Living REIT (LIVE) H1 2026 earnings summary

Executive summary

• Interim results for January 1 to June 30, 2026, show strong core SSH performance, with a broadened mandate and strategic expansion into senior living post-period end.

• The company rebranded as Living REIT (LIVE), executed a growth strategy, and completed a major senior living acquisition in July 2026, increasing pro-forma GAV to £825m.

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

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

• Continued earnings and income growth, with improved rent collection and increased dividend target.

Financial highlights

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

• Adjusted EPRA earnings increased by 2.2% to £13.5m; adjusted EPRA EPS rose to 3.42p.

• Dividend target increased by 3% for the second consecutive year, with dividends paid rising to £11.2m and dividend cover at 1.20x.

• EPRA NTA per share increased by 1.2% to 95.4p; pro forma NTA post-dividend would be 93.92p.

• Rent collection improved to 92.7%, and would be 96.5% pro forma after property disposals.

Outlook and guidance

• Senior living acquisition expected to deliver high single-digit earnings accretion in FY 2027 and increases pro forma GAV by 27% to £825m.

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

• Focus on integrating the new portfolio, further growth, and disciplined capital allocation across the wider living sector.

• Ambition for further acquisitions using shares and continued growth in the Living sector.