charge income 4 334 324 656 Insurance charge expense 4 (334) (324) (656) Other income 6 24 30 Total income 20,249 19,816 40,030 Expenses Directors’ remuneration (180) (174) (340) General and administrative expenses (1,487) (1,611) (4,006) Management fees 5 (1,788) (1,576) (3,265) Total expenses (3,455) (3,361) (7,611) Loss from fair value adjustment on investment properties 8 (2,999) (15,590) (22,053) Operating profit 13,795 865 10,366 Finance income 371 105 297 Finance costs 6 (4,191) (3,833) (7,670) Profit/(loss) before tax 9,975 (2,863) 2,993 Taxation 7 - - - Profit/(loss) and total comprehensive income 9,975 (2,863) 2,993 IFRS earnings/(loss) per share – basic and diluted 21 2.54p (0.73)p 0.76p
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CONDENSED GROUP STATEMENT OF FINANCIAL POSITION As at 30 June 2026 30 June 2026 31 December 2025 30 June 2025 Note (unaudited) (audited) (unaudited) £'000 £'000 £'000 Assets Non-current assets Investment properties 8 597,506 602,813 610,193 Trade and other receivables 9 2,927 3,038 2,997 Total non-current assets 600,433 605,851 613,190 Current assets Assets held for sale - 1,947 - Trade and other receivables 10 5,725 3,562 3,885 Cash, cash equivalents and restricted cash 11 42,058 25,414 25,145 Total current assets 47,783 30,923 29,030 Total assets 648,216 636,774 642,220 Liabilities Current liabilities Trade and other payables 12 5,080 2,748 3,132 Bank and other borrowings 14 5,000 - - Total current liabilities 10,080 2,748 3,132 Non-current liabilities Other payables 13 1,535 1,532 1,530 Bank and other borrowings 14 261,380 261,718 261,578 Total non-current liabilities 262,915 263,250 263,108 Total liabilities 272,995 265,998 266,240 Total net assets 375,221 370,776 375,980 Equity Share capital 3,940 3,940 3,940 Share premium reserve 203,753 203,753 203,753 Treasury shares reserve (378) (378) (378) Capital redemption reserve 15 93 93 93 Capital reduction reserve 15 155,359 155,359 155,359 Retained earnings 12,454 8,009 13,213 Total equity 375,221 370,776 375,980 IFRS net asset value per share – basic and diluted 22 95.36p 94.23p 95.56p The Condensed Group Interim Financial Statements were approved and authorised for issue by the Board on 23 September 2026 and signed on its behalf by: Jos Short Chair 23 September 2026
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CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2026 For the six months ended 30 June 2026 (unaudited) Note Share capital £’000 Share premium reserve £’000 Treasury shares reserve £’000 Capital redemption reserve £’000 Capital reduction reserve £’000 Retained earnings £’000 Total equity £’000 Balance at 1 January 2026 3,940 203,753 (378) 93 155,359 8,009 370,776 Profit and total comprehensive income for the period - - - - - 9,975 9,975 Transactions with owners Dividends paid 16 - - - - - (5,530) (5,530) Balance at 30 June 2026 (unaudited) 3,940 203,753 (378) 93 155,359 12,454 375,221 For the year ended 31 December 2025 (audited) Note Share capital £’000 Share premium reserve £’000 Treasury shares reserve £’000 Capital redemption reserve £’000 Capital reduction reserve £’000 Retained earnings £’000 Total equity £’000 Balance at 1 January 2025 3,940 203,753 (378) 93 155,359 26,977 389,744 Profit and total comprehensive income for the year - - - - - 2,993 2,993 Transactions with owners Dividends paid 16 - - - - - (21,961) (21,961) Balance at 31 December 2025 (audited) 3,940 203,753 (378) 93 155,359 8,009 370,776 For the six months ended 30 June 2025 (unaudited) Note Share capital £’000 Share premium reserve £’000 Treasury shares reserve £’000 Capital redemption reserve £’000 Capital reduction reserve £’000 Retained earnings £’000 Total equity £’000 Balance at 1 January 2025 3,940 203,753 (378) 93 155,359 26,977 389,744 Loss and total comprehensive income for the period - - - - - (2,863) (2,863) Transactions with owners Dividends paid 16 - - - - - (10,901) (10,901) Balance at 30 June 2025 (unaudited) 3,940 203,753 (378) 93 155,359 13,213 375,980
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CONDENSED GROUP STATEMENT OF CASH FLOWS For the six months ended 30 June 2026 For the six months ended 30 June 2026 (unaudited) £’000 For the six months ended 30 June 2025 (unaudited) £’000 For the year ended 31 December 2025 (audited) £’000 Note Cash flows from operating activities Profit/(loss) before income tax 9,975 (2,863) 2,993 Adjustments for: Expected credit loss 18 623 743 Loss from fair value adjustment on investment properties 8 2,999 15,590 22,053 Finance income (371) (105) (297) Finance costs 6 4,191 3,833 7,670 Operating results before working capital changes 16,812 17,078 33,162 Increase in trade and other receivables (2,070) (1,148) (986) Increase/(decrease) in trade and other payables 2,332 (2,981) (3,241) Net cash generated from operating activities 17,074 12,949 28,935 Cash flows from investing activities Capital expenditure on investment properties (834) (1,155) (2,306) Proceeds from sale of assets 5,091 350 350 Restricted cash movement - - 166 Interest received 350 84 253 Net cash generated from/(used in) investing activities 4,607 (721) (1,537) Cash flows from financing activities Proceeds from borrowings 30,000 - - Loan repayments (25,000) - - Loan arrangement fees paid (584) - - Dividends paid 16 (5,530) (10,901) (21,961) Interest paid (3,922) (3,674) (7,349) Net cash used in financing activities (5,036) (14,575) (29,310) Net increase/(decrease) in cash and cash equivalents 16,645 (2,347) (1,912) Cash and cash equivalents at the beginning of the period 21,377 23,290 23,289 Cash and cash equivalents at the end of the period 11 38,022 20,943 21,377
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NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the six months ended 30 June 2026 1. CORPORATE INFORMATION Living REIT plc (formerly Social Housing REIT plc) (the "Company") is a Real Estate In vestment Trust ("REIT") incorporated in England and Wales under the Companies Act 2006 as a p ublic company limited by shares on 12 June 2017. The address of the registered office is The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF. The Company is registered as an investment company under section 833 of the Companies Act 2006 and is domiciled in the United Kingdom. The principal activity of the Company and its subsidiaries (the "Group") is to provide shareholders with an attractive level of income, together with the potential for capital growth from inv esting in a portfolio of social homes. 2. BASIS OF PREPARATION These condensed Group interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34 "Interim Financial Reporting" and also in accordance with the measurement and recognition principles of UK-adopted international accounting standards. They do not include all of the disclosures that would otherwise be required in a complete s et of financial statements and should be read in conjunction with the 2025 Annual Report. The comparative figures for the financial year ended 31 December 2025 presented herein d o not constitute the full statutory accounts within the meaning of section 434 of the Companies Act 2006. Those accounts have been reported on by the Group's auditors and delivered to the registrar of companies. The report of the auditor (i) was unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) di d not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The condensed Group interim financial statements for the six months ended 30 June 2026 have been reviewed by the Company's Auditor, BDO LLP, in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. The condensed Group interim financial statements are unaudited and do not constitute statutory accounts for the purposes of the Companies Act 2006. The condensed Group interim financial statements have been prepared on a historical c ost basis, as modified for the Group's investment properties, which have been measured at fair value. Gains or losses arising from changes in fair values are included in profit or loss. The Group has applied the same accounting policies and method of comp utation in these condensed Group interim financial statements as in its 2025 annual financial statements and are expected to be consistently applied during the year ending 31 December 2026. At the date of authorisation of these financial statements, a number of standards and interpretations were in issue but not yet effective. The most significant of these is IFRS 18 'Presentation and Disclosure in Financial Statem ents', which replaces IAS 1 and is effective for accounting periods beginning on or after 1 J anuary 2027. While IFRS 18 will not affect the recognition or measurement of items in the financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. The Group has un dertaken a preliminary assessment of the remaining amendments and interpretations and has determined that their application in current and future periods will not have a significant impact on the financial statements.
