Home REIT plc
Annual Report — For the year ended 31 August 2025
Home REIT plc Annual Report — For the year ended 31 August 2025

Home REIT plc (“the Company”) and its subsidiaries
(together the “Group”)
The board of non-executive directors of the Company (ticker: HOME) (the
“Board” or the “Directors”) reports its annual results for the year ended
31August 2025 (“FY25”).
At the beginning of the financial year, the Company had the investment
objective in the period of stabilising the Group’s financial condition through
initiatives to maximise income and capital returns by investing in a portfolio
of UK residential real estate (the “Amended Investment Policy”). On 16
September 2024, shareholders approved the New Investment Policy. Under
the New Investment Policy, the Company has the objective of realising all
existing investments in the Group’s portfolio in an orderly manner, with a view
to ultimately returning available cash to shareholders following the repayment
ofthe Group’s borrowings. Full details ofthe New Investment Policy are on
page[XX].
The Group, a real estate investment trust (“REIT”), is listed on the Official
List of the Financial Conduct Authority and was admitted to trading on the
premium segment of the main market of the London Stock Exchange on 12
October 2020. As the Group did not publish its annual financial report for the
year ended 31 August 2022 (“FY22”) within four months of the end of its financial
year (as required by the Financial Conduct Authority’s Disclosure Guidance and
Transparency Rule 4.1.3) the listing of the Company’s ordinary shares (each a
“Share” and together, the “Shares”) was suspended on 3 January 2023. The FY22
accounts were published on 11 October 2024, the accounts for the year ended
31 August 2023 (“FY23”) were published on 14 January 2025 and the accounts
for the year ended 31 August 2024 (“FY24”) were published on 20 October 2025.
The Company expects to publish its interim accounts for the period ended
28 February 2025 in the first quarter of 2026. When completed, the Company
will be up to date with its financial filings and expects to apply to the FCA for a
restoration of its listing and the recommencement of its trading on the London
Stock Exchange.
Contents
Overview
1 Introduction and highlights
2 Financial overview
3 Portfolio and operating overview
Strategic report
6 Chair’s statement
10 Management report
16 ESG report
18 Key performance indicators
19 Strategic overview
23 Principal risks and uncertainties
29 Going concern and viability statement
Governance
31 The Board
32 Directors’ report
37 Corporate governance statement
42 Report of the Audit Committee
48 Report of the Management
Engagement Committee
49 Report of the Nomination Committee
52 Directors’ remuneration report
57 Statement of Directors’ responsibilities
58 Independent Auditor’s report
Financial statements
72 Consolidated Statement of
Comprehensive Income
73 Consolidated Statement of Financial Position
74 Consolidated Statement of Changes
in Shareholders’ Equity
75 Consolidated Statement of Cash Flows
76 Notes to the Consolidated Financial Statements
99 Company Statement of Financial Position
100 Company Statement of Changes
in Shareholders’ Equity
101 Notes to the Company Financial Statements
Additional information
108 Appendix 1 – Key Regulatory News Service
Announcements 1 September 2024
to [XX] February 2026
112 Appendix 2 – Governance and Internal Control
115 Glossary
120 Company information
Overview

 HomeREITplc | AnnualReport | Fortheyearended31August2025 1
ThisAnnualReportcoverstheresultsfortheyear
ended31August2025andthebelowsetsoutthe
backgroundthatisrelevantforshareholderstoreview
duringandaftertheyearended31August2025.
• TheGroupowned853propertiesasat
31August2025(31August2024:1,375properties),
ofwhich404propertieswereleasedto18different
registeredcharities,communityinterestcompanies
andotherregulatedorganisationsand449
propertiesweremanagedbythirdpartyproperty
managers.
• A16%decreaseinnetassetvalue(“NAV”)perShare
to20.38penceasat31August2025(2024:11.6%
decreaseto24.25pence)resultingfromthelossfor
theyear.
• Lossbeforetaxfortheyearof£30.6million
(2024:lossof£25.2million).Seepage[XX]for
moredetail.
• TheGrouprepaidallofitsoutstandingborrowings
andallassociatedinterestandtheDeferredFeesof
£9.0millionduringtheyear.
• TheGroupheldunrestrictedcashbalancestotalling
£9.6millionat31August2025(2024:£6.2million).
• NodividendswerepaidinrespectofFY25(FY24:nil).
• TheGroupcompletedonthesaleof522
propertiesforgrossproceedsof£97.0million
from1September2024to31August2025,
whichwerepresentedintheConsolidated
StatementofFinancialPositionasat
31August2024at£99.4million(2024:1,098
propertiesfor£140.6million).Allproperties
whichhaveexchangedhadcompletedasat
31August2025.
• Theportfoliowasindependentlyvaluedat
£154.9millionasat31August2025(2024:
£265.4million).69.9%oftheportfolio(bynumberof
properties,79.5%byvalue)(2024:83.1%bynumber
ofproperties,88.6%byvalue)wasvaluedona
vacantpossessionbasis(“MV-VP”).Theproperties
havebeenvaluedonanindividualbasis.Noportfolio
premiumordiscounthasbeenapplied.
• Inadditiontothesaleof522properties,the
remainingportfolioexperiencedalikeforlike
decreaseof£11.2million.Thevaluationrepresents
41.6%ofthehistoricalacquisitioncostsof
£372.4million(includingpurchasecosts)(2024:
increaseof£7.2million,whichrepresents44.7%of
thehistoricalacquisitioncostsof£593.6million).
• Duringtheyearended31August2025,theGroup
agreedsurrenderdealswith10tenantscovering
343properties(2024:29tenantscovering1,839
properties).On64ofthoseproperties,theprimary
leasewassurrenderedandtheGroupinheriteda
directleasewiththeundertenant.Newleaseswere
agreedonafurther43propertiesandaproperty
managerwasputintoplaceon236properties
whicharestillinplaceexceptthatthreeofthe
propertiesmanagedbyapropertymanagerasat
31August2025havesubsequentlybeensold.Asa
resultofenteringthosesurrenderdeals,theGroup
has18tenantsat31August2025,ofwhich12were
consideredtobefinanciallyviable.AEWcontinues
todiscussalternativeswiththeremainingtenants
whichmightincludeasurrenderofsomeorallof
thosetenant’sproperties.
Overview
Portfolio and Financial overview

2 HomeREITplc | AnnualReport | Fortheyearended31August2025
Potential Litigation/FCA Investigation
Apre-actionletterofclaimwassenttotheCompany
byHarcusParkerLimited(“HarcusParker”)onbehalf
ofcertainshareholdersoftheCompanyinOctober
2023.On5March2024,theCompanyannouncedthat
itintendedtobringlegalproceedingsagainstthose
partiesitconsidersareresponsibleforwrongdoing.
ItremainstheCompany’sintentiontopursuethose
whomitconsidersmaybeliableforthelossesithas
suffered,subjecttoacommercialassessmentofthe
cost-benefitanalysis.
On12April2024,theCompanyissuedpre-action
lettersofclaimtoAlvariumFMandAlTiRE.On
29May2024,theCompanyissuedapre-actionletter
ofclaimtoAHRA.
On7February2024,theCompanywasnotifiedbythe
FCAofitscommencementofaninvestigationintothe
Companycoveringtheperiodfrom22September2020
to3January2023.
Serious fraud office
Asweannouncedon14January2026,theCompany
understandsthattheSeriousFraudOffice(“SFO”)
madearrestsandraidedpropertiesonthatdayrelated
topeopleformerlyassociatedwiththeCompany.The
Companycontinuestoprovideanyassistanceitisable
totheSFOinpursuingitsinvestigations.
AsummaryofkeyeventsfromRegulatoryNews
Services(“RNS”)announcementsisincludedin
Appendix1.ThereisaGlossaryofDefinedTerms
inAppendix3onpages106to111.
Overview
Portfolio and Financial overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 3
Strategic report
6 Chair’sstatement
10 Managementreport
16 ESGreport
18 Keyperformanceindicators
19 Strategicoverview
23 Principalrisksanduncertainties
29 Goingconcernandviabilitystatement

4 HomeREITplc | AnnualReport | Fortheyearended31August2025
DearShareholder,
Withthepublicationofthis2025AnnualReportand
Accounts,theBoardbelievesithasachievedan
importantmilestoneintheManagedWind-Down
andcontinuestobefullyfocusedonworkingthrough
itsotherprioritiessoitcanbegintoreturncapital
toShareholders.
Financial Results
Earnings/Loss
ThelossbeforetaxoftheGroupfortheyear
to31August2025was£30.6million(yearto
31August2024:lossof£25.2million).
Thesignificantitemscausingthelossinclude:
• realisedlossesonthedisposalofinvestment
propertiesof£5.9million;
• netrevenuesof£14.6million,beingrentalincome
of£20.7millionnetofanimpairmentoftherent
straight-liningassetof£0.6millionandtheprovision
forexpectedcreditlossesof£5.5million;
• operatingexpensesof£11.3millionrelatedto
propertiesthatareundermanagementcontracts;
• generalandadministrativeexpensesof£17.9million
whichincludes£5.3millionrelatedtolegalfeesand
£5.2millionofInvestmentManagerfees;
• financecostsof£0.4million;and
• adecreaseinfairvalueofinvestmentproperty
of£11.0million;
Netassetvalue
TheNAVhasdecreasedfrom£191.7millionasat
31August2024to£161.1millionasat31August2025.
TheNAVperSharehasdecreasedto20.38penceasat
31August2025,adecreaseof16%from24.25penceas
at31August2024.
Strategic report
Chair’s statement

 HomeREITplc | AnnualReport | Fortheyearended31August2025 5
Corporate Governance
TheCompanyisanexternallymanagedREIT.The
non-executiveBoardisresponsibleforleadingand
controllingtheGroupandhasoverallauthorityforthe
managementandconductoftheGroup’sbusiness,
strategyanddevelopment.Inordertofulfilthese
obligations,on21August2023theBoardappointed
AEWUKInvestmentManagementLLP(“AEW”)to
actastheCompany’sAlternativeInvestmentFund
Manager(“AIFM”)andInvestmentManager.Asnon-
executivedirectors,theBoardreliesuponfinancial
andnon-financialinformationreportedtoitbythe
AIFMandotherexternalparties.TheDirectorshave
providedasmuchdetailastheyareabletowithinthis
AnnualReportinordertoprovideatrueandfairview
oftheGroup’sconsolidatedfinancialstatements(the
“ConsolidatedFinancialStatements”).
Amended Investment Policy and Stabilisation period
TheAmendedInvestmentPolicy,whichwaseffective
from21August2023,aimedtoensuretheGroupwas
abletocontinuetooperateinthesectorandpreserve
itslonger-termsocialobjectiveofhelpingtoalleviate
homelessnessintheUK.Theobjectivewastostabilise
theGroup’sfinancialconditionthroughinitiativesto
maximiseincomeandcapitalreturnsbyinvestingina
portfolioofUKresidentialrealestate.
Managed Wind-Down and New Investment Policy
On5February2024,theGroupannouncedthatit
hadcommencedare-financingprocesstoconsider
alternativefinanceoptionsfortheCompany.On
17June2024,theCompanyannouncedthatithad
beenunabletosecureare-financingofitsexisting
debtfacilityontermsthatitcouldrecommend
toshareholders,despiteextensiveandadvanced
discussionswithapotentiallender.There-financing
ofthedebtwasakeycomponentofthecontinued
advancementofthestabilisationstrategydiscussed
aboveandasadoptedinAugust2023.Asthe
re¬financinghadnotbeenpossible,theCompanyalso
announcedthatitwasconsideringanumberofoptions
bothtore-paytheoutstandingdebtandprovidean
optimisedresolutionforshareholders,whichcould
includeamoreextensiverealisationstrategy.The
BoardandAEWcontinuedtoengagewithScottish
Widowswhichadvisedthatitsobjectivewasfor
repaymentoftheloanbalanceintheshorttermandno
laterthan31December2024.
Subsequenttoconcludingthatthere-financingwas
nolongerviable,theBoardconductedafullreviewof
thestabilisationstrategyandwhilstitrecognisedthat
therewasanopportunitytoaddvaluetotheportfolio
atapropertylevel,itconcludedthatthisstrategyfaced
considerablechallenges.Theseincludedahighfixed
corporatecostbase,requiredduetotheREITstructure
andasaresultoftheissuesbeingdealtwithbythe
Company,aswellasthecapitalexpenditurerequired
todriveanincreaseinrentalvalue.Inaddition,the
Boardwasawarethatthesizeofthevehiclefollowing
therepaymentofdebtwouldbeconsideredtoosmall
bymanyinvestorswhenconsideringitsfutureasa
listedREIT.
Asaresultofthesefactorsandhavingcarefully
consideredtherangeofoptionsavailableforthe
Company,theBoardconcludedthatitwasinthebest
interestsofshareholderstoproposeamanagedwind-
downstrategyfortheCompanypursuanttowhichthe
assetsoftheGroupwouldbesoldwiththeobjectiveof
optimisingremainingshareholdervalueandrepaying
theGroup’sloanbalance(the“ManagedWind-Down”).
TheimplementationoftheproposedManagedWind-
DownrequiredafurtherchangetotheCompany’s
investmentpolicy.Accordingly,on16September2024,
shareholdersapprovedtheNewInvestmentPolicy,
whichisintendedtoallowtheCompanytorealiseall
theassetsinitspropertyportfolioinanorderlymanner
withtheviewtorepayingborrowingsandmakingtimely
returnsofcapitaltoshareholderswhilstaimingto
optimisethevalueoftheGroup’sassets.
FulldetailsoftheNewInvestmentPolicyareonpage15.
Outlook and Approach to the Managed Wind-Down
Afteranextensivemarketingcampaigncommenced
inQ42024,asignificantnumberofpartiesshowed
interestintheremainingpropertyportfolio.Non-
bindingofferswerereceivedforthefullportfolioin
February2025.Asannouncedon13November2025,
theCompanyisinexclusivitywithPatronCapitalin
respectofthedisposalofapproximately700ofthe
Group’sportfolioofassets.Theremainingproperties,
includingthreepropertiessoldinDecember2025
for£270,000,havebeenvaluedat£17.6millioninthe
31August2025ConsolidatedStatementofFinancial
Positionandareexpectedtobesoldthroughthe
auctionmarketduringthefirsthalfof2026.While
discussionswithPatronCapitalareongoing,there
canbenocertaintythatatransactionwillbeagreed
upon.AEWcontinuestoundertakeassetmanagement
initiativesfocusedonaddingvaluetotheportfolioand
preparingthemforsaleincludinghealth&safetyand
complianceimprovements.
FCA Investigation
TheCompanywasnotifiedon7February2024that
theFCAhadcommencedaninvestigationintothe
Company.TheCompany,theDirectorsandthe
previousDirectorsinofficeatIPOarecooperatingfully
withtheFCAinitswork.
Strategic report
Chair’s statement—continued

6 HomeREITplc | AnnualReport | Fortheyearended31August2025
Potential Litigation
Inlinewithpastdisclosures,Ihavesetoutbelow
statementsoffact,withoutwaiveroflegalprivilege,
andalthoughthisprovidesatrueandfairviewof
thestateoftheCompanyandGroup,Iamunableto
elaboratewithfurtherdetailsastodosomayprejudice
theCompany’spositioninanypotentialproceedings.
Legalprivilegeincludesconfidentialdocumentsand
communicationsbetweenlawyers,clients,and/orthird
parties,whichcomeintoexistenceforthedominant
purposeofbeingusedinconnectionwithactualor
pendinglitigationorforthedominantpurposeof
seekinglegaladvice.Legalprivilegecreatesanabsolute
righttoprotectandwithholdinspectionofsuch
documentsandcommunications.
Apre-actionletterwassenttotheCompanyby
HarcusParkeronbehalfofcertaincurrentandpast
shareholdersoftheCompanyinOctober2023.No
legalproceedingshavebeenissuedatthisstage.The
letterallegedthattheCompany,alongwithcertain
otherparties,providedinformationtoinvestorswhich
wasfalse,untrueand/ormisleading.TheCompanyhas
issuedacomprehensiveresponsetoHarcusParkerand
correspondenceiscontinuingbetweentheparties.
TheCompanyintendsvigorouslytodefenditselfin
respectofthethreatenedlitigationandhasdeniedthe
allegationsmadeagainstit.
TheCompanyintends,subjecttoacommercial
assessmentofthecost-benefitanalysis,tobringlegal
proceedingsagainstthosepartieswhomitconsiders
maybeliableforthelossesithassuffered.Tothat
end,theCompanyissuedpre-actionlettersofclaim
toAlvariumFM,AlTiREandAHRA.
Shortlybeforeissuanceofthepre-actionletterof
claim,theCompanywasmadeawarethatAHRAhad
appointedjointliquidatorsforthepurposeofwinding
upthatcompany.Notwithstandingthisevent,it
remainsimportantthatallmeansofpotentialfinancial
recoveryarefullyconsideredandthatanywrongdoing
isthoroughlyinvestigated,whereitisfinanciallyviable
todoso.TheCompanyalsoissuedpre-actionletters
ofclaimtoAlvariumFM(itsformerAIFM)andAlTiRE
inApril2024.However,sincetheissueofthoseletters,
bothAlvariumFMandAlTiREhavebeenplacedinto
administration.AswiththeliquidationofAHRA,this
potentiallycomplicatestheabilityoftheCompanyto
achievefinancialrecoveryfromAlvariumFMand/or
AlTiRE.TheCompanyisalsoassessingtheviabilityof
seekingrecoveriesdirectlyfromAHRA,AlvariumFM
andAlTiRE’sinsurers.TheCompanycannotcomment
anyfurtheratthisstage,astodosomayprejudicethe
Company’spositioninanypotentialproceedings.
Return of capital to shareholders
Asshareholderswillbeaware,theCompanyhasfaced
theongoingprospectofpotentialgrouplitigation
forsometime.Thatprospecthasnotreceded.
Separately,butinaddition,therecentannouncements
oftheSeriousFraudOfficealsoservetoillustratethe
complexanduncertainenvironmentinwhichtheBoard
isrequiredtomakedecisions.
ItremainstheobjectiveoftheBoardtoensurethe
Companycanreturnavailablecapitaluponcompletion
oftherealisationstrategyassoonaspossible.
However,wemustremindshareholdersthatthe
abilitytomakedistributionsmaybeconstrainedby
thecircumstancesfacingtheCompany,includingthe
uncertaintiesdescribedabove,whichmayresultin
returnsofcapitaltakingplaceoveralongerperiod.
TheBoardcontinuestotakeprofessionaladviceon
theoptionsthatwouldenableavailablecapitaltobe
returnedtoshareholdersinawaythatistransparent,
costeffectiveandconsistentwiththeBoard’slegal
andfiduciarydutiesandobligationsasdirectorsof
theCompany.
Weunderstandtheuncertaintyregardingthequantum
andtimingofthereturnofavailablecapitalmaybea
sourceoffurtherdisappointmenttoshareholders.
Aswehavepreviouslydisclosed,theCompanyalso
expectstoretaincapitaltomeetcorporatecostsand
allowittopursuelegalactionagainstthosewhomay
beliableforthelossesithassuffered,subjecttoa
commercialassessmentofthecost-benefitanalysis.
Financial statements and restoration of listing
TheCompanyexpectstofileits2025interimaccounts
inthefirstquarterof2026.Withthatfiling,the
Companywillbeuptodatewithitsfinancialfilings
andexpectstoapplytotheFCAforarestorationof
itslistingandtherecommencementoftradingonthe
LondonStockExchange.
Significant Matters Impacting Annual Results and
Post Balance Sheet Activities
Thefollowingisahigh-levelsummaryofsignificant
matterswithinthefinancialyearandpostbalance
sheeteventswithfurtherdetailprovidedinthe
ManagementReport.
Strategic report
Chair’s statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 7
Strategic report
Chair’s statement—continued
Portfolio Valuation
JLLhasindependentlyvaluedtheGroup’sportfolio
inaccordancewiththeRICSValuation—Professional
Standards.Asat31August2025,theGroup’s
portfoliohadamarketvalueof£154.9million(2024:
£265.4million)representing41.6%ofthehistorical
acquisitioncostsof£372.4million(includingpurchase
costs).Thereductioninthepropertyvaluationis
primarilyaresultofthesaleof522propertiesduring
theyear.Theassessmentofthecovenantstrength
oftenantsandtheconditionofthepropertiesasat
31August2025resultedin69.9%(2024:83.1%)(by
numberofproperties,79.5%(2024:88.7%)byvalue)
oftheportfoliobeingvaluedonthebasisofMV-VPfor
the31August2025valuation.Whereavaluationhas
beenpreparedonaninvestmentbasis,limitationson
thedurationoftheincomestreamshavebeenapplied
toaccountforthecovenantstrengthsofthetenants
andthehighrentlevelsdemandedundertheleases.
SeefurtherdetailinNote[XX]totheConsolidated
FinancialStatements.
Dividends
On16February2023,theBoardannouncedthatexcept
foranydistributionsthatwouldberequiredtomaintain
REITstatus,thatitwouldceasetopayanydividends
untilfurthernotice.Therewerenodividendsdeclared
inrespectofthefinancialyearended31August2025
(2024:£nil).
Disposals
From1September2024to31August2025,theGroup
exchangedonthesaleof522propertiesforgrosssales
proceedsof£96,951,000.Togetherwiththe1,098
propertiesexchangedonorpriorto31August2024,
1,620propertieshavecompletedfortotalgross
proceedsof£244,088,000.Propertiessoldsince
31August2024werepresentedintheConsolidated
StatementofFinancialPositionasat31August2024
at£99,350,000.
Financing
TheGrouphadtwoloanswithScottishWidowsLimited
(“ScottishWidows”orthe“Lender”).Afterreporting
loancovenantbreachesinJanuary2023,theLender
agreedaninitialwaiverletterdated29January2023
andissuednewwaiverletterspriortotheexpiryof
eachpreviouswaiverperiod.Asaconditionforgranting
thoseadditionalwaiverletters,certainfinancial
penalties(the“DeferredFees”)wereimposedby
ScottishWidowsonthedailybalanceofoutstanding
loans.On27November2024,theGroupmadeitsfinal
paymentontheloansandon16December2024paid
theDeferredFeesof£9.0million.
Extension of Investment Management Agreement
WiththeadoptionoftheNewInvestmentPolicyand
toreflectthereducedsizebutincreasedcomplexity
oftheCompany’spropertyportfolio,theagreement
betweentheCompanyandAEWrequiredupdated
contractterms.On22August2025,theCompanyand
AEWagreedanamendedInvestmentManagement
Agreement(“IMA”)withimmediateeffect.Thetermsof
thecontractaresummarisedonpage[XX].Therevised
IMAmaybeterminatedonsixmonths’writtennotice
andoccurnoearlierthan21August2026.
Directors
On14January2025,followingthepublicationofthe
FY23accounts,LynneFennah,MarleneWood,Peter
CardwellandSimonMoorestooddownasDirectors
withimmediateeffectwithRodDaysucceeding
MarleneWoodasAuditCommitteeChair.Theywill
continuetoassisttheCompany,whennecessary,on
historiclegalandregulatorymatters.
Post-balance sheet matters
Asweannouncedon14January2026,theCompany
understandsthattheSFOmadearrestsandraided
propertiesonthatdayrelatedtopeopleformerly
associatedwiththeCompany.TheCompanycontinues
toprovideanyassistanceitisabletotheSFOin
pursuingitsinvestigations.
Anyotherpostbalancesheeteventsaredetailedin
Note26totheConsolidatedFinancialStatements.
Michael O’Donnell
Chair
[XX]February2026

