20th May 2025 15:28
(Alliance News) - Social Housing REIT PLC on Tuesday said it is aiming to increase its dividend this year for the first time since 2022.
Social Housing REIT invests mostly in newly developed social housing assets in UK.
It said it was targeting a 3.0% increase in its dividend to 5.622 pence in 2025, up from the 5.46 pence paid for 2024.
The dividend increase is driven by an improvement in earnings, partly driven by annual inflation-linked rent increases, the company said.
Social Housing REIT also noted progress achieved with the lease assignments from Parasol to Westmoreland and cost reductions due to the transition to a management fee based on market capitalisation after the appointment of Atrato Partners Ltd.
It declared an interim dividend of 1.4055 pence per share for the three months to the end of March, up 3.0% from 1.365p a year ago.
The company also said it will change from a quarterly to a bi-annual valuation of its portfolio, to bring it in line with the wider listed UK real estate sector.
This will result in a reduction in ongoing costs, Social Housing REIT added.
Shares in Social Housing REIT were up 3.2% to 68.30 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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