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2.1. Going concern The Group benefits from a secure income stream from long leases which are not overly reliant on any one tenant and present a well-diversified risk. The Directors have reviewed the Group's forecast which shows the expected annualised rental income exceeds the expected operating costs of the Group. 92.7% of rental income due and payable for the six months ended 30 June 2026 has be en collected, rent arrears being predominantly attributable to two Approved Providers, My Space Housing So lutions and Portus Supported Housing Limited. On 16 July 2026, the Group completed the acquisition of the Senior Living Portfolio and entered into new financing agreements as part of the transaction. The Directors’ going concern assessm ent incorporates the post-acquisition capital structure, debt facilities and liquidity requirements of the enlarged Group. The assessment indicates that the enlarged Group maintains adequate financial resources and covenant headroom throughout the going concern period and is expected to deliver high single-digit earnings accretion in the first full financial year post acquisition. As part of the acquisition of the Senior Living Portfolio, the Group assumed the existing Scottish Widows debt facility of £92.1 million. The Directors considered the facility and its associat ed covenant requirements as part of the going concern assessment and forecast covenant compliance testing. The assessment indicates that the Group maintains adequate headroom throughout the ass essment period and no covenant breaches are forecast. Accordingly, the facility does not have a material impact on the Directors' going concern conclusion. The Directors believe that the Group is still well placed to manage its financing and other business risks and that the Group will remain viable, continuing to operate and meet its liabilities as they fall due. During the period, Fitch Ratings Limited downgraded the Company's Long-Term Issuer Default Rating from 'A-' to 'BBB+' with a stable outlook and the senior secured rating on the Group's existing loan notes from 'A' to 'A-'. Both ratings remain investment grade with a stable outlook, and the downgrade does not affect the terms, pricing or covenants of the Group's existing debt facilities. Accordingly, the Directors do not consider it to have a material impact on the Group's financial position or going concern assessment. The Directors have performed an assessment of the ability of the Group to continue as going concern, for a period of at least 12 months from the date these condensed Group interim financial statements have been authorised for issue. The Directors have considered the expected obligation s of the Group for the next 12 months and are confident that all will be met. The Directors have also considered the financing provided to the Group. Norland Estates Limited has bank facilities with MetLife and TP REIT Propco 2 Limited has bank facilities with MetLife an d Barings. These loans are subject to asset cover ratio (or loan-to-value) and interest cover ratio covenants, which are set out in the table below. The Directors have also considered reverse stress testing and the circumstances that would lead to a covenant breach. Given the level of headroom, the Directors are of the view that the risk of scenarios materialising that would lead to a breach of the covenants is remote. Norland Estates Limited TP REIT Propco 2 Limited TP REIT Propco 4 Limited Asset Cover Ratio (ACR) Asset Cover Ratio Covenant x2.00 x1.67 x1.43 Asset Cover Ratio at 30 June 2026 x2.31 x1.89 x1.67 Blended Net initial yield 6.84% 6.79% 6.42% Headroom (yield movement) 99bps 86bps 99bps
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Interest Cover Ratio (ICR) Interest Cover Ratio Covenant 1.75x 1.75x 1.55x Interest Cover Ratio at 30 June 2026 4.94x 4.78x 2.14x Headroom (rental income movement) 65% 61% 27% In addition, TP REIT Propco 4 Limited has a £30.0 million facility with Barclays, comprising a £25.0 million revolving credit facility and a £5.0 million term loan on a floating, SONIA-linked basis. As at 30 June 2026, £5.0 million was drawn under the term loan and the revolving credit facil ity was undrawn. The Barclays facilities are subject to separate financial covenants reflecting their floating-rate structure. As at 30 June 2026, the loan- to-value was 59.99% (covenant: 70.00%) and historical interest cover was 213.71% (covenant: 155.00%), both providing comfortable headroom against the co venant thresholds. Given the facility's size relative to the Group's total debt and the availability of the undrawn revolving credit facility, the Directors do not consider it to present a material refinancing risk to the Group. Under the downside model the forecasts have been stressed to show the effect of some Care Providers ceasing to pay their voids liability, and as a result Approved Providers defaulting under some of the Group's leases. Under the downside model the Group will be able to settle its liabilities for a period of at least 12 months from the date these condensed Group interim financial statements have been authorised for issue. As a result of the above, the Directors are of the opinion that the going concern basis adopted in the preparation of the condensed Group interim financial statements is appropriate. The Group has no short or medium-term refinancing risk given the 7.1 year average maturity of its long- term debt facilities, provided by MetLife (in respect of Norland Estates Limited) and MetLife and Barings (in respect of TP REIT Propco 2 Limited), the first of which expires in June 2028, and which are fully fixed at an all-in weighted average rate of 2.74%. The acquisition of the Senior Living Portfolio including the Scottish Widows facility assumed and the new Barclays loan facilities obtained as part of the transaction, further extend the Group's weighted average debt maturity to 8.9 years as at September 2026 and does not give rise to any short or medium-term refinancing risk. Based on the forecasts prepared and the intentions of the Group, the Directors consider that the Group will be able to settle its liabilities for a period of at least 12 months from the date these condensed Group interim financial statements have been authorised for issue and therefore has prepared these condensed Group interim financial statements on the going concern basis. 2.2. Reporting period These condensed Group interim financial statements have been prepared for the six months ended 30 June 2026. The comparative periods are the six months ended 30 June 2025 and the year ended 31 December 2025. 2.3. Currency The Group’s financial information is presented in Sterling which is also the Group’s functional currency. 2.4. Assets held for sale
