Social Housing REIT has reported positive results in its first set of accounts since bringing in Atrato Partners to help to help it handle challenges in rent collection under its previous investment manager.
The REIT, which invests in supported housing, reported a 4% rise in annualised contracted rental income at £42.6m for 2024, up from £41m in 2023.
Its portfolio valuation for the year was £626.4m, down from £678.4m in 2023, in part due to a softening of valuation assumptions relating to properties within the portfolio leased to My Space, a tenant which has entered a company voluntary arrangement.
Atrato Partners was appointed in January 2025, after Triple Point was removed from the position in September 2024.
Adrian D’Enrico, managing director of Atrato, said that in its first 11 weeks of managing Social Housing REIT, it has “hit the ground running” in resolving the REIT’s problems with My Space.
“We are, dare I say, a bit more proactive and we’re more decisive,” he said. “And we probably move at a slightly faster pace than the former manager. And that’s key, that’s exactly what the shareholders want. That’s what the board wanted. And that’s the driver for that decision. And that’s what we’ve already evidenced.”
D’Enrico said that Atrato has secured an option agreement with the My Space portfolio. He added that the REIT will start to receive rent form the properties and should over the course of nine-12 months see progress in occupancy.
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