8 HomeREITplc | AnnualReport | Fortheyearended31August2025
Strategic report
Management report
Introduction
On21August2023,theBoardappointedAEWas
InvestmentManagerandAIFMfortheGroup.The
AIFMhasultimateresponsibilityforthemanagement
oftheassetsoftheGroupinaccordancewiththe
investmentpolicyoftheGroupandthepoliciesand
directionsoftheBoard.InitsroleasInvestment
Manager,AEWadvisetheGroupinrelationtothe
management,investmentandre-investmentofthe
assetsoftheGroup.
Amended Investment Policy
Uponitsadoptionon21August2023,theAmended
InvestmentPolicyaimedtoensuretheCompanywas
abletocontinuetooperateinthesectorandpreserve
itslonger-termsocialobjectiveofhelpingtoalleviate
homelessness.Keycomponentsinclude:
• aStabilisationPeriodwasintroduced,duringwhich
time,theCompanywouldhavetheobjectiveof
stabilisingtheGroup’sfinancialconditionthrough
initiativestomaximiseincomeandcapitalreturns.
TheStabilisationPeriodwasforaperiodof2years
from22August2023orsuchlaterdate(notbeing
laterthanoneyear)approvedbytheBoard;
• thepermittedusesofpropertieswerediversified
toincludeduringtheStabilisationPeriodany
formofresidentialuse.Poststabilisationthe
Companywouldtargetpredominantlyhomeless
accommodationassetsandassetswithanysocial
use;and
• anewleasingmodelwasadoptedwhichwasbetter
alignedtotheneedsofLocalAuthorities,Charities,
RegisteredProvidersandHousingAssociations
andtheneedsoftheunderlyingoccupantsofthe
properties.
New Investment Policy— Managed Wind-Down
On5February2024,theGroupannouncedthatit
hadcommencedare-financingprocesstoconsider
alternativefinanceoptionsfortheCompany.On
17June2024,theCompanyannouncedthatithad
beenunabletosecureare-financingofitsexisting
debtfacilityontermsthatitcouldrecommend
toshareholders,despiteextensiveandadvanced
discussionswithapotentiallender.There-financing
ofthedebtwasakeycomponentofthecontinued
advancementofthestabilisationstrategydiscussed
underAmendedInvestmentPolicy.Asthere¬financing
hadnotbeenpossible,theCompanyalsoannounced
thatitwasconsideringanumberofoptionsbothto
repaytheoutstandingdebtandprovideanoptimised
resolutionforshareholders,whichcouldincludea
moreextensiverealisationstrategy.TheBoardand
AEWcontinuedtoengagewithScottishWidows
whichadvisedthatitsobjectivewasforrepaymentof
theloanbalanceintheshorttermandnolaterthan
31December2024.
Subsequenttoconcludingthatthere-financingwas
nolongerviable,theBoardconductedafullreviewof
thestabilisationstrategyandwhilstitrecognisedthat
therewasanopportunitytoaddvaluetotheportfolio
atapropertylevel,itconcludedthatthisstrategy
facedconsiderablechallenges.Theseincludedahigh
fixedcorporatecostbase,requiredduetotheREIT
structureandasaresultoftheissuesbeingdealtwith
bytheCompanyatthetime,andtherequirement
forcapitalexpendituretodriveanincreaseinrental
valueandvaluationoftheportfolio.Inaddition,the
Boardwasawarethatthesizeofthevehiclefollowing
therepaymentofdebtwouldbeconsideredtoosmall
bymanyinvestorswhenconsideringitsfutureasa
listedREIT.
Asaresultofthesefactors,andhavingcarefully
consideredtherangeofoptionsavailableforthe
Company,theBoardconcludedthatitwasinthe
bestinterestsofshareholderstoproposeamanaged
wind-downstrategyfortheCompanypursuantto
whichtheassetsoftheCompanywouldbesoldwith
theobjectivesofoptimisingremainingshareholder
valueandrepayingtheCompany’sloanbalance.The
implementationoftheproposedManagedWind-Down
requiredachangetotheCompany’sinvestmentpolicy.
Accordingly,on16September2024,shareholders
approvedtheNewInvestmentPolicy,whichisintended
toallowtheCompanytorealisealltheassetsinits
propertyportfolioinanorderlymannerwiththeview
torepayingborrowingsandmakingreturnsofcapital
toshareholderswhilstaimingtooptimisevalueforthe
Company’sassets.
Property disposals
Since1August2023theGrouphasundertakenaseries
ofauctionsalesinordertorepaybankdebtandprovide
workingcapital.Asatthedateoftheseaccounts,1,620
propertieshavebeensoldatauctionfortotalgross
proceedsof£244.1millionallofwhichhavecompleted.
Theproceedsfromthesaleoftheseproperties
representanaverageof38.4%oftheirpurchaseprice
and98.2%oftheirAugust2023valuation.
Investment Properties
Propertyvaluation
TheGroup’sportfoliohasbeenindependently
valuedbyJLLinaccordancewiththeRICSValuation
ProfessionalStandards.Asat31August2025,the
Group’sportfoliohadamarketvalueof£154.9million
(2024:£265.4million)representing41.6%ofthe
historicalacquisitioncostsof£372.4millionincluding
purchasecosts(2024:44.7%and£593.6million
respectively).Thereductioninthepropertyvaluation
isprincipallytheresultofthesalesof522propertiesin
theyearto31August2025.

 HomeREITplc | AnnualReport | Fortheyearended31August2025 9
Strategic report
Management report—continued
Indeterminingthefairvalueasat31August2025,JLL
hasusedacombinationofvaluationbases,adoptingan
investmentvaluationfor20.5%oftheportfolioandMV-
VPvaluefor79.5%oftheportfolio(2024:Investment
valuation:11.4%andMV-VP:88.6%).Inallcases,JLLhas
consideredtherentalvaluefortheexistingusesofthe
propertiesandLocalHousingAllowance(“LHA”)rates.
Thesecurityoftheunexpiredtermfortheseleases
differsacrosstheportfoliodependingonthecovenant
strengthofthetenant.Fortenantswithaweak
covenantstrengthorwhereapropertywasdeemed
unhabitableJLLdisregardedtheleasesandvaluedthe
propertiesonthebasisofMV-VP.Allpropertiesunder
thecontrolofpropertymanagershavebeenvaluedon
thebasisofMV-VP.
Whereavaluationhasbeenpreparedonaninvestment
basis,limitationsonthedurationoftheincomestreams
havebeenappliedtoaccountforthecovenantstrength
ofthetenants,andtheabove-marketrentlevels
demandedunderthein-placeleases.Formostofthose
leases,JLLcappedtheunexpiredleasetermat5years
duetothelackofconfidenceinthosetenantsbeing
abletofulfiltheirleaseobligations.Forthoseproperties
whichwerelettoatenantwithastrongcovenant,JLL
capitalisedtheleasepassingrentforitsremainingterm
ofuptosevenyears.
Thebelowtableshowsthebreakdownofpropertiesandvaluebyvaluationapproach.
31 August 2025 31August2024
Asat
Number
ofproperties
FairValue
£millions
Number
ofproperties
FairValue
£millions
Investmentvaluationapproach 257 31.8 232 30.2
Marketvalue–vacant
possessionapproach 596 123.1 1,143 235.2
Total 853 154.9 1,375 265.4
Asat31August2025,19ofthe853propertieswere
consideredunhabitable(2024:44of1,375properties).
Theannualcontractedrentandfairvalueinrespectof
thesepropertiesasat31August2025was£0.2million
and£4.4millionrespectively(2024:£0.6millionand£9.4
millionrespectively).Subsequentto31August2025,
onepropertywhichwasconsideredunhabitablehas
beensoldwhichhascompleted.
Tenants
Tenantcovenantstrengthandliquidations
Asat31August2025,404oftheGroup’s853properties
werelettoregisteredcharities,housingassociations
andcommunityinterestcompanies(2024:682of1,375
properties).InlinewiththeOriginalInvestmentPolicy,
theGrouphadintendedtoacquireassetsletorpre-let
toawiderangeoftenantswithrobustfinancialsand
aprovenlong-termoperatingtrackrecordacrossa
diverserangeofhomelesssub-sectorsandlocations.
Theheadroombetweencoreleaserentpayableonthe
Group’spropertiesandhousingbenefitwasintended
tocoverthetenant’smanagementchargeandthecost
ofintensivehousingmanagement/buildingsupkeep
associatedwiththeprovisionofaccommodationto
homelesspeople.
AEWhasdeterminedthatthemajorityoftenantswere
poorlycapitalisedandlackedlong-termoperatingtrack
recordsandthebenefitoflocalauthoritysupport.In
someinstances,forexamplesinglefamilyhomes,the
rentburdenundertheoriginalleasewasunsustainable
basedonthelocation,lay-out,useandconditionof
theproperty.
AEWandtheBoardhavedeterminedthatasat
31August2025,6of18tenants(2024:12ofthe20
tenants)wereofweakcovenantstrengthrepresenting
13.3%ofpropertiesand26.8%ofannualcontracted
rent(2024:67.6%and76.1%respectively).Twotenants
wereinadministrationasat31August2025(2024:three
tenants).Nofurthertenants(2024:threetenants)have
enteredintovoluntaryadministrationpostperiodend.

10 HomeREITplc | AnnualReport | Fortheyearended31August2025
Strategic report
Management report—continued
Duringtheyearended31August2025,theGroup
agreedsurrenderdealswith10tenantscovering
343properties.On64leasestheprimarywas
surrenderedandHomeREITnowhasadirectleasewith
theunder-tenant.Newleaseswereagreedonafurther
43propertiesandapropertymanagerwasputinto
placeon236propertieswhicharestillinplace.Three
propertieswhichwerebeingmanagedbyaproperty
managerhavesubsequentlybeensold.
Rentcollection
Rentcollectedduringtheyeartotalled£8.8million
(2024:£6.3million).Oftheamountdemandedunder
leasestonon-occupanttenantsof£8.6million(2024:
£35.1million),£4.8million(2024:£4.1million)was
collected.Anadditional£4.0million(2024:£2.2million)
wascollectedfrompropertiesmanagedunderproperty
managementagreements.Arrearsat31August2025
were£3.3million,ofwhich£0.1millionwasfully
providedfor(2024:£52.2millionand£48.4million
respectively).TheGrouprecognisedanadditional
provisionforexpectedcreditlossesof£5.5millionin
2025(2024:£29.1million)andwroteoff£53.2millionof
tenantreceivablesin2025(2024:£30.7million).
Amountscollectedaftertheperiodendforrentdue
underoperatingleasesincludingarrearswas£[XX]
millionfrom1September2025to[XX]comparedto
rentdemandedof£[XX]million.
OccupancyandSocialUse
AEWhasundertakenacomprehensivereviewand
datacollectionexerciseofthepropertyportfolio.
Analysisoftheunderlyingpropertyconditionanduse
wasparamountaspartofanexercisetodetermine
suitability,capitalexpenditurerequirements,andthe
prospectsforincomeandcapitalreturnsprospects
asAEWworkstorationalisetheportfolioduring
theManagedWind-Down.AkeyfocusoftheBoard
hasbeentoensurehealth&safetycomplianceinall
propertiesundertheGroup’scontrol.
AEWobtainedreliabledatafromtenantsandproperty
managersthatthemajorityoftheoccupantsinthe
portfoliohasbeenidentifiedasPRSratherthan
homelessaccommodationbackedbyexemptrents
fromlocalauthorities.PRSoccupiers,however,couldbe
atriskofhomelessnessandmeetthecriteriaofbroader
SocialUse,asdefinedintheAmendedInvestment
Policy,basedonthelocationofthepropertiesandthe
typeofaccommodationtheyprovide.
Debt Finance and Repayment
On19June2023ScottishWidowsimposedaDeferred
Feeof0.5%oftheaggregateamountsoutstanding
onthetwoloansateachof31August2023and
30November2023,payableonthefullandfinal
repaymentoftheloan.On4December2023Scottish
WidowsimposedafurtherDeferredFeeeffectivefrom
30November2023beingtheequivalentof5.0%per
annumontheaggregateamountsoutstandingonthe
twoloansascomputedonadailybasis.On2July2024,
theDeferredFeewasincreasedfrom5%to7%with
effectfrom1July2024untilthefullrepaymentof
theloan.On27November2024,theGroupmadeits
finalpaymentontheloansoutstandingtoScottish
Widowsandon16December2024theGrouppaidthe
outstandingDeferredFeesof£9.0million.
Expense control – general and
administrative expenses
TheGrouphasincurredsignificantexpensesintheyear
to31August2025.Thebroadcategoriesofexpenses
areasfollows:
Fortheyear
ended31August
2025
£’000
Fortheyear
ended31August
2024
£’000
Legalfees 5,295 7,106
AEWinvestment
managementfees(Note19) 5,200 5,000
Professionalfees 4,540 4,608
FeespaidtotheGroup’s
IndependentAuditor 717 846
Valuationfees 168 300
Directors’fees(Note19) 430 362
Otheradministrative
expenses 1,588 1,563
Total 17,938 19,785
• Legalfeesincurredrelatedtothefollowing
workstreams:1-activitiesco-ordinatingresponses
tovariousregulatorsandothertheassociated
corporateactionsof£0.4million(2024:£0.9million),
2-theinvestigationofwrongdoing,thepreparation
ofdefensiveactiononbehalfoftheCompany
andthepursuitofthosetheCompanyconsiders
responsibleforthewrongdoingof£3.2million(2024:
£3.2million),3-tenantrelatedmattersof£1.1million
(2024:£1.8million),4-bankloanrelatedsupport
forboththeborrowerandthelenderof£0.2million
(2024:£0.7million),5-forensicsupportforalllegal
advisersof£0.3million(2024:£0.3million),and
6-othermiscellaneousworkstreams£0.1million
(2024:£0.2million).
• Professionalfeesincludecostsassociated
withfinancialadvisors,accounting,PRand
taxsupport.
• AEW’sfeesarediscussedmorefullyonpage[XX]
andinNote[XX]totheConsolidatedFinancial
Statements.