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An asset is classified as held for sale in line with IFRS 5 'Non-Current Assets Held for Sale and Discontinued Operations' if its carrying value is expected to be recovered through a sale transaction rather than continuing use. Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. An asset will be classified in this way only when a sale is highly probable, management are committed to selling the asset at the reporting date, the asset is available for immediate sale in its current condition and the asset is expected to be disposed of within 12 months after the date of the statement of financial position. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss. 3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS In the application of the Group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. In the Directors’ view, there have been no significant changes since the annual report for the year ended 31 December 2025, to the extent of estimation uncertainty, key assumptions or valuation techniques relating to investment properties because of the current macroeconomic environment. Further details can be found in note 8. 3.1 Expected Credit Losses (ECL) The ECL provision as at 31 December 2025 was nil, following the full write-off of the My Space Housing Solutions Limited ('My Space') debtor in the prior year after My Space entered into a Company Voluntary Arrangement (CVA) in March 2025. A default probability for each of the Approved Providers, representing the estimated percentage likelihood of them paying arrears due at 30 June 2026, was determined based on their latest known financial position and any repayment plans that had been agreed or discussed. For each Approved Provider, the estimated percentage probability of receiving arrears has been multiplied by the arrears as at the statement of financial position date. The figure has been aggregated to arrive at the ECL provision. 3.2 Lease incentive debtor The lease incentive debtor recognised from rent smoothing adjustments are not considered to be financial assets as the amounts are not yet contractually due. As such, the requirements of IFRS 9 (including the expected credit loss method) are not applied to those balances. The credit risk associated with the tenant is considered in the determination of the fair value of the related property. In the current period, the expense recognised in respect of such rent smoothing amounted to £95,000 (30 June 2025: £32,000), reflecting the unwinding of lease incentive balances across the portfolio. In addition, lease incentive debtors of £135,000 were written off during the period in respect of properties that were disposed of. 4. RENTAL INCOME For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Rental income – freehold assets 19,125 19,290 38,498 Rental income – leasehold assets 1,136 1,125 2,245 20,261 20,415 40,743 Expected credit loss (18) (623) (743) Insurance charge income 334 324 656
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Insurance charge expense (334) (324) (656) Other income 6 24 30 20,249 19,816 40,030 The lease agreements between the Group and the Approved Providers are fully repairing and insuring leases. The Approved Providers are responsible for the settlement of all present and future rates, taxes, costs and other impositions payable in respect of the properties. As a result, no direct property expenses were incurred by the Group. An Approved Provider (AP) is a housing association, Local Authority or other regulated organization in receipt of direct payment from local government including a care provider. Following its Company Voluntary Arrangement, all of the leases with My Space are currently on a pass‑through basis. For Portus, 15 properties remain on a pass ‑through basis, with the remaining 20 properties having reverted to FRI terms. Under the pass ‑through arrangements, the Group receives the net rental income collected by the Approved Provider, being gross rental income less agreed management fees and property‑related costs, pending assignment or the reversion of the remaining leases to FRI terms. All rental income arose within the United Kingdom. The movement in the expected credit loss provision during the period has been set out below: For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Opening expected credit loss provision - (8,021) (8,021) Increase in provision for My Space Housing (8) (623) (705) Increase in provision for all other AP’s (10) - (38) Write off of My Space Housing debtor 5 8,644 8,726 Write off of other AP’s debtor 10 - 38 Closing expected credit loss provision (3) - - 5. MANAGEMENT FEES For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Management fees 1,788 1,576 3,265 1,788 1,576 3,265 On 1 January 2025 Atrato Partners Limited was appointed as the Investment Manager of the Company by entering into the Investment Management agreement. Under this agreement the Investment Manager will advise the Company and provide certain management services in respect of the property portfolio.
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The management fee is calculated quarterly, in arrears, as a percentage of the Company’s average market capitalisation at the end of each quarter. The Management Fee will be calculated using the following fee thresholds and rates: Market capitalisation threshold Relevant fee rate (per annum) Up to and include £150 million 1.25% per annum (equivalent to 0.3125% per quarter) Above £150 million, up to and including £300 million 1.00% per annum (equivalent to 0.25% per quarter) Above £300 million 0.7% per annum (equivalent to 0.175% per quarter) Management fees of £1,788,010 were chargeable during the six months ended 30 June 2026 (six months ended 30 June 2025: £1,576,227, year ended 31 December 2025: £3,265,305). 6. FINANCE COSTS For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Interest payable on bank borrowings 3,856 3,609 7,217 Amortisation of loan arrangement fees 247 137 277 Lender valuation fees 60 60 121 Head lease interest expense 22 22 44 Total finance cost for financial liabilities not held at fair value through profit or loss 4,185 3,828 7,659 Bank charges 6 5 11 Total finance costs 4,191 3,833 7,670 Under the terms of the debt facilities the lenders require an independent valuation to be undertaken at the Company’s expense. The cost of these valuations is set out above. 7. TAXATION As a UK REIT, the Group is exempt from corporation tax on the profits and gains from its property investment business, provided it meets certain conditions as set out in the UK REIT regulations. For the six months ended 30 June 2026, the Group did not have any non-qualifying profits and accordingly there is no tax charge in the period. If there were any non-qualifying profits and gains, these would be subject to corporation tax. It is assumed that the Group will continue to be a group UK REIT for the foreseeable future, such that deferred tax has not been recognised on temporary differences relating to the property rental business.
