FULL YEAR RESULTS

RNS Number : 6927H

Home REIT PLC

25 November 2022

 

25 November 2022

Home REIT plc

("Home REIT" or the "Company")

FULL YEAR RESULTS

Home REIT plc (ticker: HOME), which funds the acquisition and creation of high-quality properties across the UK that are dedicated to providing accommodation to homeless people, announces a delay to the release date for its full year results for the period to 31 August 2022 (the "Results").

The Company's Results were on target to be published on 28 November 2022, as previously announced, having been audited by BDO LLP ("BDO"). It is standard practice that, should material allegations be made against a company undergoing an audit, then such company is subjected to an enhanced set of audit procedures.

Given the publication of the report on the Company published by Viceroy Research LLP ("Viceroy"), as announced on 23 November, the Company is therefore required to delay publication of its Results while BDO completes this verification exercise.

In addition, the Company intends to publish its full response to Viceroy's claims in the coming days.

Marlene Wood, chair of the Company's audit committee, commented:

"As directors and shareholders, we share investors' frustration at the delay of the Company's full year results due to the actions of Viceroy. It is important that the Company continues to adhere to the highest standards of financial reporting and we welcome the additional verification process currently being undertaken by BDO."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Alvarium Home REIT Advisors Limited Charlotte Fletcher Alex Baker James Snape	Via FTI Consulting below
Alvarium Securities Limited Mark Thompson Eddie Nissen Oliver Kenyon	[phone] [phone] [phone]
Jefferies International Tom Yeadon Harry Randall Ollie Nott	[phone]
FTI Consulting (Communications Adviser) Dido Laurimore Eve Kirmatzis Ellie Perham-Marchant Oliver Harrison	[e-mail] [phone]

The Company's LEI is: 213800A53AOVH3FCGG44.

For more information, please visit the Company's website: www.homereituk.com

About Home REIT plc

Home REIT plc seeks to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by funding the acquisition and creation of a diversified portfolio of high-quality accommodation assets across the UK which are dedicated to providing accommodation to homeless people. The accommodation assets are let or pre-let on very long (typically 20 to 30 years) leases, containing inflation-linked or fixed uplift rent review provisions, to registered charities, housing associations, community interest companies and other regulated organisations which have a proven operating track record in providing low-cost accommodation to homeless people and which receive housing benefit or comparable support from local or central government to fund the provision of such accommodation to homeless people.

There is a critical need for further accommodation for homeless people in the UK, due to an increasing homeless population and a lack of available and affordable high-quality, fit-for-purpose stock to address the problem. Local housing authorities are under a statutory duty to secure accommodation for individuals who are unintentionally homeless and in priority need but current accommodation for homeless people is limited in quantum and often sub-standard and uneconomical.

The Company focuses on investing in and creating well-located properties that provide a sustainable level of rent for the tenant. Within the homeless accommodation assets, there is a focus on care, support, training and rehabilitation to provide vulnerable homeless people with the skills and confidence to find long-term accommodation and enable them to reintegrate back into society. Savings are expected to be made to local authorities and other providers of accommodation to homeless people via lower rents versus more expensive alternative accommodation.

The Company is listed on the premium segment of the Official List of the UK Financial Conduct Authority and its Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, premium segment, on 12 October 2020.

 

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