 HomeREITplc | AnnualReport | Fortheyearended31August2025 11
Strategic report
Management report—continued
Expense control – property operating expenses
Operatingexpensesrelatingtopropertiesunder
managementagreementsareasfollows:
Fortheyear
ended31August
2025
£’000
Fortheyear
ended31August
2024
£’000
Maintenanceandcompliance 4,921 2,301
Managementfees 3,150 1,342
Utilities 1,804 788
Counciltax 1,190 562
Otherfees 78 166
Subtotal 11,143 5,159
Irrecoverable
propertyinsurance 119 624
Propertyconsultancyfees – 568
Otherpropertyexpenses 66 435
Total 11,328 6,786
TheGroupbeganincurringpropertyoperating
expensesdirectlyasAEWnegotiatedleasesurrenders
withnon-performingtenantsandinsertedproperty
managerstomanageeachpropertyuntilstabilised,
re-letorsold.Thisdirectarrangementwiththe
occupantplacestheresponsibilityforsettlingexpenses
associatedwitheachpropertywiththeGroup(ifnot
directlywiththetenantforsuchcostsasutilities
andcounciltaxes).Thenumberofpropertiesunder
managementbythirdpartieshasvariedsignificantly
since1September2023.Insomecases,property
managerswereappointedonlyforashortperiodto
managethepropertybetweenthesurrenderdate
andtheclosingofthesale.Intheremainingcases,
apropertymanagerhavebeeninplacesincethe
surrenderdate.
TheGroupincurredsignificantmaintenanceand
compliancecostsasittookbackpropertiestoensure
thatpropertiesweresafeandsuitableforoccupation.
Propertieswereevaluatedforsaleorimprovement
atthesurrenderdateandifAEWconsidered
improvementstoensurethepropertywassuitable
foroccupationweretoosignificant,thepropertywas
auctionedtogenerateproceedstoreducethird-party
loans.Inadditiontostandardmanagementfees,the
Groupalsoincurredon-boardingandvacancyfees,
andimprovementsoversightexpensesfromproperty
managers.Propertyconsultancyfeeswereassociated
withathirdpartyengagedbythepreviousInvestment
Advisor,whoassistedwiththetransitiontoAEWin
2023andwhosecontractwasterminatedwitheffect
from31October2023.
Approach to the Managed Wind-Down
ItisexpectedthattheCompany,viaAEW,willadopta
broadandmanagedapproachtothedisposalofassets,
withaviewtooptimisingvalueforshareholders.A
proportionofthepropertyportfoliowassoldatauction
before31December2024tomeettherequirements
ofScottishWidowsandrepayalloutstandingdebtand
associatedfees.
Afteranextensivemarketingcampaigncommenced
inQ42024,asignificantnumberofpartiesshowed
interestintheremainingpropertyportfolio.Non-
bindingofferswerereceivedforthefullportfolioin
February2025.Asannouncedon13November2025,
theCompanyisinexclusivitywithPatronCapitalin
respectofthedisposalofapproximately700ofthe
Company’sportfolioofassetsandduediligenceis
progressing.Theremainingproperties,including
threepropertiessoldinDecember2025for£270,000,
havebeenvaluedat£17.6millioninthe31August2025
ConsolidatedStatementofFinancialPositionand
areexpectedtobesoldthroughtheauctionmarket
duringthefirsthalfof2026.Whilediscussionswith
PatronCapitalareongoing,therecanbenocertainty
thatatransactionwillbeagreedupon.AEWcontinues
toundertakeassetmanagementinitiativesfocused
onaddingvaluetotheportfolioandpreparing
themforsale.
GiventheCompany’soriginallystatedobjectiveof
providingaccommodationforthehomeless,the
realisationprocesswillbemanagedinawaytominimise
impactanddisruptiontovulnerableoccupiers.
AEW UK Investment Management LLP
[XX]February2026

12 HomeREITplc | AnnualReport | Fortheyearended31August2025
This Environmental, Social and Governance Policy
applies to the Company and the Group.
TheBoardtogetherwithAEW(together,“we”forthe
purposesofthisESGreportonly),havearesponsibility
toconducttheGroup’sinvestmentbusinessina
sociallyresponsiblewayandrecognisethatour
investorsmayhavethesamevalues.
Environmental,Social&Governance(“ESG”)
TheBoardbelievesthatESGshouldbeakeyprinciple
ofAEW’sapproachtoResponsiblePropertyInvesting
(“RPI”)andthatasustainableandresponsibleapproach
torealestateinvestmentmanagementbothprotects
andenhancesthevalueofassets,nowandinthefuture.
AEWisfullyawareoftheimpactofouractivities
onenvironmentalandsocialissuesbothfromour
businessandourinvestment,assetmanagementand
developmentactivities.TothisendAEWiscommitted
toimplementingacomprehensiveSociallyResponsible
Investment(SRI)policy.BydoingsoAEWexpectto
meetourstakeholders’expectations,whetherthey
areclients,tenants,providers,employees,oranyother
individualwithwhomweinteract.
AEW’sSRIpolicyisalignedwiththeinternational
climateagreementsignedinParisinDecember2015as
climatechangeisamajorchallengeforhumanitythat
posesimportantrisksandcreatesopportunitiesforthe
realestateindustry.TherealestatesectorinEurope
accountsforsome40%oftotalenergyconsumption
andabout25%ofgreenhousegas(GHG)emissions.
Overthecomingyearswebelievethatbothoccupiers
andinvestorswillincreasinglyfocusonthewayinwhich
ESGissuesaremanaged.Inturn,thisisexpectedto
impactonbuildingobsolescence,lettability,ratesof
leaserenewalsandultimatelytherentalandcapital
valuesforindividualassetsifESGissuesareignored.
However,theBoard’sandAEW’sfiduciarydutyto
investorsmustalwayscomefirstinallinvestment
decision-making.AEWengagewithclientswherever
possibletoeducateontheimportanceofESG.Where
wefeelitisimportanttodosoandcostscanbejustified
intermsofperformanceobjectives,orarerequiredto
complywithUKlegislation,wewillseektoincorporate
oradoptbestpractice.
Environmental
MinimumEnergyEfficiencyStandards(“MEES”)applyto
privaterentedresidentialandnon-domesticproperties
intheUK.Introducedin2018,theregulationisaimedto
placerestrictionsontenancieswherepropertieshave
anEPCratingofFandGtoencouragelandlordsand
propertyownerstoimprovetheenergyefficiencyof
theirbuildings.
UnderMEES,theupcomingregulatorythresholdsare:
• By2028,aminimumEPCratingofCwillberequired.
• By2030,thisthresholdincreasestoaminimumofB.
Asof31stAugust2025,10.8%oftheportfolioisratedF
orG,hasanexpiredEPCorEPCratingswereotherwise
unavailable.Aspartofregulardialoguewithtenants
andpropertymanagers,complianceisbeingmonitored
andregularlyreportedtotheBoard.
Ofthepropertiesheldasat31August2025theGroup’s
currentEPCratingsareasdetailedbelow:
Rating
Numberof
Properties %
A – 0
B 6 0.7
C 227 26.6
D 405 47.5
E 123 14.4
F 1 0.1
G 1 0.1
Expired 85 10.0
Notavailable 5 0.6
Total 853 100.0
OfthepropertieswithexpiredEPCratings,34were
beingtransitionedfromonepropertymanagerto
anotherandAEWhaveinstructedthenewproperty
managertoobtainarating.Theremaining51expired
EPCratingsareunderthecontroloftenantswhohave
fullresponsibilitytoobtainandmaintainEPCratings.
AEWhaverequestedthetenantstoobtainEPCratings
buthavenoabilitytoforcetenantstodoso.
Social
Wehaveidentifiedthemajorstakeholdersinthe
Group’sbusinessandendeavourtoconsidertheimpact
ofourdecisionsuponthese.
Shareholders:AsapublicgrouplistedontheLondon
StockExchange,theGroupissubjecttotheListing
RulesandtheDisclosureGuidanceandTransparency
Rules.TheListingRulesincludealistingprinciplethat
alistedgroupmustensurethatittreatsallholdersof
thesameclassofsharesthatareinthesameposition
equallyinrespectoftherightsattachingtosuch
shares.Weuseourbestendeavourstoabidebythe
ListingRulesatalltimes.
Employees:Asanexternallymanagedrealestate
investmenttrust,theGrouphasnofulltime
employeesonlyaBoardcomprisedentirelyofnon-
executiveDirectors.
Strategic report
ESG report

 HomeREITplc | AnnualReport | Fortheyearended31August2025 13
Tenants:AEWperformsextensiveduediligencebefore
atenantisselected,andduringthetenancyagreement
weaimtomaintainaconstructiverelationship.Wetake
intoaccountourtenants’changingneedsanduseour
expertisetoassisttheminanywaywithinourability.
Occupants:Inourcommitmenttofosteringa
sustainableandresponsibleinvestmentstrategy,we
recognizethattheoccupiersofourpropertiesare
essentialstakeholders.Theirwellbeingisparamount
andwetakeproactivemeasurestoensurethatall
ourpropertiescomplywithapplicablelaws,including
healthandsafetystandards,therebycreatingasecure
livingenvironment.Wearecommittedtodriving
improvementsinthequalityofaccommodation,
recognizingthatasafeandcomfortablehomeis
fundamentaltothelivesofoccupiers.Inparticular,we
placegreatemphasisontheneedsofsupportedliving
tenants,whotypicallyrequireadditionalsupportfrom
thirdpartyintensivehousingmanagers.
ServiceProviders:AlistoftheGroup’skeyservice
providerscanbefoundintheCompanyInformationon
page120.TheGroupconductsallitsbusinessthrough
itskeyserviceproviders.Beforetheengagement
ofaserviceprovider,weaimtoensurethatour
businessoutlookaswellasourvaluesaresimilar.The
Groupperformsanannualevaluationofallofitskey
serviceproviderstoensureinteraliathatourvalues
remainaligned.
Compliance
TheCompanywasincorporatedandregisteredin
EnglandandWalesasapubliccompanylimitedby
shares.TheGroupisnotauthorisedorregulatedasa
collectiveinvestmentschemebytheFCA,however
itissubjecttotheListingRulesandtheDisclosure
GuidanceandTransparencyRules.Theprincipal
legislationunderwhichtheGroupoperatesisthe
CompaniesAct2006.WhiletheGroupholdsincome
producingpropertyassets,theDirectorsintend,atall
times,tocontinuetoconducttheaffairsoftheGroup
tocontinuetoqualifyasaREITforthepurposesof
Part12oftheCTA2010(andtheregulationsmade
thereunder).
TheGroupseekstocomplywiththeAICCodeof
CorporateGovernance(the“AICCode”)andwillreport
onitscompliancewiththeAICCodeeachyearinits
AnnualReport.
Risk Management
Ourgovernancemodelisdesignedtomanage
investmentriskandoperationalrisk.Therisk
managementprocessandsystemsofinternalcontrol
aredesignedtomanageratherthaneliminatetherisk
offailuretoachievetheCompany’sobjectives.Itshould
berecognisedthatsuchsystemscanonlyprovide
reasonable,notabsolute,assuranceagainstmaterial
misstatementorloss.
Health&Safety
AsaresultoftheAmendedInvestmentPolicywhich
includesanewleasingmodelremovingtherequirement
forallleasestobefullyrepairingandinsuring(FRI),
theGroupisexposedtoincreasedhealthandsafety
risk.Health&safetyisastandardpriorityitemonthe
Board’sagendawithAEWhavinganestablishedHealth
&SafetyCommitteewhichregularlyreportsmaterial
matterstotheBoard.
OperationalRisk
AEWassessestheoperationalriskonacontinuous
basisandreportsoperationalriskandtheresponse
theretototheBoardonamonthlybasis.
Responsible investment
Ownership
TheGroup’sInvestmentManagerwastheownerofthis
policyatthereportingperiodend.Thepolicyissubject
toannualreview.
AEWiscommittedtocreatinglong-termvaluefor
shareholdersandadherestoapolicyofsustainableand
responsibleinvestment.AEW’sSRIpolicycanbefound
withintheCorporateResponsibilityareaontheGroup’s
websitewww.homereituk.com.AEWreviewsits
SustainabilityPolicyonanannualbasis,andthepolicy
isapprovedbytheBoardofAEW.
Strategic report
ESG report—continued

14 HomeREITplc | AnnualReport | Fortheyearended31August2025
TheGrouppresentslimitedPerformanceMeasureswhicharefocusedonkeymetricsspecifictoworkstreams
supportingtheManagedWind-Down.TheBoarddoesnotconsiderthatreportingthefullsuiteofEPRAkey
performanceindicators(“KPIs”)tobegermanetoShareholders.TheBoardconsidersthatthefollowingKPIs
appropriatefortheuserofthisAnnualReportandAccounts:
KPI and definition Relevance to strategy
Performance
Results2025 2024
1. NAV per Share
TheNAVattributableto
shareholdersdividedby
averagesharesoutstanding
duringtheperiod.
NAVpershareprovides
shareholderswithan
indicationofGroupvalue.
20.38
pence
24.25
pence
Decreaseof16%resulting
fromthelossrecognised
inFY25.
2. Total expense ratio
Thepercentageoftotalgeneral
andadministrativeexpenses,
includingmanagementfees
andotheradministrativecosts
expressedasapercentageof
theNAV.
Thetotalexpenseratioisa
keymeasureoftheGroup’s
operationalperformanceand
canbeusedtomeasureGroup
performanceagainstpeer
companies.
11.1% 10.3% Asdescribedonpage10,
expensesdecreasedby9%
butNAVdecreasedby16%,
resultinginthepercentage
tickingupslightlyinFY25.
3. Loan-to-Value
Ratioofgrossdebtasa
percentageofthevaluationof
investmentproperty.
LTVmeasuresthe
prudenceofbalancing
highershareholderreturns
andadditionalportfolio
diversificationagainstthe
additionalriskofleverage.
0% 35.3% GroupLTVdecreaseddueto
fullrepaymentofbothloans
andallassociatedcostsand
feesinFY25.
Strategic report
Key performance indicators

 HomeREITplc | AnnualReport | Fortheyearended31August2025 15
Strategic report
Strategic overview
Purpose, business model and strategy
TheBoardisresponsiblefortheoverallmanagement
oftheGroupand,inaccordancewiththeAICCode,
theBoardestablishestheGroup’spurpose,valuesand
strategy,andreportstoshareholdersonthedetailof
howthisisachieved.
Asaninvestmentgroup,theGroup’spurposeis
expressedinitsinvestmentobjective.Itsinvestment
policydescribesthestrategyadoptedbytheGroup
toachieveitsobjective.Theinvestmentobjectiveand
policystatedbelowshouldbeconsideredinconjunction
withtheChair’sstatementandtheotherdisclosures
withintheStrategicReportwhichprovideanin-depth
reviewoftheGroup’sperformanceandfuturestrategy.
TheAmendedInvestmentPolicy,whichissummarised
onpage[XX],wasapprovedbyShareholderson
21August2023.TheNewInvestmentPolicywas
approvedbyshareholderson16September2024.In
accordancewiththeAICCode,thecurrentinvestment
objectiveandpolicy,whichwaseffectivefrom
16September2024,isdetailedbelow.
Investment objective
TheCompany’sinvestmentobjectiveistorealiseall
existinginvestmentsintheCompany’sportfolioin
anorderlymanner,withaviewtoultimatelyreturning
availablecashtoshareholders,followingthesettlement
ofallamountsduetotheLender.
NewInvestmentPolicy
TheCompanywillendeavourtorealiseallof
theCompany’sinvestmentsinamannerthat
achievesabalancebetweenmaximisingthevalue
ofitsinvestmentsandmakingtimelyreturnsto
shareholders.
TheBoardintendsthattheproceedsofanyasset
realisationswillbeusedtosettleallamounts
outstandingtotheLenderbeforeanysuchproceeds
aredistributedtoshareholders.
TheCompanywillnotmakeanyfurtherinvestments.
Capitalexpenditurewillbepermittedwhereitis
deemednecessaryordesirablebytheInvestment
ManagerinconnectionwiththeManagedWind-Down,
primarilywheresuchexpenditureisnecessaryto
protectorenhanceanasset’srealisablevalue,orin
ordertocomplywithhealth&safetyorotherstatutory
obligations.
Diversification of Risk
Thenetproceedsfromassetrealisationstodate
havebeenusedtosettleallamountsoutstandingto
theLender.Futurenetproceedswillbereturnedto
shareholders(netofprovisionsfortheCompany’s
costs,expensesandpotentialliabilities)insuchmanner
astheBoardconsidersappropriateandwhenitis
abletodoso.
Excesscashwillbeheldinsterlingonlyandplacedon
depositand/orheldascashequivalentsecurities,other
cashequivalents,cashfundsorbankcashdeposits,
pendingitsreturntoshareholders.
Borrowing policy
Thenetproceedsfromrealisationshavebeenused
tosettleallamountsoutstandingtotheLender.The
Companywillnottakeonanynewborrowings.
AnymaterialchangetotheCompany’sinvestment
policysetoutabovewillrequiretheapprovalof
shareholdersbywayofanordinaryresolutionata
generalmeetingandtheapprovaloftheFinancial
ConductAuthority.Non-materialchangestothe
investmentpolicymaybeapprovedbytheBoard.
Approach to the Managed Wind-Down
ItisexpectedthattheCompany,viaAEW,willadopta
broadandmanagedapproachtothedisposalofassets,
withaviewtooptimisingvalueforshareholders.Sales
willbestructuredandexecutedtoachievebestvalue
andtominimisedisruptiontotheunderlyingoccupiers
oftheproperties.Adecisiononthepreferredmethod
ofdisposalwillbedeterminedbyanumberoffactors,
includingpropertycondition,location,tenanttypeand
leaseterms.
DuringtheManagedWind-Downassetmanagement
initiativeswillbefocusedonaddingvaluetoproperties
andpreparingthemforsaletomaximiseliquidity.
Inaddition,giventheCompany’soriginallystated
objectiveofprovidingaccommodationforthe
homeless,therealisationprocesswillbemanagedina
waytominimiseimpactanddisruptiontounderlying,
vulnerableoccupiers.