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8. INVESTMENT PROPERTIES Operational assets £’000 As at 1 January 2026 602,813 Acquisitions and additions 834 Disposals (3,784) Fair value adjustment*** (2,359) Movement in head lease ground rent liability 2 As at 30 June 2026 (unaudited) 597,506 As at 1 January 2025 624,695 Acquisitions and additions* 2,200 Fair value adjustment (21,789) Disposals (350) Transferred to Assets Held for Sale** (1,947) Movement in head lease ground rent liability 4 As at 31 December 2025 (audited) 602,813 As at 1 January 2025 624,695 Acquisitions and additions* 1,172 Disposals (350) Fair value adjustment*** (15,326) Movement in head lease ground rent liability 2 As at 30 June 2025 (unaudited) 610,193 *Prior period additions in the table above differ to the total capital expenditure amounts in the Group statement of cash flows due to retentions no longer payable which were credited to investment property additions. **The 3 properties classified as Assets Held for Sale at 31 December 2025 (carrying value £1,947,000) were sold during the six months ended 30 June 2026. Additional properties were also disposed of in the period. ***For the six months ended 30 June 2026, the difference between the loss from fair value adjustment on investment properties in the Statement of Comprehensive Income (£2,999,000) and Note 8 (£2,359,000) is £640,000, relating to the loss on disposal of properties sold in the period. For the six months ended 30 June 2025, the equivalent difference of £264,000 related to lease incentive balances associated with 36 and 38 Oxford Grove, which were sold during that period. Reconciliation to independent valuation: 30 June 2026 31 December 2025 30 June 2025 £’000 £’000 £’000 Investment property valuation 598,789 606,275 611,786 Fair value adjustment – head lease ground rent 1,474 1,472 1,470 Fair value adjustment – lease incentive debtor* (2,757) (2,987) (3,063) Transferred to Assets Held for Sale - (1,947) - 597,506 602,813 610,193
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*Excluding lease incentive debtors related to the properties reclassified as assets held for sale as at 31 December 2025. The carrying value of leasehold properties at 30 June 2026 was £34.3 million (30 June 2025: £35.3 million, 31 December 2025: £34.3 million). The investment property valuation above excludes the fair value of the assets held for sale at the end of each reporting period. In accordance with “IAS 40: Investment Property”, the Group’s investment properties have been independently valued at fair value by Jones Lang LaSalle Limited (“JLL”), an accredited external valuer with recognised and relevant professional qualifications. JLL provide their fair v alue of the Group’s investment property portfolio on a semi-annual basis. JLL were appointed as external valuer by the Board on 11 December 2017. The proportion of the total fees payable by the Company to JLL's total fee income is minimal. Additionally, JLL has a rotation policy in place whereby the signatories on the valuations rotate after five years. % Key Statistics Portfolio Metrics 30 June 2026 31 December 2025 30 June 2025 Capital Deployed (£’000)* 561,601 577,402 575,181 Number of Properties*** 478 492 492 Number of Tenancies 375 389 389 Number of Registered Providers 26 27 28 Number of Local Authorities 149 151 151 Number of Care Providers 116 115 116 Average Net Initial Yield** 6.54% 6.42% 6.42% * calculated excluding acquisition costs ** calculated using IAS 40 valuations (excluding forward funding acquisitions) *** calculated excluding forward funding acquisitions. Regional exposure 30 June 2026 31 December 2025 30 June 2025 Region *Cost £’000 % of funds invested *Cost £’000 % of funds invested *Cost £’000 % of funds invested North West 108,768 19.4 112,689 19.5 111,206 19.4 Yorkshire 90,633 16.1 81,839 14.2 81,781 14.2 West Midlands 90,282 16.1 93,221 16.1 93,006 16.2 East Midlands 62,839 11.2 69,323 12.0 69,276 12.0 South East 57,406 10.2 54,889 9.5 54,869 9.5 North East 46,535 8.3 56,913 9.9 56,678 9.9 London 46,298 8.2 49,717 8.6 49,626 8.6 South West 26,217 4.7 26,548 4.6 26,476 4.6 East 24,063 4.3 23,703 4.1 23,703 4.1 Scotland 5,900 1.0 5,900 1.0 5,900 1.0 Wales 2,660 0.5 2,660 0.5 2,660 0.5 Total 561,601 100.00 577,402 100.00 575,181 100 * excluding acquisition costs
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Fair value hierarchy Date of valuation Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) £’000 £’000 £’000 £’000 Assets measured at fair value: Investment properties 30 June 2026 597,506 - - 597,506 Investment properties 31 December 2025 602,813 - - 602,813 Investment properties 30 June 2025 610,193 - - 610,193 There have been no transfers between Level 1 and Level 2 during the period, nor h ave there been any transfers between Level 2 and Level 3 during the period. The valuations have been prepared in accordance with the RICS Valuation – Global Standards (commonly known as the "Red Book") by JLL, one of the leading professional firms engaged in the social housing sector. As noted previously, all of the Group's investment properties are reported as Level 3 in accordance with IFRS 13 where external inputs are "unobservable" and value is the Directors' best esti mate, based upon advice from relevant knowledgeable experts. In this instance, the determination of the fair value of investment properties requi res an examination of the specific merits of each property that are in turn considered pertinent to the valuation. These include i) the regulated social housing sector and demand for the facili ties offered by each Specialised Supported Housing (SSH) property owned by the Group; ii) the p articular structure of the Group's transactions where lessees, at their own expense, meet the majority of the refurbishment costs of each property and certain purchase costs; iii) detailed financial analysis with discount rates supporting the carrying value of each property; iv) underlying rents for each property being subject to independent benchmarking and adjustment where the Group considers them too high (resulting i n a price reduction for the purchase or withdrawal from the transaction); and v) a full repairing and insuring lease with annual indexation based on CPI, CPI+1% or RPI and effectively 25 years outstanding, in most cases with a Registered Provider itself regulated by the Regulator of Social Housing. Descriptions and definitions relating to valuation techniques and key unobservable inputs made in determining fair values are as follows: Valuation techniques: Discounted cash flows The discounted cash flows model considers the present value of net cash flows to be generated from the properties, taking into account the expected rental growth rate and lease incentive costs such as rent-free periods. The expected net cash flows are then discounted using risk-adjusted discount rates. There are three main unobservable inputs that determine the fair value of the Group’s investment properties: 1. The rate of inflation as measured by CPI; it should be noted that all leas es benefit from either CPI or RPI indexation;
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2. The passing rent or estimated rental value (“ERV”) as applicable based on market conditi ons prevailing at the valuation date; and 3. The discount rate applied to the rental flows. Key factors in determining the discount rates to assess the level of uncertain ty applied include the performance of the regulated social housing sector and demand for each specialist supported ho using property owned by the Group, costs of acquisition and refurbishment of each prop erty, the anticipated future underlying cash flows for each property, benchmarking of each underlying rent for each property (passing rent), and the fact that all of the Group’s properties have the benefit of full repairing and insuring leases entered into by a Housing Association. All of the properties within the Group’s portfolio benefit from leases with annual indexation based upon CPI or RPI. A decrease in passing rent or ERV would decrease the fair value. A decrease in discount rate would increase the fair value. The fair value measurement is based on the above items, highes t and best use, which does not differ from their actual use. The valuer also considers the resulting net initial yield for each property for appropriateness. Sensitivities of measurement of significant unobservable inputs The Group’s property portfolio valuation is open to judgements and is inherently subjective by nature. The estimates and associated assumptions have a significant risk of causing a material adjustment to the carrying amounts of investment properties. The valuation is based upon assumptions including future rental income (with growth in relation to inflation) and the appropriate discount rate. As a result, the following sensitivity analysis has been prepared: Key unobservable inputs – discount rate and inflation: 30 June 2026 31 December 2025 30 June 2025 Range of discount rates 6.4%-10.4% 6.3%-10.7% 6.3%-10.2% Average discount rate 7.9% 7.7% 7.7% Range of Rental values (passing rents or ERV as relevant) of Group’s Investment Properties £0.01m - £0.58m £0.01m - £0.56m £0.01m - £0.56m Average of Rentals values (passing rents or ERV as relevant) of Group’s Investment Properties £0.1m £0.1m £0.1m CPI/RPI increases over the term of the relevant leases 2.0%/2.5% 2.0%/2.5% 2.0/2.5% The tables below analyse the sensitivity on the fair value of investment properties for changes in discount rates and inflation rates. A +0.5%/-0.5% change in CPI equates to a decrease/in crease in the net initial yield of 0.24%/0.25% respectively. A +1%/-1% change in discount rate equates to an increase/decrease in the net initial yield of 0.64%/0.61% respectively. As a result of the indexation within the leases the inflation sensitivity captures the impact of changes to rental values.
