Social Housing REIT

What Social Housing REIT does

Social Housing REIT plc, now rebranded to Living REIT plc (LSE: LIVE, formerly SOHO), is a UK-listed Real Estate Investment Trust founded in 2017 and headquartered in London. The company owns and operates a portfolio of 3,412 specialised supported housing homes across 492 properties, valued at £603m on an IFRS basis as of FY2025. The portfolio serves vulnerable adults with learning disabilities, mental health conditions, autism, and physical or sensory impairments, providing adapted, community-based accommodation as an alternative to institutional care.

The business model is asset rental rather than services. Properties are leased to Approved Providers — principally regulated housing associations and care operators — under long-term Fully Repairing and Insuring (FRI) leases with initial terms of 20 years and extension options to 25-35 years. Rents are reviewed annually on an upward-only basis and indexed to the Consumer Price Index, providing inflation-protected recurring income. Resident rents are ultimately funded by UK central and local government payments routed through these lessees. Over 60% of properties are newly built or refurbished with specialist adaptations including wet-rooms, hoists, lifts, alarm systems, and widened door frames. Care and support services are delivered by partner providers such as Inclusion Housing, Golden Lane Housing, Lifeways Community Care, United Response, Courtyard Care/Swanton, ISL, and BCS.

FY2025 net rental income reached £40m, up 12% year-on-year, with adjusted EPS of 6.53 pence (up 21%) and dividend coverage of 1.17x — the first time the trust has achieved full coverage since IPO. The trust targets dividend yields above 8% and is externally managed by Atrato Group, which replaced Triple Point as investment manager in January 2025. The company is rebranding to Living REIT and seeking shareholder approval to expand its mandate into senior living and care home assets beyond its current specialised supported housing focus.

Name

Social Housing REIT

Legal name

Social Housing REIT plc

Website

https://socialhousingreit.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Social Housing REIT (now Living REIT, LSE: LIVE) is a UK-listed REIT owning 3,412 specialised supported housing homes across 492 properties, leased long-term to government-funded Approved Providers serving vulnerable adults with learning disabilities, mental health conditions, autism, and physical impairments.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (Specialised Supported Housing)

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Residential Intellectual and Developmental Disability Facilities (623210), Continuing Care Retirement Communities (623311)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG), Affordable/Subsidized Independent Living (HUD/LIHTC) Communities (HLADAAAB), Public Housing & Social Housing Development/Modernization Programs (FSALAKAH)

Keywords

• Specialised supported housing
• Real estate investment trust
• Social housing leasing
• Inflation-linked rental income
• Approved provider property

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Rental Income from Property Portfolio: The company generates rental income from its portfolio of specialised supported housing properties leased to Approved Providers (housing associations) under long-term FRI (Fully Repairing and Insuring) leases. Rents are subject to annual upward-only rent reviews linked to Consumer Prices Index (CPI), providing inflation protection. Properties are leased for initial periods of at least 20 years with options to extend to 25-35 years.
2. Dividend Distributions: As a REIT, the company distributes substantially all of its taxable income to shareholders through quarterly dividend payments. For FY2025, the company achieved full dividend coverage for the first time since IPO at 1.17 times, with an adjusted EPS of 6.53 pence representing 21% year-on-year growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Social Housing REIT is a publicly listed UK Real Estate Investment Trust that acquires, owns, and leases specialised supported housing properties to regulated Approved Providers (housing associations and registered providers). Its £603 million portfolio of 3,412 adapted homes across 492 properties serves vulnerable adults with mental health conditions, learning disabilities, autism, and physical/sensory impairments. Properties are leased under long-term (20-35 year) Fully Repairing and Insuring (FRI) agreements with annual upward-only CPI-linked rent reviews, generating inflation-protected rental income that is distributed to shareholders as quarterly dividends.

Product overview

Social Housing REIT (soon to be Living REIT) is a Real Estate Investment Trust operating as a single unified investment product focused on specialised supported housing across the UK. The company manages a portfolio of 3,412 homes across 492 properties valued at £603m, providing accommodation for vulnerable adults with mental health problems, learning disabilities, autism, and physical/sensory impairments. Properties are leased to Approved Providers under government-funded arrangements, generating inflation-linked rental income for shareholders. The portfolio is managed by Atrato Group as investment manager. Pending shareholder approval, the company plans to expand into senior living and care home assets under its new Living REIT identity.

Differentiator

Problem solved

Functional benefit

Products and services

• Specialised Supported Housing Portfolio Portfolio of 3,412 adapted homes across 492 UK properties leased under long-term (20-35 year) Fully Repairing and Insuring agreements to Approved Providers (housing associations and Registered Providers) for use as specialised supported housing for vulnerable adults. Over 60% of properties are newly-built or refurbished, fitted with adaptations including non-slip flooring, widened doorframes, grab handles, alarm systems, wet-rooms, hoists and lifts.
• Living REIT plc Investment Trust (formerly Social Housing REIT) Publicly tradeable investment trust on the London Stock Exchange (ticker LIVE, formerly SOHO) offered to retail and institutional investors seeking high-yield (8%+ target) inflation-protected dividends backed by a UK specialised supported housing portfolio. Distributed via any stockbroker, ISA, or SIPP wrapper, with Computershare as registrar and Atrato Group as investment manager.
• Proposed Senior Living and Care Home Portfolio Expansion Proposed diversification of the existing portfolio into senior living and care home assets, expanding the investment universe beyond the current specialised supported housing focus and broadening the addressable tenant base of Approved Providers and care operators.