16 HomeREITplc | AnnualReport | Fortheyearended31August2025
Return of capital to shareholders
Asshareholderswillbeaware,theCompanyhasfaced
theongoingprospectofpotentialgrouplitigation
forsometime.Thatprospecthasnotreceded.
Separately,butinaddition,therecentannouncements
oftheSeriousFraudOfficealsoservetoillustratethe
complexanduncertainenvironmentinwhichtheBoard
isrequiredtomakedecisions.
ItremainstheobjectiveoftheBoardtoensurethe
Companycanreturnavailablecapitaluponcompletion
oftherealisationstrategyassoonaspossible.
However,wemustremindshareholdersthatthe
abilitytomakedistributionsmaybeconstrainedby
thecircumstancesfacingtheCompany,includingthe
uncertaintiesdescribedabove,whichmayresultin
returnsofcapitaltakingplaceoveralongerperiod.
TheBoardcontinuestotakeprofessionaladviceon
theoptionsthatwouldenableavailablecapitaltobe
returnedtoshareholdersinawaythatistransparent,
costeffectiveandconsistentwiththeBoard’slegal
andfiduciarydutiesandobligationsasdirectorsof
theCompany.
Weunderstandtheuncertaintyregardingthequantum
andtimingofthereturnofavailablecapitalmaybea
sourceoffurtherdisappointmenttoshareholders.
Aswehavepreviouslydisclosed,theCompanyalso
expectstoretaincapitaltomeetcorporatecostsand
allowittopursuelegalactionagainstthosewhomay
beliableforthelossesithassuffered,subjecttoa
commercialassessmentofthecost-benefitanalysis.
Restoration of listing
TheCompanyexpectstofileits2025interimaccounts
inthefirstquarterof2026.Whencompleted,the
Companywillbeuptodatewithitsfinancialfilings
andexpectstoapplytotheFCAforarestorationof
itslistingandtherecommencementoftradingonthe
LondonStockExchange.
Business and status of the Company
TheCompanyisregisteredasapubliclimitedcompany
andisaninvestmentcompanywithinthetermsof
section833oftheCompaniesAct2006.TheCompany
isaREITforthepurposesofPart12oftheCorporation
TaxAct2010.ItwillbetreatedasaREITsolongasit
continuestomeettheREITconditionsinrelationtoany
accountingperiod.
TheCompanywasincorporatedon19August2020.
ItsSharestradeonthePremiumSegmentoftheMain
MarketoftheLondonStockExchange.Thelistingof
theCompany’sordinaryshareswassuspendedon
3January2023duetothenon-publicationofitsannual
financialreportwithinfourmonthsaftertheendofits
financialyearforFY22,contrarytotheFCA’sDisclosure
GuidanceandTransparencyRule4.1.3.
Employees, human rights, social and
community issues
TheBoardrecognisestherequirementunder
CompaniesAct2006todetailinformationabouthuman
rights,employeesandcommunityissues,including
informationaboutanypoliciesithasinrelationto
thesemattersandtheeffectivenessofthesepolicies.
Theserequirements,whichmayapplytotheGroup’s
investments,donotapplytotheCompany.The
Companyhasthereforenotreportedfurtherinrespect
oftheseprovisions.
AEWisanequalopportunitiesemployerwhorespects
andseekstoempowereachindividualandthediverse
cultures,perspective,skillsandexperienceswithinits
workforce.ForfurtherinformationonAEW’sprinciples
inrelationtopeopleincludingdiversity,genderpay,
employeesatisfactionsurveys,wellbeingandretention,
pleaserefertotheESGlinkwithintheCorporate
Responsibilityareaatwww.homereituk.com.
Modern Slavery Act 2015, Bribery Act 2010 and
Criminal Finances Act 2017
TheCompanyisnotrequiredtoproduceastatement
onslaveryandhumantraffickingpursuanttothe
ModernSlaveryAct2015asitdoesnotsatisfyallthe
relevanttriggersunderthatActthatrequiressuch
astatement.TheCompanydoes,however,closely
monitorthepoliciesofitssupplierstoensurethat
properprovisionsareinplace.
AEWUKInvestmentmanagementLLP,theInvestment
ManagertotheCompany,ispartoftheNatixisGroup,
whosestatementonSlaveryandHumanTrafficking
hasbeenpublishedinaccordancewiththeModern
SlaveryAct2015.
http://natixis.groupebpce.com/wp-content/
uploads/2022/11/Modern-Slavery-Act-
statement-2024.pdf
Gender diversity
Asat31August2025,theBoardofDirectorsofthe
Groupcomprisedofthreedirectors.Theappointment
ofanynewDirectorismadeinaccordancewiththe
Company’sdiversitypolicyasdetailedonpage45.
Strategic report
Strategic overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 17
Strategic report
Strategic overview—continued
Stakeholder engagement
StakeholdersareintegraltothesuccessoftheGroup.
TheBoardrecognisesthat,bothindividuallyand
collectively,itsoverarchingdutyistoactingoodfaith
andinawaythatismostlikelytopromotethesuccess
oftheCompanyandtheGroup.Assetoutinsection
172oftheCompaniesAct2006,theDirectorsactfor
thebenefitofshareholdersandintheinterestsof
stakeholdersasawhole,havingregard,amongstother
matters,to:
• thelikelyconsequencesofanydecisioninthe
long-term;
• theneedtofostertheGroup’sbusiness
relationshipswithsuppliers,tenants,occupants
andothers;
• theimpactoftheGroup’soperationsonthe
communityandtheenvironment;
• thedesirabilityoftheGroupmaintaininga
reputationforhighstandardsofbusinessconduct;
and
• theneedtoactfairlybetweenshareholdersof
theGroup.
AllBoarddiscussionsincludeconsiderationofthe
longer-termconsequencesofanykeydecisionsand
theirimplicationsfortherelevantstakeholders.
Agroup’sstakeholdersarenormallyconsideredto
compriseitsshareholders,employees,tenants,
occupants,suppliersaswellasthewidercommunity
inwhichtheGroupoperatesandimpacts.TheGroup
differsasitisanexternallymanagedinvestment
trustthathasnofull-timeemployeesand,interms
ofsuppliers,itreceivesprofessionalservicesfrom
anumberofdifferentproviders,principalamong
thembeingAEW.
Throughregularengagementwithitsstakeholders,
theBoardaimstogainaroundedandbalanced
understandingoftheimpactofitsdecisions.Feedback
fromstakeholdersisgatheredbyAEWinthefirst
instanceandcommunicatedtotheBoardinitsregular
quarterlymeetingsandotherwiseasrequired.
Theimportanceofstakeholdersistakenintoaccount
attheboardmeetings,withdiscussionsinvolving
carefulconsiderationofthelonger-termconsequences
ofanydecisionsandtheirimplicationsforstakeholders.
DetailsofhowtheBoardseekstounderstandthe
needsandprioritiesoftheGroup’sstakeholders
andhowthesearetakenintoaccountduringallofits
discussionsandaspartofitsdecision-makingare
setoutbelow:
Shareholders
TheBoardwelcomesshareholders’viewsand
iscommittedtomaintainingopenchannelsof
communicationswiththem.TheBoardisresponsible
forthecontentofcommunicationregarding
corporateissuesandforcommunicatingitsviewsto
shareholders.Itaimstoensurethatshareholdersare
providedwithsufficientinformationtounderstand
therisk/rewardbalancetowhichtheyareexposedby
investingintheGroup.Thechannelsofengagingwith
shareholdersinclude:
Annual General Meeting
Allshareholdersareencouragedtoattendandvote
attheAnnualGeneralMeeting(“AGM”)andatany
generalmeetingsoftheCompany,duringwhichthe
BoardandAEWareavailabletodiscussissuesaffecting
theGroupandtoprovideanoverviewontheGroup’s
performanceanditsfutureoutlook.TheCompany
valuesanyfeedbackandquestionsitmayreceivefrom
shareholdersaheadofandduringtheAGMandtakes
action,asappropriate.
Meetings with shareholders
TheBoard,AEWandtheBrokerregularlymeetwith
theCompany’sshareholderstoprovideGroupupdates
andtofosterregulardialogue.Feedbackfromall
shareholdermeetings,andshareholders’views,are
discussedbytheBoardonaregularbasis.Shareholders
wishingtocommunicatedirectlywiththeBoardshould
contacttheCompanySecretaryattheregisteredoffice
address.TheChairandtheotherDirectorsareavailable
throughouttheyeartomeetwithshareholdersto
understandtheirviewsontheGroup’sperformance
andgovernancewheretheshareholderswishtodoso.
Publications
TheAnnualandHalf-YearlyReportsaremadeavailable
ontheCompany’swebsite.Thesereportsintend
toprovideshareholderswithaclearunderstanding
oftheGroup’sportfolioandfinancialposition.In
additiontotheAnnualandHalf-YearReports,the
investorpresentationsprovidedsinceinceptionby
AEWandAHRAandanyprospectusesandcirculars
issuedbytheGrouparealsoavailableonthewebsite.
TheCompanyprovidesregularupdatesonportfolio
acquisitions,disposals,tenantupdatesandanyother
relevantmatterbywayofmarketannouncements.
WiththeadoptionofaManagedWind-Downstrategy,
theCompanywillcontinuetoprovideupdatesto
shareholdersbutthiswillbedrivenbyeventsrather
thanafixedmonthlyrelease.

18 HomeREITplc | AnnualReport | Fortheyearended31August2025
Strategic report
Strategic overview—continued
Shareholder concerns
Intheeventthatshareholderswishtoraiseissuesor
concernswiththeBoardorAEW,theyarewelcome
towritetotheCompanyattheregisteredoffice
address.TheSeniorIndependentDirectorand
othermembersoftheBoardarealsoavailableto
shareholdersiftheyhaveconcernsthathavenotbeen
addressedthroughthenormalchannels.Shareholders
canalsowritedirectlytotheChairoftheCompany
throughtheCompanySecretary,asdetailedonthe
Company’swebsite.
Tenants
AEWhasbeenactivelyengagingwithalltenantsas
itassessestheirsuitabilityanddevelopsitstenant
specificstrategyforre-tenantingassets.AEW
hasattemptedtoworkwithtenantstorationalise
portfoliosandwhereappropriatenegotiatesurrenders
ofleasesinordertotakebackcontroloftheassets.
AEW’sAssetManagementteammaintainsanongoing
dialoguewithtenantseitherdirectlyorinthecaseof
occupiersonASTsthroughitsappointedproperty
manager.AEWcontinuestoengagewithprospective
tenantsaspartofthestrategytore-tenantthe
portfolioduringtheManagedWind-Down.
Lenders
RegularmeetingswereheldbetweentheLender,the
BoardandAEWtodiscussandassesstheCompany’s
compliancewithbankingcovenantsandagreewaivers,
repaymentofloanfacilitiesandadditionalfeespayable.
TheoutstandingloanbalancesandDeferredFeeswere
repaidinNovemberandDecember2024,respectively.
Society and the environment
Asaninvestorinrealestate,theGroup’sassetshave
animpactonthebuiltenvironment.TheGrouphasan
ESGpolicywhichisincludedonpages12to13ofthis
AnnualReport.
Key decisions made during the year
Repaymentofdebt
On27November2024,theGroupmadeitsfinal
paymentontheloansandon16December2024paid
theDeferredFeestotalling£9.0million.
Changeofinvestmentpolicy
TheBoardproposedaNewInvestmentPolicyfor
theManagedWind-DownoftheGroupwhichwas
approvedbyshareholderson16September2024.
TheNewInvestmentPolicyisintendedtoallowthe
Grouptorealisealltheassetsinitspropertyportfolio
inanorderlymannerwiththeviewtorepaying
borrowingsandmakingtimelyreturnsofcapitalto
shareholderswhilstaimingtooptimisethevalueofthe
Group’sassets.

 HomeREITplc | AnnualReport | Fortheyearended31August2025 19
TheBoard,throughdelegationtotheAuditCommittee,hasundertakenarobustassessmentandreviewofthe
principalrisksfacingtheCompanyandtheGroup,togetherwithanexercisetoidentifyanynewriskswhichmay
havearisenduringtheperiod,includingthosethatwouldthreatenitsbusinessmodel.Theserisksareformalised
withintheGroup’sriskmatrix,whichisregularlyreviewedbytheAuditCommittee.Aspartofitsriskmanagement
process,theAuditCommitteeseekstoidentifyemergingriskstoensurethattheyareeffectivelymanagedasthey
developandrecordedintheriskmatrix.
TheprincipalrisksanduncertaintieswhichtheGroupfacesundertheNewInvestmentPolicyasapprovedby
shareholderson16September2024(seepage15foradescriptionofthepolicy)aresetoutbelow.
Risk Mitigation
Investment Objective (Managed Wind-Down)
Ability to dispose of all assets maximising value
forshareholders:
TheCompany’sManagedWind-Downinvestment
objectiveistomaximisetheproceedsfromthe
saleofallassetsinthemosttimeandcost-efficient
mannerandafterrepaymentofloansandall
liabilities,returnthenetproceedstoshareholders.
TheCompanymaynotachieveitsobjectiveof
maximisingreturnswhilstrealisingassetsinan
orderlymanner.
Theimpactofbringingassetstomarketaspart
ofapublicwind-downstrategyandthetime
requiredtoexecutedisposalsmayalsohave
animpactondisposalproceeds.Assetsmay
thereforeberealisedatvalueswhichrepresent
amaterialdiscounttothemostrecently
publishedindependentvaluations.
SalesoftheGroup’sassetsmaytakelonger
thananticipated.
Themarketforresidentialpropertiesisuncertain
duetoevolvingGovernmentpoliciesonrenters’
rightsandgeneralmarketconditions.Furtherthe
Companyhasamixofproperties,includingsingle
familyhomes,HMOs,investmentproperties,
aswellasamixoftenantsincludingsupported
livingandPRS.
Itisintendedsaleswillbestructuredandexecutedtoachievebestvalue.
ThemixofpropertyandtenanttypesmayrequiretheCompanytosell
propertiesinsmallerlotsizesifitcannotfindasinglebuyerforaportfolio
sale,whichcouldimpactpriceattainedandthetimingandcostof
completingthesales.
Intheeventthatthesaleofsuchadiverseportfolioisnotfeasible,the
Companywillconsiderotherformsofpropertysalesincludingviaauction,
privatetreatyandindividualassetsales.
TheGrouphasalreadymetoneofthekeyaspectsoftheinvestment
objective,inthattheGrouphassettledallamountsoutstanding,including
theloanfacilitiesandtheDeferredFees.
Therealisationprocesswillbecarriedoutinawayintendedtominimise
impactanddisruptiontovulnerableoccupiers.
TheBoardregularlyreviewstheprogressoftheportfoliosaleandthe
operationofthepropertiesduringthemarketingperiod.TheBoardseeks
regularadvicefromtheindependentadvisersonthesale(JLL,TT&Gand
Allsops),includingformalupdatesfromalladvisorsatBoardmeetingsand
informalad-hocupdatesmorefrequently.
Intheeventthattheportfoliosaledoesnotcompleteasexpected,AEW
andtheBoardhavepreparedacontingencyplantodisposeofthose
propertiesthroughalternativeavenues.
Control of Operating Expenses:
TheGrouphassignificantoperatingcosts
includingthecostsofrunningalistedbusiness
andthecostsofdefendingitselfandtakingaction
againstthoseitconsidersresponsibleforthe
significantchallengestheCompanyfaces.The
longertheseworkstreamscontinuethemore
thatwillneedtobedeductedfrompotential
shareholderdistributions.Thereisnocertainty
thattheGroupwillrecovermeaningfulsumsfrom
thirdparties.
TheBoardhasforecastandwillcontinuetoassesscurrentandfuture
potentialliabilitiesasitconsidersreturningcapitaltoshareholders.
TheCompanyintendstodefenditselfvigorouslyinrespectofthe
threatenedlitigationandhasdeniedtheallegationsmadeagainstit.
TheBoardregularlyengageswithitsadvisorstoconsiderthemeritsof
theCompany’spositionandtoweighthecost/benefitofbringinglegal
proceedingsagainstthoseitconsidersresponsibleforwrongdoing.
AEWupdatesthecashflowforecastmonthlyfor13weeksand15months,
whichisreviewedindetailatleastmonthlywiththeBoard.
Strategic report
Principal risks and uncertainties

20 HomeREITplc | AnnualReport | Fortheyearended31August2025
Risk Mitigation
Cash available to be returned to Shareholders may
be reduced:
Thedistributionsthatshareholdersreceivewill
besubjecttodeductionsfor,amongotherthings,
directdisposalcosts,tax,managementfees,
professionalfeesandrunningcoststhroughoutthe
remaininglifeoftheGroup.Thesecostsmayreduce
thesumsavailablefordistributiontoshareholders
inthefuture.
TheCompanyhasahighfixedcorporatecostbase,requireddueto
theREITstructureandasaresultoftheissuesbeingdealtwithby
theCompany,aswellasthecapitalexpenditurerequiredtoensure
compliancewithhealthandsafetyregulations.Duringtheperiodthe
Boardhasachievedmaterialreductionsintheremunerationofthe
InvestmentManager.TogetherwiththeInvestmentManagertheBoard
challengesandreviewsinvoicesfromserviceproviderstoensurethey
areproportionateandfair.TheManagementEngagementCommittee
considersthecostsandperformanceofkeyserviceproviderstoensure
thattheCompanyisreceivinggoodvalueformoney.TheCompany’scost
burdeninrespectofitspropertyportfolioisexpectedtoreducematerially
oncetherealisationstrategyiscomplete.
Method and timing for returning capital
TheCompany’sabilitytomakedistributionsmay
beconstrainedwhilsttheCompanyfacespotential
grouplitigationandothercontingentrisks.The
recentactionsoftheSeriousFraudOfficeserveto
illustratethecomplexanduncertainenvironment
inwhichtheBoardisrequiredtomakedecisions.
Themethodandtimingformakingdistributionsis
thereforeuncertain.
ItremainstheobjectiveoftheBoardtoensuretheCompanycanreturn
availablecapitaluponcompletionoftherealisationstrategy.However,
theabilitytomakedistributionsmaybeconstrainedbythecircumstances
facingtheCompany.TheBoardcontinuestotakeprofessionaladvice
ontheoptionsthatwouldenableavailablecapitaltobereturnedto
shareholdersinawaythatistransparent,costeffectiveandconsistent
withtheBoard’slegalandfiduciarydutiesandobligationsasdirectorsof
theCompany.
Property Leasing and Operations
Direct letting of property
Asnon-performingtenantsareremoved,a
propertymanagerisappointedtoundertake
theday-to-daytasksofoperatingtheproperty,
withoccupierscontractingdirectlywithaGroup
company.Thedirectlettingmodelincreasesrisks
totheCompanyincluding:
1. Increasedcontroloverpropertiesand
thereforegreaterresponsibilityforhealthand
safetyandtechnicalcompliance.
2. Directresponsibilityforpropertyoperating
costssuchasutilities,counciltaxes,
insurance,repairsandmaintenance.
3. ForSupportedLivingproperties,indirectco-
ordinationwiththeCounciltoobtainapproval
forfundingandprovisionofadequatesupport
tooccupants.Forpropertiesnotinpayment,
collectionofrentsisunlikely.
4. ForHMOs,increasedcomplianceand
licensingrisks.
5. Responsibilitytoensurepropertiesare
occupiedandrentscollectedanddebtors
chasedwhereappropriate.
TheAEWAssetManagementteammeetsmonthlywitheachproperty
managertoreviewmonthlyperformance.Thosemeetingsincludea
reviewoffinancialresults,leasingandvacancystrategy,compliance
reportingandsignificantrepairsandmaintenance.Allrequestsforcapital
expendituresarepre-approvedandsignificantworksaresignedoffbyan
independentthirdpartypriortosettlingassociatedinvoices.
TheAEWAssetManagementalsomeetweeklywitheachProperty
Managertoreviewandapproveactionsonurgentmattersandprogress
onkeyinitiatives,includingobtainingapprovalforsupportedliving
propertiestobeinpayment.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 21
Risk Mitigation
Intensive Housing Managers (IHM) and
PropertyCost:
WhentheGrouphastakencontrolofapropertyat
surrender,ithasappointedthirdpartyspecialists
includingIHMandpropertymanagers,whichhas
resultedinadditionalcoststotheGroup.
AEWhascontrolsinplacearoundexpendituresmadebytheIHMand
propertymanagersinaccordancewithcontractualagreements.AEW
monitorsexpenditureagainstexpectationsandprovidesregular
reportingtotheBoardonpropertiessubjecttoIHMandproperty
managementagreements.
IHMandpropertymanagersareheavilyreliedupon
toprovideaccurateinformationandproactively
resolveissuesastheyarise,includinginrelationto
healthandsafety,compliance,licensing,property
maintenance,crisisresponse,administration,
financialreportingandcashflowforecasting.
AEWundertakesappointmentsinaccordancewithitssupplierselection
andmonitoringproceduresincludingundertakingduediligenceon
serviceproviders.
Insomeinstances,propertymanagers
formerlyusedbynon-performingtenantsmay
beappointedbytheCompanyduetotheir
knowledgeoftheunderlyingpropertiesand
existingrelationshipswithoccupiersinorderto
facilitaterentalcollection.AEWmaynothavehad
previousexperienceorrelationshipswiththese
serviceprovidersandthequalityoftheservice
maybeunknown.
Wherepossible,AEWnegotiatescontractswithIHMandproperty
managersonaflexiblebasistoprovidestabilityandcontinuityofservice
thatalignswiththeflexibilityrequiredforsaleofthepropertiesunderthe
ManagedWind-Down.
Property Risk
Propertiesmaysufferphysicaldamageresulting
inlosses(includinglossofrent)whichmaynotbe
fullycompensatedbyinsuranceoratall.
TheGroupmaintainsacomprehensiveportfolioinsurancepolicy.
BuildingDeclaredValueshavebeenupdatedinlinewithrecentformal
ReinstatementCostAssessments(whereundertaken)fortypicallylarger
propertiesandforlocationsthatareyettobeinspected,thedeclared
valueshavebeenestimated.
Liquidity risk:
Theimpactofbringingassetstomarketas
partofapublicwind-downstrategymayalso
resultinchangesinrentcollectionlevelsand
there-tenantingprocessduetooccupiersand
tenantsbeinguncertainoverwhotheirfuture
landlordwillbe.
TheCompanyisincurringhighcorporatecosts
includingsignificantlegal,auditandprofessional
fees,anddirectorandofficerinsurance.
TheGroup’sinvestmentsaregenerallynot
immediatelyliquid.
TheliquidityriskhasdiminishedsignificantlynowthattheGroup
hasrepaidbothloanfacilitiesandtheDeferredFeestotheLenderin
December2024.
TheDirectorshaveforecastexpendituresoverthenexttwelvemonths
andarecomfortablethatthecashonhandplusproceedsfromthesaleof
propertieswillbeadequatetocoverthoseexpenses.Propertieswhichare
notincludedintheportfolioperimetercanbesoldtoraiseadditionalcash
intheeventthatcashisrequirediftheportfoliosaleisdelayed.
AEWhasaprocedurefortheapprovalofsignificantcapexand
unbudgetedexpenses.
Surplusproceedsfromremainingpropertysaleswillbeplacedon
sterlingonlydepositsand/orheldascashequivalentsecurities,other
cashequivalents,cashfundsorbankcashdeposits,pendingitsreturn
toshareholders.
Real Estate sector
Property market – residential including Social Use
and Supported Living:
Performancewillbesubjecttothecondition
andsentimentofpropertymarketsintheUK.
Asignificantdownturnintheunderlyingvalueof
theGroup’sinvestmentpropertywouldimpact
thereturnoffundstoshareholders.
Factorsincludeinteraliageneraleconomicclimate
andmarketsentimenttowardsthesectorsin
whichtheCompanyoperates,excesssupplyor
fallindemandforproperties,interestratesand
changesinlawsorgovernmentregulations.
Sinceappointment,AEWhasundertakenacomprehensiveinspection
programmeviathirdpartiestoassessthequalityoftheassets.AEW’s
assessmentofeachpropertyincludingsuitability,capitalexpenditure
requirementsandincomeandcapitalreturnprospectstakesintoaccount
factorssuchaspropertylocation,localdemandandqualityoperating
partnersandtenants.
AEWreportsitsstrategyandprogressinachievingobjectivesforthe
propertiesandre-tenantingtotheBoardonaregularbasis.
Strategic report
Principal risks and uncertainties—continued