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-1.0% change in Discount Rate +1.0% change in Discount Rate +0.5% change in CPI -0.5% change in CPI +3.0% change in ERV -3.0% change in ERV £’000 £’000 £’000 £’000 £’000 £’000 Changes in the IFRS fair value of investment properties as at 30 June 2026 60,582 (52,158) 22,606 (21,155) 17,625 (17,110) Changes in the IFRS fair value of investment properties as at 31 December 2025 64,308 (54,751) 33,264 (30,968) 17,922 (17,392) Changes in the IFRS fair value of investment properties as at 30 June 2025 66,935 (56,797) 33,781 (31,219) 18,280 (18,274) Valuations have weakened generally, reflecting: 1. Achieved market pricing for transactions which have occurred or are reasonably expected to occur for opportunities currently being marketed. 2. A softening of valuation assumptions relating to properties with challenging lessee situations within the portfolio, reflecting updated expectations on rent collection and longer-term achievable rent levels. 3. Adjustment of expectations regarding a number of assets, moving towards vacant possession value. 9. TRADE AND OTHER RECEIVABLES (non-current) 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £’000 £’000 Lease incentive debtor 2,548 2,743 2,852 Other receivables 379 295 145 2,927 3,038 2,997 The Directors consider that the carrying value of trade and other receivables approximate their fair value. All amounts are due to be received in more than one year from the reporting date.
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10. TRADE AND OTHER RECEIVABLES (current) 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £’000 £’000 Rent receivable 2,968 2,837 3,533 Lease incentive debtor 209 244 211 Prepayments 2,392 175 120 Other receivables 156 306 21 5,725 3,562 3,885 The Directors consider that the carrying value of trade and other receivables approximates their fair value. All amounts are due to be received within one year from the reporting date. Rent receivable and other receivables are presented net of an ECL provision of £3,000 as at 30 June 2026 (30 June 2025: £nil; 31 December 2025: £nil). The Group applies the general approach in providing for expected credit losses under IFRS 9 for rent and other receivables. Amounts totalling £18,000 (30 June 2025: £623 ,000; 31 December 2025: £743,000) were charged to the Statement of Comprehensive Income in the period, comprising the movement in the ECL provision of £3,000 and bad debts directly written off of £15,000.These relate to rent arrears and are immaterial to the Group. Prepayments increased to £2,392,000 as at 30 June 2026 (31 December 2025: £175,000), principally reflecting amounts prepaid in connection with the acquisition of a senior living portfolio from Resi Portfolio Holdings Limited, which completed shortly after the period end on 16 July 2026. 11. CASH, CASH EQUIVALENTS AND RESTRICTED CASH 30 June 2026 31 December 2025 30 June 2025 (unaudited) (audited) (unaudited) £’000 £’000 £’000 Cash at bank 10,520 13,356 12,902 Restricted cash 4,036 4,037 4,202 Cash held by lawyers 129 21 41 Liquidity funds 27,373 8,000 8,000 42,058 25,414 25,145 Restricted cash represents monies held in escrow in relation to the transfer of leases to be used for future costs, together with Debt Service Reserve Account (DSRA) balances which are not available for general operational use. Liquidity funds represent surplus cash deposited in a money market deposit account with Coutts (31 December 2025 and 30 June 2025: deposited with Treasury Spring across multiple accounts with varying maturities). This arrangement was implemented to achieve improved interest returns on available cash.
