London · Delayed Price · Currency is GBP · Price in GBX Living REIT Earnings Call Transcripts
Fiscal Year 2026
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Net rental income and adjusted earnings grew over 2% year-over-year, with improved rent collection and a 3% dividend increase. A major senior living acquisition expanded the platform, boosting pro forma GAV by 27% and positioning for further growth and earnings accretion.
Fiscal Year 2025
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Adjusted earnings rose 21% year-over-year, driven by higher rental income, cost reductions, and portfolio optimization. Dividend cover reached 1.17x, and the company is positioned for growth with fixed low-cost debt and a robust sustainability strategy.
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Earnings per share rose 22% year-on-year, driven by higher rent collection and reduced costs, while the dividend was increased and remains well covered. Portfolio optimization and inflation-linked leases support further growth, despite a property value decline.
Fiscal Year 2024
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Management transition reduced annual fees by £1.9m, boosting earnings. 2024 saw 93% rent collection, 16% growth in adjusted EPRA earnings, and a 13% drop in EPRA NTA per share. Proactive asset management and structural changes are expected to drive EPS and dividend growth.
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Strong rental growth and improved rent collection led to full dividend cover and resilient portfolio value, despite modest yield movement and isolated rent arrears. Portfolio sale and eco retrofit rollout are key H2 priorities.