22 HomeREITplc | AnnualReport | Fortheyearended31August2025
Risk Mitigation
Tenant default and liquidation:
Failurebytenantstocomplywiththeirrental
obligationsandtenantliquidationsaffectsthe
Group’sabilitytogeneratecashandnegatively
impactsassetvaluation.
AEWandtheBoardhavedeterminedthat
asat31August2025,6of18tenants(2024:
12ofthe20tenants)wereofweakcovenant
strengthrepresenting13.3%ofpropertiesand
26.8%ofannualcontractedrent(2024:67.6%
and76.1%respectively).Twotenantswerein
administrationasat31August2025(2024:three
tenants).Nofurthertenants(2024:threetenants)
haveenteredintovoluntaryadministration
postperiodend.
AEWdeterminedthatthemajorityoftheoriginaltenantswerepoorly
capitalisedandlackedlongtermoperatingtrackrecords.Fortenants
considerednon-performingorunsuitable,AEWnegotiatedsurrenders
oftheleasestotakebackcontroloftheunderlyingpropertiestosell
theassociatedpropertyatauctionorappointapropertymanagerto
letdirectlyasPRSorre-lettoahousingproviderforSupportedLiving.
Materialdecisionsinrespectofleasesurrendersandanywriteoffsof
arrearsareapprovedbyAEW’sInvestmentManagementCommitteeprior
toapprovalbytheBoard.
Ifatenantisstillperforming,theleaseswillremaininplace,although
termsmaybevaried.
AEWprovidesregularupdatestotheBoardonitsstrategy.
Property Valuations:
Propertyvaluationsareinherentlysubjectiveand
uncertainandmaynotreflectactualsalesprices
realisedbytheGroup.
Realisationswillvary,anditisanticipatedthat
therewillbebothpositiveandnegativevariances
fromsalespricestovaluationsduringthe
ManagedWind-Down.Thereasonsforsucha
varianceareconsiderationssuchaschanges
inthehousingmarket,changesincondition
oroccupationofthepropertysincevaluation,
methodofmarketingandsale(portfolio,auction,
privatetreaty),tenant,rentpayment,lease
structureandinformationavailability.
TheBoardhasappointedanexperiencedindependentexternalvaluer,
JLL,withrelevantandrecentexperience.JLLconsidersthequalityand
thesuitabilityoftheassets,thecovenantstrengthofthetenantandthe
rentalvaluefortheexistinguseandLHArates.JLLusesacombinationof
theinvestmentapproachandMV-VP.Whereavaluationispreparedonan
investmentbasis,limitationsonthedurationoftheincomestreamsare
appliedtoaccountforthecovenantstrengthsofthetenants,andtherent
levelsdemandedundertheleases.AEWandJLLusethesalesevidenceof
recentauctionstosupporttheirestimatesofMV-VPandthisinformation
isreviewedwiththeBoardaspartofthevaluationsignoffprocess.
Shares
Restoration of trading of shares:
ThelistingoftheShareswassuspendedon
3January2023duetotheCompanynotfiling
accountswithinfourmonthsofyearend.
ThereisariskthattheSharesarepermanently
delistedfromtheLondonStockExchange.
OncetheSharesarerelisted,thereistheriskofa
significantsaleofSharesbyinvestorsmaycause
themarketpriceoftheSharestofall.
TheCompanyexpectstopublishtheinterimaccountsfortheperiod
ended28February2025inthefirstquarterof2026.Followingthat
submission,theCompanywillbefullyuptodatewithitsfinancialfilings
andwillthenbeinapositiontoapplytotheFCAfortherestorationofits
listingandrecommencementoftradingontheLondonStockExchange.
Volatility of share price during the
ManagedWind-Down:
TheCompanymayexperiencevolatilityinits
shareprice,bothasafunctionofvolatilityinits
netassetvalueandareductioninshareliquidity
ascapitalisreturnedtoshareholders,whichmay
resultinacontinuedorpossiblywiderdiscountto
netassetvalue.
TheBoard,AEWandLiberumhavebeenactivelyengagingwith
shareholdersincludingupdatesandshareholderpresentations.The
CompanywillcontinuetoprovideperiodicupdatesduringtheManaged
Wind-Down,however,thelevelofdisclosureincludedwillbereviewed
throughouttheprocessinordertoprotecttheCompany’scommercial
interestsandallowdisposalstobecompletedinamannerthatpreserves
shareholdervalue.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 23
Risk Mitigation
Shareholders ability to continue to hold shares:
IftheCompanyceasestomaintainREITstatus
theCompany’sshareswillalsoceasetobe
‘excludedsecurities’undertheFCA’sruleson
non-mainstreampooledinvestmentswhichmay
haveanimpactontheabilityofcertaininvestors
tocontinueholdingtheCompany’sshares.
AEWandtheCompany’sspecialisttaxadvisermonitorcompliancewith
theREITregimeandliaiseregularlywithHMRC.
TheCompanywillmakeappropriateannouncementsintheeventofthe
CompanyceasingtomaintainitsREITstatus.
Engagements with third party service providers
Reliance on the performance of the Investment
Manager and Other Key Service Providers:
TheCompanyhasnofull-timeemployeesand
isreliantupontheperformanceofAEWand
otherthirdpartyserviceproviders.Failureby
AEWand/oranyserviceprovidertocarryout
itsobligationstotheCompanyinaccordance
withthetermsofitsappointmentcouldhavea
materiallydetrimentalimpactontheoperationof
theCompany.
ThefutureabilityoftheCompanytosuccessfully
pursueitsinvestmentobjectiveandinvestment
policymay,amongotherthings,dependonthe
abilityofAEWtoretainitsexistingstaffand/
ortorecruitindividualsofsimilarexperience
andcalibre.
AEW’sperformanceiscloselymonitoredbytheBoardwithregularreview
includingkeystaffandgeneralresourcing.
PerformanceofthekeyserviceprovidersismonitoredbytheBoard
throughitsManagementEngagementCommittee(“MEC”).TheMEC
performsaformalannualreviewoftheongoingperformanceofAEWand
otherkeyserviceprovidersandmakesrecommendationstotheBoard
abouttheircontinuingappointment.
TheBoardundertakesarigorousselectionprocessforanynewkey
serviceproviderappointments.
Replacementofkeyserviceproviderscould
disruptthebusiness,causingpotentialissuesand
delaysinreporting.
TheMECandtheBoardwillcontinuetomonitortheperformanceofkey
serviceprovidersanddeterminewhethercontinuedengagementremains
appropriate.
Business interruption:
Cyber-attacksonAEW’sand/orotherservice
providers’ITsystemscouldleadtodisruption,
reputationaldamage,regulatory(includingGDPR)
orfinanciallosstotheCompany.
TheCompany’skeyserviceprovidershavebusinesscontinuityplans
inplace.AEWandotherserviceproviders’staffarecapableofworking
remotelyforanextendedtimeperiod.AEW’sandotherserviceproviders’
ITsystemsareprotectedbyanti-virussoftwareandfirewallsthatare
updatedregularly.
Taxation
Compliance with REIT rules:
FailuretocomplywiththeREITrulesandother
regulationsmayhaveanegativeimpacton
theCompany.
TheBoardexpectsthattheCompanywill
continuetofulfiltherelevantconditionstoqualify
forUKREITstatusintheshortterm.However,
therequirementsformaintainingREITstatus
arecomplex.
AstheManagedWind-Downprogresses,the
Companycannotguaranteethatitwillmaintain
continuedcompliancewithREITrequirements,
particularlyinitslatterstageswhentheportfolio
hasbeenfullyrealised.Thebasisoftaxationofany
shareholder’sshareholdingintheCompanymay
differorchangemateriallyiftheCompanyfailsor
ceasestomaintainitsREITstatus.
AEWandtheCompany’sspecialisttaxadvisermonitorcompliancewith
theREITregimeandliaiseregularlywithHMRC.
Strategic report
Principal risks and uncertainties—continued

24 HomeREITplc | AnnualReport | Fortheyearended31August2025
Risk Mitigation
Potential Limitations on Methods of Returning
Capital to Shareholders
TheCompany’sstatusasaREITmayrestrict
theCompany’sdistributionopportunitiesto
SubstantialShareholders.
AEWwillmonitorthepositionandprovideregularupdatestotheBoard.
Governance, regulatory compliance and litigation
FCA regulations and investigation:
FailuretocomplywithFCAregulationsand
adversefindingsfrompendinginvestigationsmay
haveamaterialadverseimpactontheCompany’s
profitability(becauseofpossiblefines),theNAV
andthepriceoftheShares.
TheBoardseeksregularadvicefromitsadvisersandtheBoardhas
confirmedthatitwillco-operatefullywiththeFCAinvestigation.
Risk of potential litigation from shareholders
against the Group or a group action:
Asaresultofthepotentialshareholder
grouplitigationagainsttheCompanyandthe
Company’sDirectorswhowereinofficeatIPO,
theCompanywillcontinuetoincursignificant
legalexpensesandtheabilityoftheCompany
tomakedistributionstoshareholdersmaybe
constrained,inwholeorinpart.
TheCompanyintendstodefenditselfvigorouslyinrespectofthe
threatenedlitigationandhasdeniedtheallegationsmadeagainstit.
TheBoardregularlyengageswithitsadvisersonpotentialexposure
tolitigation.
Board – replacement, experience and succession:
AlloftheBoardmemberswhowereinofficeat
IPOstooddownon14January2025following
publicationofthe2023financialresults.
TheremainingDirectorswereappointedduring
2024andmaylackhistoricalknowledgeofissues
encounteredbytheGroup.
SinceJanuary2024,theCompanyhasappointedanewIndependent
Non-ExecutiveChair,aSeniorIndependentNon-ExecutiveDirector(now
MECchair)andanotherNon-ExecutiveDirectorwhoisnowtheAudit
CommitteeChair.
InassemblingthenewChairandDirectors,carefulconsiderationhasbeen
giventotheappropriateskills,experience,knowledge,culture,capacity
andindependenceoftheincomingBoardmembers.
TheoriginalDirectorswillcontinuetoassisttheCompany,when
necessary,onhistoriclegalandregulatorymatters.
TheBoard,throughitsNominationCommittee,willreviewits
compositiononaregularbasisandwilldevelopasuccessionplanatthe
appropriatetime.
Health and Safety (H&S) risk:
TheGroupandtheBoardhaveresponsibility
forcertainH&Smatters,includingoversight
overHMOplanningpermissionandlicensing.
FailuretohaveappropriateH&Sproceduresand
processesmayresultinregulatoryfinesand
reputationalrisk.
H&SisapriorityagendaitemforBoardmeetings.TheBoardhasreceived
asummaryofitsresponsibilitiesundervariousscenariosgiventhechange
inleasingmodelwhichnowincludesdirectleasingtooccupiers.
AEWhasanestablishedaH&SCommitteeandreportsregularlyon
H&SmatterstotheBoard.AEWalsonotifiestenantsregularlyoftheir
responsibilitiesandcommunicatesanynon-complianceissuesidentified
requestingevidenceofremediation.
PropertymanagersareobligatedtoprovideregularreportingonH&S
compliance.AEWundertakespotchecksofcompliance.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 25
Strategic report
Going concern and viability statement
Going concern
TheDirectors,atthetimeofapprovingthefinancial
statements,arerequiredtoconsiderwhetherthey
haveareasonableexpectationthattheCompany
hasadequateresourcestocontinueinoperational
existencefortheforeseeablefutureandwhetheritis
appropriatetopreparethefinancialstatementsona
goingconcernbasis.
On16September2024HomeREITplcshareholders
approvedtheNewInvestmentPolicyfortheManaged
Wind-DownoftheGroup’sandtheCompany’s
operations.Partofthatstrategywastosellenough
propertiesthroughauctionstorepayallamountsto
ScottishWidowsLimited(“ScottishWidows”).On
27November2024,theGrouprepaidalloutstanding
GrouploansandinDecember2024,theGroup
paidallotheramountsdue.AsaresultScottish
WidowsreleaseditschargeovertheGroup’sand
Company’sassets.
TheGroupisinexclusivityinrespectofthesaleof
amajorityoftheremainingportfolioofinvestment
propertiesinonetransactionfor£123.0millionwiththe
remainingpropertiesexpectedtobesoldatauction
overfourmonthstoavoidasignificantconcentrationof
propertiesfromoneareabeingsoldinasingleauction.
Therecanbenocertaintythattheportfoliotransaction
willbecompleted.Intheeventthattheportfoliosale
doesnotcompleteasexpected,AEWandtheBoard
havepreparedacontingencyplantodisposeofthose
propertiesthroughalternativeavenueswhichdoesnot
changetheoverallconclusion.
CashflowprojectionsfortheGroupandtheCompany
havebeenpreparedbyAEWandagreedwiththeBoard
ofHomeREITplcwhichconsider:
1. Disposaloftheremainingpropertiesas
describedabove,
2. Modestcapitalexpenditurehasbeenforecast
throughthesaleperiodinordertoensurecertain
buildingsaremadesafeforsale.Suchworksare
underwayandarerequiredtocomplywithstatutory
obligations,
3. Revenuewillcontinuetobecollectedontenanted
propertiesheldbytheGroupuptothedatesofsale,
4. Settlementofallamountsoutstandingrelatedto
propertiesmanagedbythirdpartiesonceboth
partiesagreethatinvoicesreflecttheGroup’s
correctliabilityperiod,and
5. Corporateexpensesforthoseservicesrequiredto
maintaincurrentoperationsthroughthewind-down
oftheGroup.
Asofthedateofthesefinancialstatements,theGroup
has£{XX}offreecash.TheDirectorshaveforecast
expendituresoverthenexttwelvemonthsandare
comfortablethatthecashonhandplusproceedsfrom
thesaleofpropertieswillbeadequatetocoverthose
expenses.Propertieswhicharenotincludedinthesale
portfolioperimetercanbesoldtoraiseadditionalcash
intheeventthatcashisrequiredbeforetheportfolio
saleiscompleted.
HomeREITplchasreceivedapre-actionletterofclaim
whichassertsthatHomeREITplcprovidedinformation
toinvestorswhichwasfalse,untrueand/ormisleading
andasaresultinvestorssufferedlosses.TheHome
REITplcdirectorsarenotcurrentlyabletoconclude
whetherorwhenaformalclaimmaybeissuedand
ifaclaimisissued,whatthequantumofsuchclaim
maybe.Further,on7February2024,HomeREITplc
wasnotifiedbytheFCAofitscommencementofan
investigationintotheCompany,coveringtheperiod
from22September2020to3January2023.Home
REITplcanditsDirectorsarecooperatingfullywiththe
FCAinitsinvestigation.However,TheDirectorsare
notabletoassessorquantifywhatifanyactionmay
betaken.Noallowancehasbeenmadeforpotential
settlementofeitherthepre-actionletterofclaimor
theFCAmatter.
Asaresultof(i)thethreatenedlitigation,(ii)the
FCAinvestigationand(iii)theCompany’sDirectors’
expectationforanorderlywind-downofitsoperations,
theDirectorsconsideritappropriatetoadoptabasisof
accountingotherthanasagoingconcerninpreparing
thesefinancialstatements.Nomaterialadjustments
totheaccountingpoliciesorthevaluationbasis
havearisenasaresultofceasingtoapplythegoing
concernbasis.
Approval of the Strategic Report
TheStrategicReportwasapprovedbytheBoardof
Directorsandsignedonitsbehalfby:
Michael O’Donnell
Chair
[XX]February2025

26 HomeREITplc | AnnualReport | Fortheyearended31August2025
Governance
31 TheBoard
32 Directors’report
37 Corporategovernancestatement
42 ReportoftheAuditCommittee
48 ReportoftheManagementEngagementCommittee
49 ReportoftheNominationCommittee
52 Directors’remunerationreport
57 StatementofDirectors’responsibilities
58 IndependentAuditor’sreport

 HomeREITplc | AnnualReport | Fortheyearended31August2025 27
AlltheDirectorsarenon-executiveandindependent
oftheInvestmentManager&AIFM.TheDirectorsof
theCompanywhowereintheofficeat31August2025
anduptothedateofsigningtheAnnualReportand
Accountswere:
Michael O’Donnell
MichaelO’DonnellisChairoftheBoard.Heisalsoa
Non-ExecutiveDirectorandChairoftheRemuneration
CommitteeofBigYellowGroupPLC,aFTSE250self-
storagecompany,andChairofLighthouseFunerals,
aprivateequitybackedfuneraldirectorsbusiness.
Michaelhasover30yearsofrelevantexperience,
morethanhalfofwhichhavebeendedicatedtoNon-
ExecutiveDirectorrolesatarangeofcompaniesacross
thehealthcare,realestate,residential,education
andbusinessservicessectorsincludingHelicalplc
(wherehealsochairedtheRemunerationCommittee),
BMIHealthcare,CygnetHealthcare,EslandCareand
DentalPartners.
Michaelhasextensiveexperienceincomplex
restructuringsituationsincludinginsolvencyprocesses
andhasheldseveralcreditorsideboardappointments.
PriortorolesasaNon-ExecutiveDirector,hespent
11yearsinprivateequityatLGVCapital(asubsidiary
ofLegal&General)andpriortothateightyearsin
corporatefinanceatMorganGrenfellandBZW.Michael
hasaBachelorofCommercedegreefromUniversity
CollegeDublin.
Rod Day
RodDayisanIndependentNon-ExecutiveDirector
oftheBoardandAuditCommitteeChair.Aqualified
accountantwithanMBAfromLondonBusinessSchool,
hehasover30yearsofbusinessexperiencehaving
heldseniorrolesinstrategyandfinanceforanumber
ofleadinginternationalorganisations.Inanexecutive
capacityhiscareerhighlightsincludeworkingforIron
MountainInc(2008-2016),wherehelatterlyactedas
GlobalCFOleadingstrategicM&Aandwasinstrumental
initsconversiontoaREIT;AOLEurope(2001-2008),
whereheactedasCFOinhisfinaltwoyearsatthe
business,andatKingfisherplcinvariousstrategyand
businessplanningroles(1994-2001).Healsoworkedfor
anumberofyearsatOC&Cstrategyconsultants.
Since2017Rodhasundertakenaseriesofbusiness
advisoryandboardroles.HehasbeeninterimCFOand
BoardmemberatanumberofcompaniesincludingRWS
plc,aUKlistedtranslationcompany;CobhamGroup,
theUK’slargestaerospaceanddefencecompanywhere
hewasfinanceleadonvariousdivestitures;andVShips,
aworldleadingshippingsuppliescompany.Hehasalso
actedasasenioradvisertoCerberusCapital.
Peter Williams
PeterWilliamsistheSeniorIndependentNon-
ExecutiveDirectoroftheBoardandManagement
EngagementCommitteeChair.AqualifiedChartered
Accountant,hehasover30yearsofBoardlevel
experienceachievedinbothanexecutiveandnon-
executivecapacity.PeteriscurrentlyChairmanof
ACSClothing,thesustainablefashionenabler,a
non-executivedirectoratSGSGroup,theownerof
shoppingandleisurecentresatLakeside,Watfordand
Nottingham;andisatrusteeofbothSomersetHouse
inLondonandtheArchitecturalHeritageFund.
Duringhiscareerhehasbeeninvolvedinsignificant
corporateactivityinrelationtobuyingandselling
companies,IPOsandrestructuring.Peter’sexperience
incapitalreconstructionsincludethoseofJJB,Blacks,
EMIandJaegerworkingwithbothequityshareholders
anddebtproviders.Hehasledorplayedaleading
roleinfiveIPOsincludingSelfridges(towhichhe
wasChiefFinancialOfficerandsubsequentlyChief
ExecutiveOfficer),Cineworld,boohoo,Domino’sin
Turkey,andMisterSpex.Hisextensivenon-executive
experienceincludesBoardrolesatRightmove,
Superdry,Cineworld,GcapMedia,CapitalRadio,U+I,
SophiaWebster,Sportech,Silverstone,ErnoLaszlo
andMintoA/S.
Governance
The Board