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30 June 2026 31 December 2025 30 June 2025 (unaudited) (audited) (unaudited) £’000 £’000 £’000 Total cash, cash equivalents and restricted cash 42,058 25,414 25,145 Restricted cash (4,036) (4,037) (4,202) Cash reported on Group statement of cash flows 38,022 21,377 20,943 12. TRADE AND OTHER PAYABLES Current Liabilities 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £’000 £’000 Trade payables 1,087 1,179 1,047 Accruals 3,341 986 1,235 Head lease ground rent 40 40 40 Other creditors 612 543 810 5,080 2,748 3,132 The Other Creditors balance consists of retentions due on completion of outstanding works as at the reporting date. The increase in accruals at 30 June 2026 principally relates to costs incurred in connection with the acquisition of Residential Secure Income plc's senior living portfolio, which completed on 16 July 2026. The Directors consider that the carrying value of trade and other payables approximate their fair value. All amounts are due for payment within one year from the reporting date. 13. OTHER PAYABLES Non-Current Liabilities 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £’000 £’000 Head lease ground rent 1,435 1,432 1,430 Rent deposit 100 100 100 1,535 1,532 1,530
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14. BANK AND OTHER BORROWINGS 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £’000 £’000 Bank and other borrowings drawn at period end 268,500 263,500 263,500 Unamortised costs at beginning of period (1,782) (2,059) (2,059) Less: loan issue costs incurred (585) - - Add: loan issue costs amortised 247 277 137 Unamortised costs at period end (2,120) (1,782) (1,922) Balance at period end 266,380 261,718 261,578 As at 30 June 2026, the Group's borrowings comprised three debt facilities: • a long-dated, fixed rate, interest only financing arrangement in the form of a private placement of loan notes in an amount of £68.5 million with MetLife Investment Management (and affiliated funds); • £195.0 million long-dated, fixed rate, interest only sustainability-linked loan notes through a private placement with MetLife Investment Management clients and Barings; and • a £30.0 million secured facility with Barclays Bank PLC entered into on 29 April 2026, comprising a £25.0 million revolving credit facility ("Facility A") and a £5.0 million term loan facility ("Facility B"). Facility A bears interest at SONIA plus a margin of 1.75% per annum and has an initial maturity of 36 months from inception, with options to extend to 48 months and 60 months subject to lender consent. Facility B bears interest at SONIA plus a margin of 1.80% per annum and matures 12 months from inception. At 30 June 2026, the £5.0 million term loan was fully drawn and the revolving credit facility remained undrawn. As at 30 June 2026, the Group had undrawn committed facilities of £25.0 million (30 June 2025: £nil; 31 December 2025: £nil), being the undrawn Barclays revolving credit facility. Loan Notes The Loan Notes of £68.5 million are secured against a portfolio of specialist supported housing assets throughout the UK, worth approximately £158.2 million (30 June 2025: £166.0 million , 31 December 2025: £163.8 million). The details of the notes are set out in the table below. At 30 June 2026, the Loan Notes have been independently valued at £61.7 million (30 June 2025: £60.8 million, 31 December 2025: £61.7 million) which has been used to calculate the Group’s EPRA Net Disposal Value in note 2 of the Unaudited Performance Measures. The fair value is determined by comparing the discounted future cash flows using the contracted yields with the reference gilts plus the margin implied. The referen ce gilts used were the Treasury 4.060% 2028 Gilt (Tranche A) and Treasury 4.351% 2033 Gilt (Tranche B), with an implied margin that is unchanged since the date of fixing. Loan Note Principal LTV Term Repayment date All in rate Independent Valuation Tranche A £41.5 million 40% 10 years 30 June 2028 2.924% £39.2million Tranche B £27.0 million 40% 15 years 30 June 2033 3.215% £22.5 million Blended Tranche A & B £68.5million 40% 12 years 3.039% £61.7 million In August 2021, the Group put in place Loan Notes of £195.0 million. The Loan Notes are secured against a portfolio of specialist supported housing assets throughout the UK, worth approximately £369.5 million
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(30 June 2025: £382.6 million, 31 December 2025: £382.6 million). The details of the notes are set out in the table below. At 30 June 2026, the Loan Notes have been independently valued at £150.3 million (30 June 2025: £148.0 million, 31 December 2025: £151.3 million) which has been used to calculate the Group's EPRA Net Disposal Value in note 2 of the Unaudited Performance Measures. The fair value is determined by comparing the discounted future cash flows using the contracted yields with the reference gilts plus the margin implied. The reference gilts used were the Treasury 4.188% 2031 Gilt (Tranche A) and Treasury 4.717% 2036 Gilt (Tranche B), with an implied margin that is unchanged since the date of fixing. Loan Note Principal LTV Term Repayment date All in rate Independent Valuation Tranche A £77.5 million 40% 10 years 26 August 2031 2.403% £65.2 million Tranche B £117.5 million 40% 15 years 26 August 2036 2.786% £85.1 million Blended Tranche A & B £195.0 million 40% 13 years 2.634% £150.3 million On 29 April 2026, TP REIT Propco 4 Limited, a subsidiary of the Group, entered into a £30.0 million facilities agreement with Barclays Bank PLC. The facility comprises a £25.0 million revolving credit facility with a three-year term (subject to two one-year extension options at the lender's discretion), priced at a margin of 1.75% above SONIA, and a £5.0 million term loan with a 12-month term, priced at a margin of 1.80% above SONIA. Both facilities were drawn on 1 May 2026. During the period, the £25.0 million revolving credit facility was repaid in full on 23 June 2026, while the £5.0 million term loan remained outstanding. As at 30 June 2026, the £5.0 million term loan was fully drawn and the revolving credi t facility was undrawn. The Group’s loan to value at 30 June 2026 was 41.5% (30 June 2025: 41.0%; 31 December 2025: 41.4%). The loans are considered a Level 2 fair value measurement. The Group has complied with all the financial covenants related to the above loans throughout the period. Effect of covenants All of the Group's loans and borrowings contain covenants which, if not met, would result in the borrowings becoming repayable on demand. The MetLife and Barings loan notes are subject to asset cover ratio and interest cover ratio covenants, and the Barcla ys facility is subject to historical and projected interest cover, loan to value and sponsor gearing covenants. As at 30 June 2026, the Group complied with all the covenants that were required to be met on or before 30 June 2026. The covenants that are required to be complied with after the end of the current period do not affect the classification of the related borrowings at the statement of financial position date. 15. CAPITAL REDUCTION RESERVE 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £'000 £’000 Balance at beginning of period 155,359 155,359 155,359 Balance at end of period 155,359 155,359 155,359 The capital reduction reserve is a distributable reserve that was created on the cancellation of share premium. No shares were repurchased in the current period.
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CAPITAL REDEMPTION RESERVE 30 June 2026 (unaudited) 31 December 2025 (audited) 30 June 2025 (unaudited) £’000 £'000 £’000 Balance at beginning of period 93 93 93 Balance at end of period 93 93 93 The Capital Redemption Reserve is the nominal value of the shares cancelled from the share buybacks in 2023. 16. DIVIDENDS For the six months ended 30 June 2026 For the year ended 31 December 2025 For the six months ended 30 June 2025 (unaudited) (audited) (unaudited) £’000 £'000 £’000 1.365p for the 3 months to 31 December 2024 paid on 11 April 2025 - 5,371 5,371 1.4055p for the 3 months to 31 March 2025 paid on 27 June 2025 - 5,530 5,530 1.4055p for the 3 months to 30 June 2025 paid on 3 October 2025 - 5,530 - 1.4055p for the 3 months to 30 September 2025 paid on 19 December 2025 - 5,530 - 1.4055p for the 3 months to 31 December 2025 paid on 21 April 2026 5,530 - - 5,530 21,961 10,901 On 1 June 2026, the Company declared an interim dividend of 1.4475 pence per Ordinary Share for the period 1 January 2026 to 31 March 2026, reflecting the increased annual dividend target of 5.79 pence per Ordinary Share for the year ending 31 December 2026. The total dividend of £5,695,427 will be paid on or around 7 August 2026 to Ordinary shareholders on the register on 10 July 2026. On 16 September 2026, the Company declared an interim dividend of 1.4475 pence per Ordinary Share for the period 1 April 2026 to 30 June 2026. The total dividend of £6,665,139 will be paid on or around 9 October 2026 to Ordinary shareholders on the register on 25 September 2026. The Company intends to pay dividends to shareholders on a quarterly basis and in accordance with the requirements of the REIT regime. Dividends are not payable in respect of the Treasury shares held by the Company. 17. SEGMENTAL INFORMATION All of the Group’s properties are engaged in a single segment business with all revenue, assets and liabilities arising in the UK, therefore, no geographical segmental analysis is required by IFRS 8 for the reasons provided in the 31 December 2025 Annual Report.
