£108m Senior Acquisition
Living REIT reports steady first-half growth and completes a £108 million senior living acquisition.
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Key Points
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Living REIT ended the half-year with about £38 million in cash, nearly double the £20.9 million held at the end of June 2025.
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The value of the group’s core portfolio fell to £598.8 million, from £606.3 million at the end of the previous year and £611.8 million a year earlier.
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The trust reported a weighted average cost of debt of 3.16%, with borrowings described as predominantly fixed-rate and long-dated.
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The acquired ReSI portfolio comprised 1,907 senior-living rental flats and 256 flats with housing managers. Michael Carey said some cash acquired with the portfolio was “trapped” and the company hoped to deploy it into new senior-living assets within six months.
Living REIT turned profitable in the first half of 2026, posting net income of about £10 million compared with a loss a year earlier Market Screener. The senior-living property trust raised its annual dividend target by 3% and completed a major £108.3 million acquisition that adds 2,163 homes to its portfolio, lifting pro-forma gross asset value to roughly £825 million.
Net rental income climbed 2.3% to £20.2 million in the half-year, while adjusted earnings per share grew 2.2% to 3.42 pence Market Screener. The company maintained dividend cover at 1.20 times and ended the period with £38 million in cash, nearly double the £20.9 million held a year earlier, giving it dry powder for future deals.
Profit Surge Driven by Rent Increases and Cost Control
Living REIT swung from a loss to profit as inflation-linked rent rises offset higher yields and market headwinds Market Screener. The trust collected £20.2 million in net rental income across its portfolio, a 2.3% jump from the prior year. Adjusted earnings per share reached 3.42 pence, up 2.2%, showing the company extracted more value from each share despite economic pressures.
Core Portfolio Value Declines Amid Market Pressure
The value of Living REIT's core portfolio fell to £598.8 million from £606.3 million at the end of 2025 and £611.8 million a year earlier Market Screener. Weighted average debt cost stood at 3.16%, with borrowings mostly fixed-rate and long-dated. Despite the portfolio decline, net tangible assets per share stayed roughly flat at 95.36 pence, cushioned by operational gains.
Large ReSI Acquisition Expands Senior-Living Footprint
After the reporting period, Living REIT completed its rebranding and acquired the ReSI portfolio of 2,163 senior-living homes for £108.3 million Market Screener. The deal comprised 1,907 rental flats and 256 flats with on-site housing managers. The acquisition lifted pro-forma gross asset value to about £825 million, broadening the trust's geographic and income diversity.
Management expects the deal to deliver high-single-digit earnings accretion, though that remains a forecast rather than confirmed results Market Screener. The company acquired some cash with the portfolio but described it as
Cash Position Strengthens for Future Growth
Living REIT ended the half-year with £38 million in cash, nearly double the £20.9 million held at the end of June 2025 Market Screener. Michael Carey, the trust's leadership, noted that some cash acquired with the ReSI portfolio was
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