28 HomeREITplc | AnnualReport | Fortheyearended31August2025
TheDirectorspresenttheirreportfortheyearended
31August2025inaccordancewiththeCompaniesAct
2006(the“Act”),theListingRulesandtheDisclosure
GuidanceandTransparencyRules.TheCorporate
GovernanceStatement,Directors’Remuneration
Report,ReportsfromtheAuditCommittee,
NominationCommitteeandManagementEngagement
Committee,andtheStatementofDirectors’
Responsibilitiesshouldbereadinconjunctionwithone
another,andtheStrategicReport.Aspermittedby
legislation,someofthemattersnormallyincludedin
theDirectors’Reporthaveinsteadbeenincludedinthe
StrategicReport,astheBoardconsidersthemtobeof
strategicimportance.Theseincludethebelow:
• Descriptionofthebusinessmodelcanbefound
beginningonpage15.
• Likelyfuturedevelopmentsandoutlookare
containedwithintheChair’sStatementonpages
5and6.
• ImportanteventsaffectingtheGroupwhichhave
occurredsincetheendofthefinancialyeararesetin
Note26totheConsolidatedFinancialStatements.
Directors
TheDirectorsinofficeatthedateofthisReportareas
shownonpage27.
TheDirectorsoftheCompanywhowereintheoffice
duringtheperiodanduptothedateofsigningthe
AnnualReportandAccountswere:
Resigned
MichaelO’Donnell –
PeterWilliams –
RodDay –
PeterCardwell 14January2025
LynneFennah 14January2025
SimonMoore 14January2025
MarleneWood 14January2025
DetailsoftheDirectors’termsofappointmentcanbe
foundintheDirectors’RemunerationReport.
Corporate governance
TheCorporateGovernanceStatementonpages33to
36formspartofthisDirectors’Report.
Dividends
Therewerenodividendsdeclaredorpaidinrespect
oftheyearended31August2025(2024:£nil).
Issue of Shares
NonewShareswereissuedduringtheyear.
Purchase of Shares
AttheAGMheldon20February2025,theDirectors
weregrantedauthoritytopurchaseupto14.99%of
theGroup’sordinarySharecapitalinissueatthedate
onwhichtheNoticeofAGMwaspublished,amounting
to118,506,512Shares.Thisauthoritywillexpireatthe
conclusionoftheAGMheldin2026.Asofthedateof
thisreport,theCompanyhasnotpurchasedanyshares
pursuanttothisauthority.
SharesboughtbackbytheCompanymaybeheld
intreasury,fromwheretheycouldbereissuedator
abovetheprevailingnetassetvaluequicklyandcost
effectively.ThisprovidestheCompanywithadditional
flexibilityinthemanagementofitscapitalbase.
AsatthedateoftheAnnualReport,theCompany
didnotpurchaseanyofitsSharespursuanttothis
authority,nordidanynomineeorthird-partywiththe
Group’sassistanceacquireanySharesonbehalfof
theCompany.
Current share capital
Asat31August2025,andatthedateofthisReport,the
Group’sissuedsharecapitalcomprised790,570,465
Shares,eachof1pnominalvalue.Atgeneralmeetings
oftheGroup,ordinaryshareholdersareentitledtoone
voteonashowofhandsand,onapoll,toonevotefor
everyShareheld.Asat31August2025,andatthedate
ofthisReport,thetotalvotingrightsintheGroupwere
790,570,465.
Governance
Directors’ report

 HomeREITplc | AnnualReport | Fortheyearended31August2025 29
Significant shareholders
Asat31August2025,thetop5shareholdersintheCompanywere:
ShareholderName NumberofShares
%oftotal
votingrights
M&GInvestmentManagementLimited 124,703,853 15.77
WeissAssetManagementLP 108,717,069 13.75
ActFinanceLimited 52,105,850 6.59
LiontrustAssetManagementPLC 37,840,019 4.79
Sarasin&PartnersLLP 33,914,378 3.71
Since31August2025anduptothedateofthisReport,theCompanyhasbeeninformedofthefollowingnotifiable
shareholdingsinthesharecapitaloftheCompany:
ShareholderName
Shareholdingondate
ofnotification NotificationDate
%oftotal
votingrights
WeissAssetManagementLP 120,717,069 26November2025 15.26
M%CInvestmentManagementLimited 115,422,855 18February2026 14.6
Shareholder rights
Thefollowinginformationisdisclosedinaccordance
withTheLargeandMediumsizedCompaniesand
Groups(AccountsandReports)Regulations2008
andDTR7.2.6oftheFCA’sDisclosureGuidanceand
TransparencyRules:
• theGroup’scapitalstructureandvotingrightsand
detailsofthesubstantialshareholdersintheGroup
aresetoutinthepreviouspageofthissection;
• anamendmenttotheCompany’sarticlesof
association(the“Articles”)andthegivingof
powerstoissueorbuybacktheCompany’sShares
requiresanappropriateresolutiontobepassed
byshareholders.Proposalstograntpowerstothe
BoardtoissueandbuybackShareswillbesetoutin
thenoticeoftheGeneralMeetingatwhichaccounts
arelaidinfrontofshareholders;and
• therearenorestrictionsconcerningthetransfer
ofsecuritiesintheCompany;norestrictionson
votingrights;nospecialrightswithregardtocontrol
attachedtosecurities;noagreementsbetween
holdersofsecuritiesthatmayrestricttheirtransfer
orvotingrights,asknowntotheCompany;andno
agreementswhichtheGroupispartytothatmight
affectitscontrolfollowingasuccessfultakeoverbid.
Requirements of the Listing Rules
ListingRule6.6.1requirestheCompanytoinclude
specifiedinformationinasingleidentifiablesection
oftheAnnualReportoracross-referencetable
indicatingwheretheinformationissetout.The
informationrequiredunderListingRule6.6.1(6)in
relationtoallotmentsofSharesissetoutonpage28.
TheDirectorsconfirmthatnoadditionaldisclosuresare
requiredinrelationtoListingRule6.6.1.
Independent professional advice, insurance
and indemnity
Detailsregardingindependentprofessionaladvice,
insuranceandindemnityaresetoutintheCorporate
GovernanceStatementbeginningonpage34.
Governance
Directors’ report—continued

30 HomeREITplc | AnnualReport | Fortheyearended31August2025
SECR
InaccordancewiththerequirementsoftheStreamlined
EnergyandCarbonReporting(SECR)framework,
implementedthroughTheCompanies(Directors’
Report)andLimitedLiabilityPartnerships(Energy
andCarbonReport)Regulations2018(SI2018/1155),
quotedcompaniesincorporatedintheUKarerequired
toreportannualUKenergyuseandassociated
greenhousegas(GHG)emissions,including:
• Scope1(directemissionsfromownedor
controlledsources)
• Scope2(indirectemissionsfromthegeneration
ofpurchasedelectricity,heat,orsteam)
• Anintensityratio
• Adescriptionofenergyefficiency
measuresundertaken
However,underRegulation15(7)(b)oftheSECR
Regulations,disclosureisnotrequiredwhereitisnot
practicaltoobtainthenecessaryinformation,provided
thatthereasonsfornon-disclosureareclearlystated.
Fortheyearended31August2025,theGrouphas
determinedthatitwasnotpracticabletoprovide
GHGemissionsorenergyusagedataforthe
followingreasons:
• TheGroup’spropertyportfolio,comprising
1,375residentialassetsatthebeginningofthe
financialyearand853asat31August2025,was
historicallyoperatedunderlong-termFullRepairing
andInsuring(FRI)leasestothird-partyhousing
providers.Underthisleasingstructure,operational
controlandresponsibilityforenergyusage,
maintenance,andtenantmanagementresided
entirelywiththetenants.
• TheGroup,aslandlord,hadnolegaloroperational
righttomonitororcollectenergyconsumptiondata
fromtenants.Inpractice,nodataonenergyusage,
fueltypes,orutilityaccountswasreceivedduring
theleasetermsoruponsurrender.
• DuringFY2025,522propertiesweresoldusually
within30–90daysoftakingpossession,withno
interveningrefurbishmentorenergyusagebythe
Group.SincetheGroupbeganre-takingcontrol
ofpropertiesthroughsurrenderdeals,1,620ofits
originalportfolioof2,473propertieshavebeensold.
• Theremaining853propertieshavebeenmarketed
forsaletoathirdpartysincethefourthcalendar
quarterof2024andareeitherunderleasetoathird
partyorwithapropertymanager.Controloverall
ofthepropertieswasobtainedfromtheoriginal
FRItenantsunderirregularandnon-standard
conditions,withoutoperationalhistoriesor
energyrecords.
• Nocentralisedoperations,vehiclefleet,or
corporateofficesunderGroupcontrolexisted
duringtheperiod,furtherlimitingtherelevanceof
Scope1orScope2emissions.
WhilsttheGroupthereforemakesuseoftheexemption
providedunderRegulation15(7)(b)theGrouphas
engagedEvoraGlobalLtd(“Evora”)toestimateenergy
usagebasedonindustrybenchmarkingdatabased
onthearchetypesofthepropertiestoprovidean
illustrativeviewontheenergyandcarbonusage.
Methodology
EVORAestimatedelectricityandgasconsumptiondata
usingthefollowingprocesses:
1. Confirmationofportfoliocomposition
2. Reviewofindustryestimationspractice
andbenchmarks
3. Estimationofelectricityandgasdata
4. Calculationofcarbonemissions
5. Qualityreview
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 31
EstimatedEnergyTable(kWhperannum)
PropertyType Gas(kWh) Electricity(kWh) Total(kWh)
StudioApartment 3,150,000 756,000 3,906,000
Flat 1,300,642 309,618 1,610,260
House 7,077,510 1,668,546 8,746,056
HouseinMultipleOccupation 5,991,200 1,402,929 7,394,129
PortfolioTotal 17,519,352 4,1 37,093 21,656,445
EstimatedGreenhouseGasEmissions(tonsCO
2
e)
PropertyType Scope1(tCO
2
e) Scope2(tCO
2
e) Scope3(tCO2e) Total(tCO2e)
StudioApartment 139.39 34.51 521.69 695.59
Flat 57.55 14.13 215.06 286.75
House 1,252.72 304.66 – 1,557.38
HouseinMultipleOccupation 1,060.44 256.16 – 1,316.60
PortfolioTotal 2,510.10 609.46 736.75 3,856.32
IFRS
Additionally,theInternationalSustainabilityStandards
Board(ISSB)issuedIFRSS1(GeneralRequirements
forDisclosureofSustainability-relatedFinancial
Information)andIFRSS2(Climate-relatedDisclosures)
withaneffectivedateof1January2024.However,
thesestandardsarenotyetmandatedinthe
UnitedKingdom.
TheUKGovernment,viatheDepartmentforBusiness
andTradeandtheFinancialReportingCouncil(FRC),is
currentlyundertakingaprocesstoendorsetheISSB
standardsforUKusethroughthedevelopmentofUK
SustainabilityDisclosureStandards(UKSDS).Asatthe
dateofthisreport,norequirementtoadoptIFRSS1or
S2hasbeenenactedintoUKregulation.
Accordingly,theGroupisnotrequiredtoreportagainst
IFRSS1orS2fortheyearended31August2025.
TheGroupcontinuestomonitordevelopmentsin
UKsustainabilityreportingrequirementsandwill
assessfutureapplicabilityoftheISSBstandards
onceregulatoryguidanceandadoptiontimelines
arefinalised.
Investment Manager & AIFM
On21August2023,AEWUKInvestmentManagement
LLP(“AEW”)wasappointedasAIFMandInvestment
Manager.TheAIFMandInvestmentManagerhave
responsibilityforthemanagementoftheassetsof
theGroupinaccordancewiththeinvestmentpolicy
oftheGroupandthepoliciesanddirectionsofthe
Board.AEWinitsroleasAIFMisregulatedinthe
conductofinvestmentbusinessbytheFCAandis,for
thepurposesoftheAIFMDandtherulesoftheFCA,
a‘fullscope’UKalternativeinvestmentfundmanager
withaPart4ApermissionformanagingAlFs,suchas
theCompany.
Fromthedateoftheirappointment,AEWispaidthe
followingannualfee:
1. Afixedfeeof£3,000,000fromthecommencement
oftheTransitionPeriodandasincreasedat
eachsuccessiveanniversarybythelowerof
CPI,RPIand5%;
2. Avariablefeefordisposalofinvestmentsof£422per
bed,asdefined;and
3. Avariablefeeof10%ofrentcollectedbythe
Companyfromitsinvestments.
Governance
Directors’ report—continued

32 HomeREITplc | AnnualReport | Fortheyearended31August2025
Themaximumamountpayableinanyyearunderthis
agreementis£5,000,000.Aftertheinitialtwoyear
periodexpiredon21August2025,theCompanywas
topayafeeof0.75%ofNAV,subjecttoaminimum
annualfeeof£3,000,000,whichincreasedannuallyat
thelowerofCPI,RPIor5%(fromthecommencement
oftheTransitionPeriod.)Duringtheyearending
31August2025,theGroupincurredfeesunderthe
agreementwithAEWof£5,200,000(2024:£5,000,000).
The2025feeincludesVATforaportionofthefees.At
31August2025,£158,000(2024:£384,000)ofthese
feeswereunpaid.
On22August2025,theCompanyandAEWagreeda
revisedfeestructurewithimmediateeffect,asfollows:
• Afeeof£167,000permonthtoexpirethreemonths
afterthedateonwhichtheCompanyholdsfewer
than10properties.
• Thereafter,£120,000permonthforaperiodof
threemonths.
• Thereafter,£42,000permonthuntiltermination
oftherevisedIMA.
• Subjecttoanannualcapof£1million,anadditional
10%ofgrossrentcollectedfromassetsownedby
theCompanyand10%ofrentarrearscollected,
includingthoserecoveredthroughliquidations.
TherevisedIMAmaybeterminatedonsixmonths’
writtennoticeandoccurnoearlierthan21August2026.
TherevisedIMAincludesotherimmaterialamendments.
Other service providers
DetailsofamountsincurredbytheGroupfromitsother
keyserviceproviderareasfollows:
Serviceprovider Serviceprovided
Yearended
31August2025
£’000’s
Yearended
31August2024
£’000’s
APEX Administrator,
Company
Secretary
andDepositary
695 750
Panmure
1
Liberum
Corporate
Broker
1,464 460
JLL Independent
Valuer
177 300
1 During FY 2025, the Group requested additional strategic advice from PanmureLiberum
for which the Company paid a separate fee of £912,000 (inc. VAT). Work of this nature is
not expected to recur in the future.
Financial risk management
InformationabouttheGroup’sfinancialrisk
managementobjectivesandpoliciesissetoutin
Note14totheConsolidatedFinancialStatements.
Auditor
TheDirectorsconfirmthat,sofarastheyareeach
aware,thereisnorelevantauditinformationofwhich
theCompany’sAuditorisunaware;andeachDirector
hastakenallthestepsthatoughttohavebeentaken
asaDirectortomakethemselvesawareofanyrelevant
auditinformationandtoestablishthattheCompany’s
Auditor,BDO,isawareofsuchinformation.
BDOLLPhasexpresseditswillingnesstocontinue
inofficeastheCompany’sAuditorandresolutions
foritsre-appointmentandtoauthorisetheAudit
Committeetodetermineitsremunerationwillbeput
toshareholdersattheAnnualGeneralMeetingof
theCompany.
ByorderoftheBoard
Michael O’Donnell
Chair
[XX]February2026
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 33
ThisCorporateGovernanceStatementformspartof
theDirectors’Report.
Introduction
InthisCorporateGovernancestatement,theCompany
reportsonitscompliancewiththeAICCode,setsout
howtheBoardanditsCommitteeshaveoperated
duringtheyearanddescribeshowtheBoardexercises
effectivestewardshipovertheCompany’sactivitiesin
theinterestsofshareholders.TheBoardisaccountable
toshareholdersforthegovernanceoftheCompany’s
affairsandiscommittedtomaintainingthehighest
standardofcorporategovernanceforthelong-term
successoftheCompany.
TheCompanyreviewsitsstandardsofgovernance
againsttheprinciplesandrecommendationsoftheAIC
Code,aspublishedin2019.TheBoardconsidersthat
reportingagainsttheprinciplesandrecommendations
oftheAICCodeprovidesbetterinformationto
shareholdersasitaddressesalltheprinciplessetout
intheUKCodeofCorporateGovernance(the“UK
Code”),aswellassettingoutadditionalprinciples
andrecommendationsonissuesthatareofspecific
relevancetoinvestmentcompaniesandisendorsedby
theFinancialReportingCouncil(“FRC”).Thetermsof
theFRC’sendorsementmeanthatAICmemberswho
reportagainsttheAICCodefullymeettheirobligations
undertheUKCodeandtherelateddisclosure
requirementscontainedintheListingRulesofthe
FCA.AcopyoftheAICCodecanbefoundatwww.
theaic.co.uk.AcopyoftheUKCodecanbeobtainedat
www.frc.org.uk.
Statement of compliance
PursuanttotheListingRulesoftheFCA,theCompany
isrequiredtoprovideshareholderswithastatementon
howthemainandsupportingprinciplessetoutinthe
AICCodehavebeenappliedandwhethertheCompany
hascompliedwiththeprovisionsoftheAICCode.The
Boardrecognisestheimportanceofastrongcorporate
governancecultureandhasestablishedaframework
forcorporategovernancewhichitconsiderstobe
appropriatetothebusinessoftheCompanyasaREIT
andtheCompanyasawhole.
TheUKCodeincludesprovisionsrelatingto:
• theroleofthechiefexecutive;
• executivedirectors’remuneration;and
• theneedforaninternalauditfunction.
TheBoardconsiderstheseprovisionsarenotrelevant
totheCompany,beinganexternallymanaged
investmentcompany.TheCompanyhasthereforenot
reportedfurtherinrespectoftheseprovisions.
TheBoardhasreviewedtheprinciplesand
recommendationsoftheAICCodeandconsidersthat
ithascompliedthroughouttheyear,exceptthatthe
ChairoftheBoardisamemberoftheAuditCommittee,
contrarytoProvision29oftheAICCode.TheBoard
believesitisappropriatefortheChairoftheCompany
tobeamemberoftheAuditCommitteeashehas
recentandrelevantfinancialexperienceandprovidea
valuablecontributiontotheCommittee’soperations
anditsinteractionwiththeBoard.
TheBoardconsidersthatitconsistentlymetthelevelof
oversightandgovernancethatwasrequiredbytheAIC
Code.TheBoardhassubstantialrealestate,financial,
commercialandsectorexperienceandhasestablished
appropriatecommittees(includingAuditCommittee
andManagementEngagementCommittee),which
met,andcontinuetomeet,onaregularbasis.As
anexternallymanagedinvestmentcompany,the
Companydelegateskeyexecutivefunctionstothird-
partyserviceproviders.TheCompanyandtheBoard
isreliantupontheperformanceofthesethird-party
serviceproviderstocarryouttheirobligationsto
theCompanyinaccordancewiththetermsoftheir
appointment.Furtherinformationisprovidedbelowin
theRiskManagementandInternalControlsectionand
furtherdetailontheCompany’sgovernanceisprovided
inAppendix2.
The Board
UndertheleadershipoftheChair,theBoardis
collectivelyresponsiblefortheeffectivestewardshipof
theCompany’saffairsandthelong-termsuccessofthe
Group,generatingvalueforshareholders.Itestablishes
thepurpose,valuesandstrategicaimsoftheCompany
andsatisfiesitselfthattheseanditsculturearealigned.
TheBoardensuresthatthenecessaryresourcesarein
placefortheCompanytomeetitsobjectivesandfulfil
itsobligationstoshareholderswithinaframeworkof
highstandardsofcorporategovernanceandeffective
internalcontrols.TheDirectorsarerequiredtoactwith
integrity,leadbyexampleandpromotethisculture
withintheCompany.
TheDirectorspossessawiderangeofbusinessand
financialexpertiserelevanttothedirectionofthe
Groupandconsiderthattheycommitsufficienttime
totheaffairsoftheGroup.AllDirectorsactinanon-
executivecapacity.
BriefbiographicaldetailsoftheDirectors,including
detailsoftheirsignificantcommitments,canbe
foundonpage27.
Governance
Corporate governance statement