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18. RELATED PARTY DISCLOSURE Directors Directors are remunerated for their services at such rate as the Directors shall from time to time determine. The Chairman receives a director's fee of £75,000 per annum (30 June 2025: £75,000, 31 December 2025: £75,000), and the other Directors of the Boa rd receive a fee of £50,000 (30 June 2025: £50,000, 31 December 2025: £50,000) per annum. The Directors are also entitled to an additional fee of £7,500 in connection with the production of every prospectus by the Company. No prospectus was produced in the year ended 31 December 2025 nor in the current period. The following dividends were paid to the Directors during their tenure as directors in the current period: 30 June 2026 31 December 2025 30 June 2025 Peter Coward 1,159 4,469 2,219 Christopher Phillips 794 3,062 1,520 Tracey Fletcher 546 2,106 1,045 Fionnuala Hogan 941 - - Jos Short 4,492 - - No shares were held by Cecily Davis and Bryan Sherriff as at 30 June 2026 (31 December 2025 and 30 June 2025: nil). During the period, Ian Reeves resigned as a director on 19 May 2025. Peter Coward and Christopher Phillips resigned on 18 May 2026, and Tracey Fletcher resigned on 15 May 2026. Investment Manager The Company considers Atrato Partners Limited (the 'Investment Manager') as key management personnel and therefore a related party. Further details of the investment management contract and transactions with the Investment Manager are disclosed in note 5. As at 30 June 2026, the outstanding balance payable to Atrato Partners Limited was £976,000 (2025: £870,000). These amounts were settled shortly after the period end. 19. POST BALANCE SHEET EVENTS Dividends On 16 September 2026, the Company declared an interim dividend of 1.4475 pence per Ordinary Share for the period 1 April 2026 to 30 June 2026. The total dividend of £6,665,139 will be paid on or around 9 October 2026 to Ordinary shareholders on the register on 25 September 2026. Borrowings Subsequent to the period end, the Group drew £25.0 million under its Barclays Bank PLC revolving credit facility in July 2026. Following this drawdown, the facility was fully utilised. Acquisition of a senior living portfolio On 16 July 2026, the Group completed the acquisition of Residential Secure Income plc's senior living portfolio for consideration of £108.1 million.
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The consideration was satisfied through: - £45.0 million in cash, funded from existing cash resources and a new £30.0 million debt facili ty; and - £63.1 million through the issue of 66,992,129 new Ordinary Shares at 94.23 pence per share. In connection with the acquisition, the Group assumed £92.1 million of long-dated debt provided by Scottish Widows with an all-in cost of 3.46% and final maturity in 2043. Disposal of properties Subsequent to the period end, and as at the time this was approved, the Group had completed the disposal of 9 properties within its portfolio, all held by TP REIT Propco 5 Ltd, for aggregate gross consideration of £3,767,500. In addition, a further 7 properties held by TP REIT Propco 5 Ltd had exchanged and are expected to complete in the short term, for gross consideration of £3,145,000. 20. CAPITAL COMMITMENTS The Group does not have capital commitments in both the prior year and the current period.
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21. EARNINGS PER SHARE Earnings per share (“EPS”) amounts are calculated by dividing profit for the period attributable to ordinary equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. As there are no dilutive instruments outstanding, both basic and diluted earnings per share are the same. The calculation of basic and diluted earnings per share is based on the following: For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) Calculation of Earnings per share Net profit/(loss) attributable to ordinary shareholders (£’000) 9,975 (2,863) 2,993 Weighted average number of ordinary shares (excluding treasury shares) 393,466,490 393,466,490 393,466,490 IFRS earnings/(loss) per share – basic and diluted 2.54p (0.73)p 0.76p Calculation of EPRA Earnings per share For the six months ended 30 June 2026 For the six months ended 30 June 2025 For the year ended 31 December 2025 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Net profit/(loss) attributable to ordinary shareholders (£’000) 9,975 (2,863) 2,993 Loss from fair value adjustment on investment properties (£’000) 2,999 15,590 22,053 EPRA earnings (£’000) 12,974 12,727 25,046 Non-cash adjustments to include: Movement in lease incentive debtor 230 296 372 Amortisation of loan arrangement fees (£’000) 247 137 277 Adjusted earnings (£’000) 13,451 13,160 25,695 Weighted average number of ordinary shares (excluding treasury shares) 393,466,490 393,466,490 393,466,490 EPRA Earnings per share – basic and diluted 3.30p 3.24p 6.37p Adjusted earnings per share – basic and diluted 3.42p 3.34p 6.53p Adjusted earnings is a performance measure used by the Board to assess the Group's dividend payments. The metric adjusts EPRA earnings for non-cash items, including the amorti sation of ongoing loan arrangement fees and the movement in the lease incentive debtor. During the period, an amount of £135,000 was written off in respect of a lease incentive debtor relating to properties sold in 2026, as this is not reflective of the actual cashflows. The Board sees these adjustments as a reflection of actual cashflows which are supportive of dividend payments, and compares adjusted earnings to the available distributable reserves when considering the level of dividend to pay. For this EPRA measure and the preceding EPRA measures, please refer to the explanations and definitions of the EPRA performance measures set out below.