Quantifiable outcome

• £53.5m annual savings to UK taxpayer generated by the portfolio
• +5 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core.

• HBV GroupcoreStrategic or Co-development PartnerHBV Group served as the development partner for Brooke Street forward-funded development in Chorley, Lancashire. The partnership exemplifies SOHO's approach to forward-funded property developments with proactive oversight and strong partnerships central to delivering best-in-class supported housing.
• Golden Lane HousingcoreChannel Partner/ Reseller/ DistributorGolden Lane Housing is the Approved Provider lessee for Brooke Street property in Chorley, Lancashire. This represents their first scheme with Social Housing REIT, with potential for building on the partnership in the future.
• Merry Den CarecoreOthersCare provider for SOHO's eight specialised supported housing schemes in Cinderford, providing 24-hour dedicated support for 26 adult residents with learning disabilities since 2004.
• United ResponsecoreOthersUnited Response provides 24-hour dedicated support for residents at Oxford Road property in Abingdon, with support focused on promoting confidence and independence for individuals with learning difficulties and autism.
• Inclusion HousingcoreOthersInclusion Housing is a Registered Provider providing housing management services for multiple SOHO properties including Moor House in Hereford and Brunswick Gardens in Newcastle. The organisation is regulated by the Homes and Communities Agency.
• Bespoke Care and Support (BCS)coreOthersBCS provides dedicated care and holistic person-centred support at Woodways residential care home in Wombwell, South Yorkshire, supporting individuals stepping down from secure hospital environments to live more independently.
• Courtyard Care / SwantoncoreOthersPartnership delivering Springside in Walsall, an Ofsted-registered home providing specialist accommodation for children and young people aged 7 to 17 with complex needs including sensory, activity, cinema rooms and a family unit.
• ChrysaliscoreOthersRegistered provider delivering intensive housing management services at Oxford Road property in Abingdon, providing weekly visits to complement 24-hour support from United Response.
• ISL (Independence Support)coreOthersISL provides 24-hour care support at Leeds Supported Living property in Gildersome, Leeds, with staff supporting tenants to develop confidence and skills for independent living.
• Lifeways Community CarecoreOthersLifeways Community Care provides on-site care and support to residents at Cornmill House, a 16-unit development in Seacroft, Leeds funded by Triple Point capital.
• Imagine, Act & Succeed (IAS)coreOthersIAS delivers personalised care at Pennington in Leigh, a supported living property for 12 individuals with learning disabilities, providing a peaceful inclusive environment near Pennington Hall Park.
• Partners FoundationcoreOthersPartners Foundation manages housing at Pennington in Leigh, working alongside IAS care provider to allow residents with learning disabilities to live independently.
• SIL (Support, Inspire, Link)coreOthersSIL provides care at Moor House in Hereford, a specialised supported living service for adults with mental health needs since December 2018.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Primary Health Properties: UK-listed REIT focused on primary healthcare and social infrastructure property leased to public sector and operators; similar long-lease, government-backed income model.
• Care REIT (formerly Target Healthcare REIT): UK REIT specialising in care homes with long-lease, CPI-linked rent structures; comparable model and income characteristics as Living REIT's supported housing portfolio.
• Real Estate Investors PLC: UK-listed REIT investing in commercial property including healthcare and supported living assets; broadly comparable UK mid-market REIT with overlapping social infrastructure exposure.
• Custodian REIT: UK-listed diversified REIT with exposure to healthcare, supported living and social infrastructure assets alongside traditional commercial property.
• Impact Healthcare REIT: UK-listed REIT investing in care homes and supported living property leased to operators; closest direct peer for Living REIT's planned senior living expansion.
• LXi REIT: UK REIT investing in essential, inflation-linked assets including care homes, supported living and healthcare property; comparable diversified specialist property mandate.
• Schroder Real Estate Investment Trust: UK-listed REIT providing diversified exposure to UK commercial property including healthcare and social infrastructure; comparable UK investment trust REIT structure and yield-oriented investor base.
• PRS REIT: UK-listed REIT focused on family-friendly private rented sector housing; shares REIT structure and residential focus but operates in build-to-rent rather than supported housing.
• Civitas Social Housing PLC: UK-listed REIT focused on specialised supported housing for vulnerable adults under long-term leases with housing associations; nearly identical investment thesis and tenant base to Social/Living REIT prior to its take-private.
• Assura PLC: Large UK REIT focused on primary healthcare and social infrastructure real estate; comparable long-lease, government-backed income model and tenant base with supported living operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/social-housing-reit

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Social Housing REIT