34 HomeREITplc | AnnualReport | Fortheyearended31August2025
Chair
MichaelO’DonnellwasindependentoftheInvestment
Manageratthetimeofhisappointmentandis
deemedbyfellowBoardmemberstocontinueto
beindependentincharacterandjudgementandto
havenoconflictingrelationships.TheChairleadsthe
Boardandisresponsibleforitsoveralleffectiveness
indirectingtheCompany.TheChairdemonstrates
objectivejudgement,promotesacultureofopenness
anddebate,andfacilitateseffectivecontributionsby
allDirectors.InliaisonwiththeCompanySecretary,
theChairensuresthattheDirectorsreceiveaccurate,
timelyandclearinformationtotheextentpossiblewith
thelimitationontheaccuracyandcompletenessof
theinformationprovidedbytheInvestmentManager.
TheChairconsidershimselftohavesufficienttime
tocommittotheCompany’saffairs.Theroleand
responsibilitiesoftheChairoftheBoardareclearly
definedandsetoutinwriting,acopyofwhichis
availableontheCompany’swebsite.
SeniorIndependentDirector
PeterWilliams,astheSeniorIndependentDirector,
providesasoundingboardfortheChairandserves
asanintermediaryfortheotherDirectorsand
shareholders.TheSeniorIndependentDirectoralso
providesachannelforanyshareholderconcerns
regardingtheChairandtakestheleadintheannual
evaluationoftheChairbytheotherDirectors.Therole
andresponsibilitiesoftheSeniorIndependentDirector
areclearlydefinedandsetoutinwriting,acopyof
whichisavailableontheCompany’swebsite.
MattersreservedfortheBoard
TheCompany’sinvestmentpolicyandstrategyare
determinedbytheBoard.TheBoardisresponsible
forinvestmentdecisions,otherthantotheextent
delegatedtoAEW,andtheappointment,supervision
andmonitoringoftheGroup’skeyserviceproviders.
TheBoardestablishestheCompany’sborrowingpolicy,
dividendpolicy,approvespublicdocumentssuchasthe
annualandinterimreportsandfinancialstatements,
andcorporategovernancematters.Aformalschedule
ofmattersreservedfordecisionbytheBoardhasbeen
adoptedandisavailableontheCompany’swebsite,
withasummaryinAppendix2onpages104to106.
Independentprofessionaladvice,insurance
andindemnity
TheBoardhasformalisedarrangementsunderwhich
theDirectors,inthefurtheranceoftheirduties,may
seekindependentprofessionaladviceattheexpenseof
theCompany.TheCompanyalsomaintainedDirectors’
andOfficers’liabilityinsuranceduringtheyear.The
ArticlesprovidetheDirectorsoftheCompany,subject
totheprovisionsofUKlegislation,withanindemnity
inrespectofliabilitieswhichtheymaysustainorincur
inconnectionwiththeirappointment.Apartfrom
this,therearenoqualifyingthird-partyindemnity
provisionsinforce.
OtherthantheirlettersofappointmentasDirectors,
noneoftheDirectorshasacontractofservicewith
theCompanynorhastherebeenanyothercontractor
arrangementbetweentheCompanyandanyDirector
atanytimeduringtheyear.
TheBoardhasagreedaprocedurefortheinduction
andtrainingofnewBoardappointeesandtraining
requirementsaredealtwithasrequired.
Informationregardingtheannualevaluationofthe
Board,itsCommittees,theindividualDirectorsandthe
Chair;diversitypolicy;compositionoftheBoard;tenure
oftheDirectors;andtheDirectors’re-electionisset
outintheReportfromtheNominationCommitteeon
pages44to45.
Board Committees
Duringtheyear,theCompanyhadthreeCommittees
inoperation,namely,theAuditCommittee,the
ManagementEngagementCommitteeandthe
NominationCommittee.GiventhesizeoftheBoard,it
isnotconsideredappropriatetoestablishaseparate
remunerationcommittee.Thefunctionsthatwould
normallybecarriedoutbythiscommitteearedealtwith
bythefullBoard.
ThetermsofreferenceoftheCommitteesareavailable
ontheCompany’swebsite.
AuditCommittee
TheGrouphasestablishedanAuditCommittee
whichischairedbyRodDayandconsistsofall
Directors.TheBoardconsidersthatthemembers
oftheAuditCommitteehaverecentandrelevant
financialexperienceandtheCommitteeasawhole
hascompetencerelevanttothesectorinwhichthe
Companyoperates.TheAuditCommitteeincludes
individualswithsubstantialexperienceofthefinancial
mattersoflistedcompaniesandthepropertysector.
TheBoardbelievesitisappropriatefortheChairof
theCompanytobeamemberoftheAuditCommittee
ashehasrecentandrelevantfinancialexperienceand
providesavaluablecontributiontotheCommittee’s
operationsanditsinteractionwiththeBoard.
ThereportoftheAuditCommitteeissetouton
pages37to42.
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 35
ManagementEngagementCommittee
TheManagementEngagementCommitteecomprises
allDirectorsandischairedbyPeterWilliams.The
Committeemetduringtheperiodunderreviewto
considertheperformanceoftheInvestmentManager.
Inaddition,theManagementEngagementCommittee
reviewstheperformance,termsofappointmentand
feespayabletotheotherkeyserviceprovidersofthe
CompanyandmakesrecommendationstotheBoard
regardingtheircontinuingappointment.
ThereportoftheManagementEngagement
Committeeissetoutonpage43.
NominationCommittee
TheCompanyhasestablishedaNomination
CommitteewhichischairedbyMichaelO’Donnell.The
CommitteereviewstheBoard’ssuccessionplanand
identifiesandnominatescandidatesfortheofficeof
directoroftheCompany.Italsoreviewstheresults
oftheannualevaluationprocessoftheBoard,its
Committees,theDirectorsandtheChair,andmakes
recommendationstotheBoardinrespectofthe
election/re-electionoftheDirectors.
ThereportoftheNominationCommitteeisincludedon
pages44to45.
Meetingsheldduringtheyear
TheCompanyhasfourfullBoardmeetingsayear.In
addition,currently,theBoardismeetingeverymonth
withtheInvestmentManager.Additionalmeetingsare
arrangedasnecessary.
AteachBoardmeeting,theDirectorsfollowaformal
agendawhichiscirculatedinadvancebytheCompany
Secretary.TheInvestmentManager,theAdministrator
andtheCompanySecretaryregularlyprovidethe
Boardwithfinancialinformation,includingamonthly
cashflowforecast,togetherwithbriefingnotesand
papersinrelationtothedisposalofinvestments,health
&safetycomplianceandtenantandassetmonitoring
andupdates,changesintheCompany’seconomic
andfinancialenvironment,statutoryandregulatory
changesandcorporategovernancebestpractice.
ThenumberofscheduledBoard,AuditCommittee,
ManagementEngagementCommitteeandNomination
Committeemeetingsthateachdirectorwasentitled
toattendduringtheyearended31August2025andthe
attendanceoftheindividualDirectorsisshownbelow:
Board
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Number of meetings attended (entitled to attend)
LynneFennah 4(4) 4(4) 2(2) 1(1)
PeterCardwell 3(4) 3(4) 1(2) 0(1)
SimonMoore 4(4) 4(4) 2(2) 1(1)
MarleneWood 4(4) 4(4) 2(2) 1(1)
MichaelO'Donnell 7(7) 6(6) 2(2) 3(3)
PeterWilliams 7(7) 6(6) 2(2) 3(3)
RodDay 7(7) 6(6) 2(2) 3(3)
Conflicts of Interest
ItistheresponsibilityofeachindividualDirectorto
avoidanunauthorisedconflictarising.Directorsmust
requestauthorisationfromtheBoardassoonasthey
becomeawareofthepossibilityofaninterestthat
conflicts,ormightpossiblyconflict,withtheinterests
oftheCompany(a“situationalconflict”).TheArticles
authorisetheBoardtoapprovesuchsituations,where
deemedappropriate.
TheBoardisresponsibleforconsideringDirectors’
requestsforauthorisationofconflictsandfordeciding
whetherornotthesituationalconflictshouldbe
authorised.Thefactorstobeconsideredwillinclude:
whetherthesituationalconflictcouldpreventthe
Directorfromproperlyperformingtheirduties;
whetherithas,orcouldhave,anyimpactonthe
Company;andwhetheritcouldberegardedaslikely
toaffectthejudgementand/oractionsoftheDirector
inquestion.WhentheBoardisdecidingwhetherto
authoriseasituationalconflict,onlyDirectorswho
havenointerestinthematterbeingconsidered
areabletotaketherelevantdecision,andintaking
thedecision,theDirectorsmustactinawaythey
consider,ingoodfaith,willbemostlikelytopromote
theCompany’ssuccess.TheBoardareabletoimpose
limitsorconditionswhengivingauthorisationifthey
thinkthisisappropriateinthecircumstances.The
Directorsmustalsocomplywiththestatutoryrules
requiringtheDirectorstodeclareanyinterestinan
actualorproposedtransactionorarrangementwith
theCompany.
Governance
Corporate governance statement—continued

36 HomeREITplc | AnnualReport | Fortheyearended31August2025
TheCompanySecretarymaintainstheRegisterof
Directors’ConflictsofInterestswhichisreviewed
ateachBoardmeeting,toensurethatauthorised
conflictsremainappropriate.TheDirectorsadvise
theCompanySecretaryandtheBoardassoonasthey
becomeawareofanyconflictsofinterest.Directors
whohaveconflictsofinterestdonottakepartin
discussionswhichrelatetoanyoftheirconflicts.
Risk management and internal control review
TheDirectorsacknowledgethattheyhaveoverall
responsibilityfortheCompany’sriskmanagement
andinternalcontrolsystemsandforreviewingtheir
effectiveness.
Anongoingprocess,inaccordancewiththeFRC
GuidanceonRiskManagement,InternalControl
andRelatedFinancialandBusinessReporting,has
beenimplementedforidentifying,evaluatingand
managingtheprincipalandemergingrisksfacedbythe
CompanyandtheGroup.Thisprocesshasbeeninplace
throughouttheyearended31August2025andupto
thedatethefinancialstatementswereapprovedand
isregularlyreviewedbytheBoard,throughtheAudit
CommitteeifscheduledorataregularBoardmeeting.
Keyproceduresestablishedwithaviewtoproviding
effectivefinancialcontrolhavealsobeeninplacefor
theyearunderreviewanduptothedatethefinancial
statementswereapproved.
Theriskmanagementprocessandsystemsofinternal
controlaredesignedtomanageratherthaneliminate
theriskoffailuretoachievetheCompany’sinvestment
objective.Itshouldberecognisedthatsuchsystems
canonlyprovidereasonable,notabsolute,assurance
againstmaterialmisstatementorloss.
TheCompanyhascontractuallydelegatedthe
managementoftheinvestmentportfolio,the
registrationservices,administrationservicesandother
servicestothirdpartyserviceprovidersandreliance
isthereforeplacedontheinternalcontrolsofthose
serviceproviders.
Theinternalfinancialcontrolsystemsaimtoensure
themaintenanceofproperaccountingrecords,the
reliabilityofthefinancialinformationuponwhich
businessdecisionsaretaken,reportsarepublishedand
theassetsoftheCompanyaresafeguarded.
Thekeyproceduresincludereviewofcashmovements
andacashflowforecast,monitoringofperformance
oftheCompanyandAEWatquarterlyBoardmeetings,
segregationoftheadministrativefunctionfrom
investmentmanagement,maintenanceofappropriate
insuranceandadherencetophysicalandcomputer
securityprocedures.Theinternalcontrolsatthe
serviceprovidersarereviewedbytheAuditCommittee.
TheBoardhasundertakenareviewoftheeffectiveness
oftheCompany’sriskmanagementandinternalcontrol
systemsastheyhaveoperatedovertheyearandupto
thedateoftheapprovaloftheAnnualReport.
Robustriskassessmentsandreviewsofinternal
controlsareundertakenregularlyinthecontextof
theCompany’soverallinvestmentobjective.The
Board,throughtheAuditCommittee,hascategorised
riskmanagementcontrolsunderthefollowingkey
headings:investmentobjective;propertyleasing
andoperations;realestatesector;risksrelating
toShares;engagementswiththirdpartyservice
providers;taxation;andgovernance,regulatory
complianceandlitigation.Inarrivingatitsjudgement
ofwhatriskstheCompanyfaces,theBoardhas
consideredtheCompany’soperationsinthelightofthe
followingfactors:
• thenatureandextentofriskswhichitregardsas
acceptablefortheGrouptobearwithinitsoverall
businessobjective;
• thethreatofsuchrisksbecomingreality;
• theCompany’sabilitytoreducetheincidenceand
impactofriskonitsperformance;and
• thecosttotheCompanyandbenefitsrelatedto
thereviewofriskandassociatedcontrolsofthe
Company.
Ariskmatrixisinplaceagainstwhichtherisks
identifiedandthecontrolstomitigatethoseriskscan
bemonitored.Therisksareassessedonthebasisof
thelikelihoodofthemhappening,theimpactonthe
businessiftheyweretooccurandtheeffectivenessof
thecontrolsinplacetomitigatethem.Thisriskregister
isreviewedtwiceperannumbytheAuditCommittee
andatothertimesasnecessarybytheBoard.
Themajorityoftheday-to-daymanagementfunctions
oftheCompanyaresub-contracted,andtheDirectors
thereforeobtainregularassurancesandinformation
fromkeythirdpartyserviceprovidersregarding
theinternalsystemsandcontrolsoperatingintheir
organisations.Inaddition,eachofthethirdpartiesis
requestedtoprovideacopyofitsreportoninternal
controlseachyear,whereavailable,whichisreviewed
bytheAuditCommittee.
Relations with shareholders
DetailsregardingtheGroup’sengagementwith
itsshareholdersaresetoutwithintheStrategic
Reportonpage17.
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 37
IpresentthereportoftheAuditCommittee(the
“Committee”forpurposesofthisReportoftheAudit
Committeeonly)fortheyearended31August2025.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage34.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages44and45.
Meetings
TheCommitteemettwiceduringtheyearunder
review.TheDirectors’attendanceissetoutonpage35
intheCorporateGovernanceStatement.
Role of the Audit Committee
TheprimaryresponsibilitiesoftheCommitteeare:
• monitoringtheintegrityofthefinancialstatements
oftheCompany,anyformalannouncements
relatingtotheCompany’sandtheGroup’sfinancial
performance,andreviewingsignificantfinancial
reportingjudgementscontainedtherein;
• advisingtheBoardonwhethertheAnnualReport
andAccounts,takenasawhole,arefair,balanced
andunderstandable,andprovidetheinformation
necessaryforshareholderstoassessthe
Company’spositionandperformance,business
modelandstrategy;
• considerreportsfromtheindependentvaluerofthe
Companytovalueitsinvestments;
• keepunderreviewtheeffectivenessofthe
Company’sinternalfinancialcontrolsandinternal
controlandriskmanagementsystems;
• reviewingandmonitoringtheexternalauditor’s
independenceandobjectivity;
• reviewingtheeffectivenessoftheexternalaudit
process,takingintoconsiderationrelevantUK
professionalandregulatoryrequirements;
• conductingthetenderprocessandmaking
recommendationstotheBoardaboutthe
appointment,re-appointmentandremovalofthe
externalauditor,andapprovingtheremunerationand
termsofengagementoftheexternalauditor;and
• developingandimplementingpolicyonthe
engagementoftheexternalauditortoprovide
non-auditservices,ensuringthereispriorapproval
ofnon-auditservices,consideringtheimpactthis
mayhaveonindependence,takingintoaccount
therelevantregulationsandethicalguidancein
thisregard,andreportingtotheBoardonany
improvementoractionrequired.
Activities during and after the year under review
ThedelaysinissuingtheAnnualReportandAccounts
fortheyearending31August2022,31August2023
and31August2024severelyimpactedthepreparation
andauditofthesefinancialstatementsfortheyear
ending31August2025.Thereasonsforthosedelays
aredescribedindetailintheReportoftheAudit
Committeeforthoseyears.
Atthemeetingon10October2024,theCommittee
consideredtheupdatedFinancialPositionand
ProspectsProceduresmemorandum(“FPPP”);the
updatedriskregisterfortheManagedWind-Down;
theGoingConcernandviabilitystatement;theREIT
taxcompliancereport;JLL’svaluationreportforthe
yearended31August2022;BDO’sfinalauditreport
totheCommittee;andreviewedtheCompany’sdraft
annualconsolidatedfinancialstatementsforthe
yearto31August2022andrecommendedtheseto
theBoard.Inparticular,theCommitteeadvisedthe
Boardthattakenasawhole,the2022AnnualReport
isfairandbalancedandprovidestheinformation
necessaryforshareholderstoassesstheCompany’s
performance,businessmodel,strategyandgoing
concernstatement.
Atameetingconductedon12November2024,the
AuditCommitteeconsideredanupdatedmateriality
metricfortheauditofthe31August2023Annual
ReportandAccountspresentedbyBDOand
consideredthepreliminary2024AuditPlan.
Atthemeetingon13January2025,theCommittee
consideredtheupdatedFinancialPositionand
ProspectsProceduresmemorandum(“FPPP”);the
updatedriskregisterfortheManagedWind-Down;
theGoingConcernandviabilitystatement;theREIT
taxcompliancereport;JLL’svaluationreportforthe
yearended31August2023;BDO’sfinalauditreport
totheCommittee;andreviewedtheCompany’sdraft
annualconsolidatedfinancialstatementsforthe
yearto31August2023andrecommendedtheseto
theBoard.Inparticular,theCommitteeadvisedthe
Boardthattakenasawhole,the2023AnnualReport
isfairandbalancedandprovidestheinformation
necessaryforshareholderstoassesstheCompany’s
performance,businessmodel,strategyandgoing
concernstatement.
On3April2025,theCommitteeconsideredthe
updatedriskregisterfortheManagedWind-Down;
theGoingConcernstatement;andJLL’svaluation
reportfortheperiodended28February2023;and
reviewedtheCompany’sdraftinterimconsolidated
financialstatementsfortheperiodto31August2023
andrecommendedthesetotheBoard.Inparticular,the
CommitteeadvisedtheBoardthattakenasawhole,
Governance
Report of the Audit Committee