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22. NET ASSET VALUE PER SHARE Basic Net Asset Value per share is calculated by dividing net assets in the Condensed Group Statement of Financial Position attributable to Ordinary equity holders of the Company by the number of Ordinary Shares outstanding at the end of the period. Although there are no dilutive instruments outstanding, both basic and diluted NAV per share are disclosed below. Net asset values have been calculated as follows: 30 June 2026 31 December 2025 30 June 2025 (unaudited) (audited) (unaudited) Net assets at end of period (£’000) 375,221 370,776 375,980 Shares in issue at end of period (excluding shares held in treasury) 393,466,490 393,466,490 393,466,490 IFRS NAV per share – basic and dilutive 95.36p 94.23p 95.56p UNAUDITED PERFORMANCE MEASURES 1. EPRA Net Reinstatement Value 30 June 2026 30 June 2025 31 December 2025 IFRS NAV/EPRA NAV (£’000) 375,221 375,980 370,776 Include: Real Estate Transfer Tax* (£’000) 36,307 37,118 36,700 EPRA Net Reinstatement Value (£’000) 411,528 413,098 407,476 Fully diluted number of shares 393,466,490 393,466,490 393,466,490 EPRA Net Reinstatement value per share 104.59p 104.99p 103.56p * Purchaser’s costs 2. EPRA Net Disposal Value 30 June 2026 30 June 2025 31 December 2025 IFRS NAV/EPRA NAV (£’000) 375,221 375,980 370,776 Include: Fair value of debt* (£’000) 49,412 52,799 48,726 EPRA Net Disposal Value (£’000) 424,633 428,779 419,502 Fully diluted number of shares 393,466,490 393,466,490 393,466,490 EPRA Net Disposal Value per share** 107.92p 108.97p 106.62p * Difference between interest-bearing loans and borrowings in cluded in Condensed Group statement of financial position at amortised cost, and the fair value of interest-bearing loans and borrowings. ** Equal to the EPRA NNNAV disclosed in previous reporting periods.
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3. EPRA Net Tangible Assets 30 June 2026 30 June 2025 31 December 2025 IFRS NAV/EPRA NAV (£’000) 375,221 375,980 370,776 EPRA NTA (£’000) 375,221 375,980 370,776 Fully diluted number of shares 393,466,490 393,466,490 393,466,490 EPRA NTA per share * 95.36p 95.56p 94.23p *Equal to IFRS NAV and previous EPRA NAV metric as none of the EPRA Net Tangible Asset adjustments are applicable as at 30 June 2026, 30 June 2025 or 31 December 2025. 4. EPRA net initial yield (NIY) and EPRA “topped up” NIY 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Investment Properties – wholly owned (excluding head lease ground rents) 596,032 608,723 603,288 Less: development properties - - - Completed property portfolio 596,032 608,723 603,288 Allowance for estimated purchasers’ costs 36,307 37,118 36,700 Gross up completed property portfolio valuation 632,339 645,841 639,988 Annualised passing rental income 43,281 43,141 43,657 Annualised net rents 43,281 43,141 43,657 Contractual increases for lease incentives - 18 10 Topped up annualised net rents 43,281 43,159 43,667 EPRA NIY 6.84% 6.68% 6.82% EPRA Topped Up NIY 6.84% 6.68% 6.82% 5. Ongoing Charges Ratio 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Annualised ongoing charges 6,129 5,521 5,757 Average undiluted net assets 372,998 382,862 380,260 Ongoing charges 1.64% 1.44% 1.51%
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6. EPRA Vacancy Rate 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Estimated Market Rental Value (ERV) of vacant spaces 138 655 673 Estimated Market Rental Value (ERV) of whole portfolio 43,419 43,814 43,805 EPRA Vacancy Rate 0.32% 1.49% 1.54% The EPRA vacancy rate is calculated as the ERV of the unrented, lettable space as a proportion of the total rental value of the Investment Property portfolio. This is expected to continue to be a highly immaterial percentage. As at 30 June 2026, the portfolio comprised one vacant property, representing a combined ERV of £138k (30 June 2025: four vacant properties at combined ERV £655k; 31 December 2025: four vacant properties at combined ERV £673k). 7. EPRA COST RATIO 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Administration expenses per IFRS 1,667 1,785 4,347 Service Charge Income - - - Service Charge Costs - - - Net Service Charge Costs - - - Management Fees 1,788 1,576 3,265 Total costs (including direct vacant property costs (A) 3,455 3,361 7,612 Vacant property costs (17) (24) (276) Total costs (excluding direct vacancy property costs (B) 3,438 3,337 7,336 Gross rental income IFRS 20,261 20,415 40,743 Less: service charge components of gross rental income - - - Gross rental income (C) 20,261 20,415 40,743 EPRA Cost Ratio (inc. direct vacant property costs) (A/C) 17.05% 16.47% 18.68% EPRA Cost Ratio (exc. direct vacant property costs) (B/C) 16.97% 16.35% 18.00%
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8. EPRA LIKE-FOR-LIKE RENTAL GROWTH Sector Year ended 30 June 2026 Year ended 30 June 2025 Like-for-Like rental growth £’000 £’000 % UK 43,100 41,878 2.92% The like-for-like rental growth is based on the changes in rental income for those properties which have been held for the duration of both the current and comparative reporting period. Properties acquire d, disposed of or under development during either period are excluded. This represents a portfolio valuation, as asses sed by the valuer of £598.8 million (30 June 2025: £610.1 million). 9. EPRA LTV 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Group Net Debt Borrowing from financial institutions 267,915 263,108 263,250 Net Payables - - - Less: Cash and cash equivalents (38,022) (20,943) (21,377) Group Net Debt Total (A) 229,893 242,165 241,873 Group Property Value Investment properties at fair value 597,507 610,193 602,814 Assets held for sale - - 1,947 Intangibles - - - Net receivables 3,572 3,750 3,852 Financial assets - - - Total Group Property Value (B) 601,079 613,943 608,613 Group LTV (A/B) 38.25% 39.44% 39.74% Share of Joint Ventures Debt Bank Loans - - - Net payables - - - JV Net Debt Total (A) - - - Group Property Value Owner-occupied property - - - Investment properties at fair value - - - Total JV Property Value (B) - - - JV LTV (A/B) 0.00% 0.00% 0.00% Combined Net Debt (A) 229,893 242,165 241,873 Combined Property Value (B) 601,079 613,943 608,613 Combined LTV (A/B) 38.25% 39.44% 39.74%
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10. EPRA Property Related Capital Expenditure 30 June 2026 30 June 2025 31 December 2025 £’000 £’000 £’000 Group Acquisitions - - - Development Investment Property - 834 747 424 1,531 669 Group Total CapEx 834 1,171 2,200 Joint Venture Acquisitions - - - Developments Investment Properties - - - - - - Joint Venture CapEx - - - Total CapEx 834 1,171 2,200 Acquisitions relate to purchase of investment properties in the year end and includes capitalised acquisition costs. Development relates to capitalised costs in relation to development expenditu re on the property portfolio. Investment Properties relate to capitalised expenditure incurred on the existing property portfolio held during the period.