38 HomeREITplc | AnnualReport | Fortheyearended31August2025
the2023AnnualReportincludesimportanteventsthat
haveoccurredduringthePeriodandtheirimpactonthe
condensedfinancialstatementsandadescriptionof
theprincipalrisksanduncertaintiesfortheremaining
sixmonthsofthefinancialperiod.
Atameetingconductedon18August2025,BDO
presentedthefinalauditplanfortheyearended
31August2024totheAuditCommittee.
MostoftheAuditCommittee’sactivitiesduringthe
yearended31August2025relatedtothe2022,2023
and2024financialyears.Thoseactivitiesinclude
thefollowing:
• conductedareviewoftheinternalcontrolsandrisk
managementsystemsoftheCompanyanditsthird-
partyserviceproviders;
• conductedareviewoftheCompany’sriskregister
asupdatedbyAEW;
• reviewedtheannualpropertyvaluationasat
31August2024andrecommendedthistothe
Board.Indoingso,theCommitteemonitoredthe
effectivenessoftheCompany’svaluationpolicies
andmethodsbasedoninformationregarding
theconditionofthepropertiesandthefinancial
conditionofthetenants;
• reviewedtheCompany’sdraftannualconsolidated
financialstatementsfortheperiodsto
31August2023and2022aspresentedtothe
Committeeon13January2025and10October2024
andrecommendedthesetotheBoard.Inparticular,
theCommitteeadvisedtheBoardthattaken
asawhole,theAnnualReportsarefairand
balancedandprovidestheinformationnecessary
forshareholderstoassesstheCompany’s
performance,businessmodel,strategyandgoing
concernstatement;
• receivedanddiscussedwithBDOtheaudit
reportontheresultsoftheauditfortheyear
ended31August2023and31August2022and
consideredthedraftauditopinionsanddraft
lettersofrepresentationasat13January2025and
10October2024;
• discussedandconsideredtheAuditor’s
performance,objectivityandindependenceandthe
effectivenessoftheexternalaudit;and
• reviewedwhetheraninternalauditfunctionwould
beofvalueandconcludedthatthiswouldprovide
minimaladdedcomfortatconsiderableextracost
totheCompany.Theexistingsystemofmonitoring
andreportingbythird-partyserviceproviders
remainsappropriate.TheCommitteekeepsthe
needsforaninternalauditfunctionunderperiodic
review.
Atthemeetingon17October2025,theCommittee
consideredtheupdatedFinancialPositionand
ProspectsProceduresmemorandum(“FPPP”);the
updatedriskregisterfortheManagedWind-Down;
theGoingConcernandviabilitystatement;theREIT
taxcompliancereport;JLL’svaluationreportforthe
yearended31August2024;BDO’sfinalauditreport
totheCommittee;andreviewedtheCompany’sdraft
annualconsolidatedfinancialstatementsforthe
yearto31August2024andrecommendedtheseto
theBoard.Inparticular,theCommitteeadvisedthe
Boardthattakenasawhole,the2024AnnualReport
isfairandbalancedandprovidestheinformation
necessaryforshareholderstoassesstheCompany’s
performance,businessmodel,strategyandgoing
concernstatement.
Financial statements and significant
accounting matters
TheCommitteehastakenintoaccountthemost
significantrisksandissues,bothoperationaland
financial,whicharelikelytoimpacttheCompany’s
financialstatements.Itconsideredthefollowing
keyissuesinrelationtotheCompany’sfinancial
statementsduringtheyearandpostyearend:
Valuation of investment property
TheCommitteeconsidersthevaluationofinvestment
propertytobeasignificantareaofjudgmentwhich
couldmateriallyimpactthefinancialstatementsfor
theyearended31August2025.JLLwasappointed
inJuly2023astheindependentvaluertovaluethe
Group’spropertyportfolioinaccordancewiththeRICS
requirementsonabi-annualbasis.
TheGroup’sportfoliohasbeenindependently
valuedbyJLLinaccordancewiththeRICSValuation
ProfessionalStandards.Asat31August2025,the
Group’sportfoliohadamarketvalueof£154.9million
representing41.6%ofthehistoricalacquisitioncosts
(includingpurchasecosts).
Thereductioninthepropertyvaluationfromtheyear
ended31August2024wasprimarilyduetothesaleof
522propertieswithacarryingvalueof£99.4million
andunrealisedvaluationlossof£11.0million.JLLused
theconditionofthepropertiesasdeterminedthrough
theexternalinspectionof846propertiesandinternal
inspectionof113propertiesandsupportedbythird
partyconditionreportsonanadditional646properties.
Indeterminingthefairvalueasat31August2025,JLL
hasusedacombinationoftheinvestmentapproach
(20.5%oftheportfoliovalue)andMV-VP(79.5%ofthe
portfoliovalue).RefertoNote9totheConsolidated
FinancialStatementsforfurtherdetail.
Whilst404ofthe853propertieswithintheportfolio
weresubjecttoaleaseasat31August2025,the
securityoftheunexpiredtermfortheseleasesdiffers
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 39
acrosstheportfoliodependingonthecovenant
strengthofthetenant.Fortenantswithaweak
covenantstrength,orwhereapropertywasdeemed
unhabitableornotfitfor-purpose,JLLdisregardedthe
leasesandvaluedthepropertiesonthebasisofMV-VP.
Whereavaluationhascontinuedtobepreparedon
aninvestmentbasis,duetounprovencreditprofiles,
JLLappliedlimitationsonthedurationoftheincome
streamstoaccountforthecovenantstrengthsof
thetenant,andtherentlevelsdemandedunderthe
leases.JLLcappedtheunexpiredleasetermatfive
yearsduetothelackofconfidenceinthosetenants
beingabletofulfiltheirleaseobligations.Furthermore,
forthosepropertieswhichareleasedtoatenantwith
astrongcovenant,JLLcapitalisedthepassingrent
foritsremainingterm(uptosevenyears).Wherea
propertyhasahighpassingrentincomparisontoJLL’s
opinionofMV-VP,JLLcappedthefairvalueatbetween
110%and125%ofMV-VPdependingonthetenant
(2024:between113%and154%).JLLalsoconcluded
thatbasedonrecentmarketevidencethattheGroup
wouldhavechallengesingainingvacantpossession
ofsupportedlivingpropertiesmanagedbyanIHM
andhasvalued145propertiesatadiscounttoMV-VP
ofbetween10%-15%dependingontheIHMandthe
locationoftheproperty.
TheprospectivelenderforPatronrequestedthat
JLLprovideavaluationatthetransactiondate.Given
thenumberofpropertiesacrossbreadthofEngland
andsignificanceofthevaluationtothesuccessof
thetransaction,theDirectorsagreedtoallowthis
asapermissibleserviceafterJLLconfirmeditcould
maintainitsindependencethroughoutandwould
notbeprohibitedfromprovidingfurthervaluations
totheGroup.
TheCommitteereviewedthedetailedvaluationreport
fromJLLandtheassumptionsunderlyingtheproperty
valuationsandconcludedthatthevaluationatthe
Company’syear-endisappropriate.
Revenue Recognition and Collectability of Tenant
Related Receivables
TheCommitteeconsidersrevenuerecognitionand
thecollectabilityoftenantrelatedreceivablestobe
anareaofsignificantjudgmentwhichcouldmaterially
impactthefinancialstatementsfortheyearended
31August2025.Theinspectionprogrammeundertaken
betweenAugust2023andMay2024revealedthat198
propertieshadbeenacquiredwhichweredeemed
unhabitableofwhichtheGroupstillowned19asat
31August2025.TheCommitteeconsideredthat
becausethepropertieswereunhabitable,theydid
notmeetthecriteriaforrevenuerecognitionand
thereforedidnotrecogniseanyrevenueduringtheyear
associatedwithanyofthoseproperties.
TheCommitteealsoconsidersthatanyreceivables
outstandingtonon-performingtenantsshouldbe
providedforinfull.BecausetheGroupjudged6ofits
18directtenantswereapoorfinancialcovenant,the
Committeeconcludedthatanyrelatedreceivables
shouldbeprovidedforasat31August2025.
Significant accounting judgements and estimates
Thejudgements,estimatesandassociated
assumptionsthathavehadamaterialimpactin
thepresentationofassetsandliabilitiesinthese
accountshavebeenmadeinrelationtovaluationof
investmentproperty,therecoverabilityoftenant
relatedreceivablesandtheclassificationofinvestment
propertyassetsheldforsale.Theseareasdetailedin
Note3totheConsolidatedFinancialStatements.
Qualified independent auditor’s report
BDOwerenotabletoperformcompleteaudit
proceduresonleaserevenuefromoccupants
associatedwithpropertiesmanagedbythirdparty
managersbecausetheGroupcouldnotprovideall
requiredauditevidencetosupporttheamounts
recognised.Accordingly,BDOhavequalifiedtheiraudit
reportforthismatter.Rentalrevenuefromproperties
managedbythird-partymanagersintheyearto
31August2025totalled£10.2millionofthetotalrental
revenuerecognisedof£20.7million.
Allpropertiesmanagedbypropertymanagerswere
previouslyunderleasewithanon-performingtenant.
TheGroupregainedcontrolofthepropertiesafter
tenantsenteredintoleasesurrenderagreements.
InmanycasesAEWreceivednoinformationfrom
thesurrenderingtenantathandoverrelatedto
thepropertiesortheiroccupantsandmanyofthe
occupantsdidnothaveanin-placeASTortheAST
wasnotprovidedtoAEWatsurrender.Wherepossible,
AEWpreferredtokeepthepropertyvacant;themain
reasonsforthisareasfollows:
• Thepropertywasrequiredtobesold.TheGroup
wasundersignificantpressurefromScottish
Widowstorepaytheoutstandingloansand
propertieswhichofferedvacantpossessionwere
morevaluableandsaleableatauctionthanthose
withoccupants,especiallythosewhoareinneedof
support.AftertheGroupenteredintotheManaged
Wind-Down,AEWwereadvisedthatkeeping
currentlyvacantpropertiesasvacantprovidedbest
valueandmaximumbuyerflexibility.
• ThequestionofwhentheRenters’RightsBill(“RRB”)
wouldbeapprovedand/orthecompositionofthe
finaltermsprovidedfurtheruncertainty.
• Inmanycases,thetenants/occupantsdidnotfit
thedesiredprofileforthepropertyandAEWwere
advisedthatitwouldbeoptimalforthesaleto
gainvacantpossessionandnotputinplacenew
Governance
Report of the Audit Committee—continued

40 HomeREITplc | AnnualReport | Fortheyearended31August2025
documentation.InlightoftheimminentRRBitwas
anticipatedthatitwouldbeeasiertoevictanon-
performingoccupantwithoutanASTthanonewith
anin-placeagreement.Accordingly,AEWinstructed
propertymanagersnottopursueobtainingASTs
whereonewasnotalreadyin-place.
Duringtheyearended31August2025,theGroup
engagedsixpropertymanagerstomanageproperties
ontheGroup’sbehalfofwhichtherewerefourthat
wereconsideredcoremanagers.Thesefourwere
engagedtomanagespecificpropertiesbasedon
locationandtypeofoccupant.
Inordertomonitortheactivitiesandfeesforthesefour
propertymanagers,AEWreceivesamonthlyfinancial
packageandmeetswiththeseniorteamfromeachto
reviewkeyitems,including:
1. Propertybypropertyoccupancy(andvacancy)and
associatedrevenuerecognisedandcollected;
2. Overallmonthlyreportedresults;
3. Capexandmaintenancerequirements;
4. Insurancematters;
5. Propertyhealthandsafetyandcompliance
updates;and
6. Computationofmanagementfeesandensuring
theseareinlinewiththeagreementand
collectedrents.
MonthlycashreceivedbytheGroupfromeach
propertymanagerisreconciledtothemonthly
reportingpackanddifferencesmonitoredandpursued
toensureonlyrequiredandapprovedamountshave
beenretainedbythepropertymanager.
Inaddition,AEWhaveaweeklycallwitheveryproperty
managertodiscussmoreurgentmatters,including
emergencyandothercapex,tenantissues,healthand
safetymattersandapprovalofone-timeexpenses
priortoenteringcontract.
WhileBDOcouldnotaudittherevenueassociatedwith
occupantswithnoAST,theDirectorsarecomfortable
thatthemonitoringbyAEWisadequatetoensure
thatthereportedresultsareinlinewithunderlying
occupancyandcashmovements.Further,theDirectors
considerthattheoperatinglossfortheyearended
31August2025wouldnothavechanged,because
nofurthercashwouldbeexpectedtobecollected
associatedwiththeseleases.
Going concern and viability statement
TheDirectors,atthetimeofapprovingthefinancial
statements,arerequiredtoconsiderwhetherthey
haveareasonableexpectationthattheCompany
hasadequateresourcestocontinueinoperational
existencefortheforeseeablefutureandwhetherit
isappropriatetopreparethefinancialstatementson
agoingconcernbasis.
On16September2024HomeREITplcshareholders
approvedtheNewInvestmentPolicyfortheManaged
Wind-DownoftheGroup’sandtheCompany’s
operations.Partofthatstrategywastosellenough
propertiesthroughauctionstorepayallamountsto
ScottishWidowsLimited(“ScottishWidows”).On
27November2024,theGrouprepaidalloutstanding
GrouploansandinDecember2024,theGrouppaidall
otheramountsdueandScottishWidowsreleasedits
chargeovertheGroup’sandCompany’sassets.
TheGroupisinexclusivityinrespectofthesaleof
amajorityoftheremainingportfolioofinvestment
propertiesinonetransactionfor£123.0millionwiththe
remainingpropertiesexpectedtobesoldatauction
overfourmonthstoavoidasignificantconcentrationof
propertiesfromoneareabeingsoldinasingleauction.
Therecanbenocertaintythattheportfoliotransaction
willbecompleted.Intheeventthattheportfoliosale
doesnotcompleteasexpected,AEWandtheBoard
havepreparedacontingencyplantodisposeofthose
propertiesthroughalternativeavenues.
CashflowprojectionsfortheGroupandtheCompany
havebeenpreparedbyAEWandagreedwiththeBoard
ofHomeREITplcwhichconsider:
1. Disposaloftheremainingpropertiesas
describedabove,
2. Modestcapitalexpenditurehasbeenforecast
throughthesaleperiodinordertoensurecertain
buildingsaremadesafeforsale.Suchworksare
underwayandarerequiredtocomplywithstatutory
obligations,
3. Revenuewillcontinuetobecollectedontenanted
propertiesheldbytheGroupuptothedatesofsale,
4. Settlementofallamountsoutstandingrelatedto
propertiesmanagedbythirdpartiesoncecounter
partiesagreethatinvoicesreflecttheGroup’s
correctliabilityperiod,and
5. Corporateexpensesforthoseservicesrequiredto
maintaincurrentoperationsthroughthewind-down
oftheGroup.
Asofthedateofthesefinancialstatements,theGroup
has£[XX]offreecash.TheDirectorshaveforecast
expendituresoverthenexttwelvemonthsandare
comfortablethatthecashonhandplusproceedsfrom
thesaleofpropertieswillbeadequatetocoverthose
expenses.Propertieswhicharenotincludedinthesale
portfolioperimetercanbesoldtoraiseadditionalcash
intheeventthatcashisrequiredbeforetheportfolio
saleiscompleted.
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 41
HomeREITplchasreceivedapre-actionletterofclaim
whichassertsthatHomeREITplcprovidedinformation
toinvestorswhichwasfalse,untrueand/ormisleading
andasaresultinvestorssufferedlosses.TheHome
REITplcdirectorsarenotcurrentlyabletoconclude
whetherorwhenaformalclaimmaybeissuedand
ifaclaimisissued,whatthequantumofsuchclaim
maybe.Further,on7February2024,HomeREITplc
wasnotifiedbytheFCAofitscommencementofan
investigationintotheCompany,coveringtheperiod
from22September2020to3January2023.Home
REITplcanditsDirectorsarefullycooperatingwiththe
FCAinitsinvestigation.However,theyarenotableto
assessorquantifywhatifanyactionmaybetaken.No
allowancehasbeenmadeforpotentialsettlementof
eitherthepre-actionletterofclaimortheFCAmatter.
Asaresultof(i)thethreatenedlitigation,(ii)theFCA
investigationand(iii)theHomeREITplcDirectors’
expectationforanorderlywind-downofitsoperations,
theDirectorsconsideritappropriatetoadoptabasisof
accountingotherthanasagoingconcerninpreparing
thesefinancialstatements.Nomaterialadjustmentsto
accountingpoliciesorthevaluationbasishavearisenas
aresultofceasingtoapplythegoingconcernbasis.
Internal controls
TheCommitteecarefullyconsiderstheinternalcontrol
systemsbymonitoringtheservicesandcontrolsof
itsthird-partyserviceproviders.Itreviewedand,
whereappropriate,updatedtheriskmatrixduringthe
yearunderreview.Thisisdoneonabi-annualbasisor
morefrequentlyifrequired.TheCommitteereceived
areportoninternalcontrolsduringtheperiodunder
reviewfromAEWandtheCompany’sotherkeyservice
providersandnosignificantmattersofconcernwere
identifiedatthetime.TheBoardcontinuestoregularly
reviewandupdatetheriskmatrixwithAEW.TheBoard
hasconsideredtheinternalcontrolsandriskmatrixand
determinedthatthesewereappropriatebasedonthe
informationreportedtotheBoardandallCommittees
atthetime.Theriskregisterhasbeenamendedto
considerthetypesofriskstheCompanyisexposed
toandtheassociatedimpactonreturningcapitalto
investorsduringtheManagedWind-Down.
Auditor’s remuneration
FeespaidtotheGroup’sIndependentAuditorincludethefollowing:
Serviceprovided
Yearended
31August2025
£’000’s
Yearended
31August2024
£’000’s
FeespayablefortheauditoftheCompany’sannualaccounts 645 772
FeespayablefortheauditoftheCompany’ssubsidiaries 72 72
Feepayablefordatapreservation _ 2
FurtherdetailsoftheAuditor’sremunerationaresetoutinNote5totheConsolidatedFinancialStatements.
Non-audit services provided by the Auditor
TheCommitteehasanon-auditservicespolicyin
place.Thesupplyofnon-auditservicesprovidedby
theAuditorisconsideredonacase-by-casebasisand
mayonlybeprovidedtotheCompanyifapproved
bytheCommittee,theprovisionofsuchservicesis
atareasonableandcompetitivecostanddoesnot
constituteaconflictofinterestorpotentialconflict
ofinterestwhichwouldpreventtheAuditorfrom
remainingobjectiveandindependent.BDOdidnot
provideanynon-auditservicesduringtheyearended
31August2025.
Effectiveness of the external audit
TheChairoftheCommitteemetwiththeleadaudit
partnertoagreetheauditplanfortheyearended
31August2025andtodiscussanyissuesarisingfrom
theprioryearaudit.TheChairoftheCommitteealso
metwiththeleadpartner,priortothefinalisationof
theauditoftheAnnualReportandAccountsforthe
yearended31August2025withoutAEWbeingpresent,
todiscusshowtheexternalauditwascarriedout,
thefindingsfromsuchauditandwhetheranyissues
hadarisenfromtheAuditor’sinteractionwiththe
Company’svariousserviceproviders.
Followingitsreviewpriortotheapprovalofthese
accounts,theAuditCommitteehaschallenged
theAuditorandconcludedthattheAuditorhas
demonstratedagoodunderstandingofthestructure
andoperationsoftheCompanyandhadidentifiedand
focusedontheareasofsignificantfinancialreporting
risk.Theexternalauditprocesswasconsideredtohave
beeneffective.
Governance
Report of the Audit Committee—continued

42 HomeREITplc | AnnualReport | Fortheyearended31August2025
Independence and objectivity of the Auditor
BDOwasselectedastheCompany’sexternalAuditor
atthetimeoftheCompany’slaunchin2020following
aformaltenderprocessandreviewoftheAuditor’s
credentials.ThecontinuingappointmentoftheAuditor
isreviewedannuallybytheCommittee,whichgives
considerationtotheAuditor’sfeesandindependence,
alongwiththemattersraisedduringeachaudit.
Duringthefinancialyear,EdwardGoodworthrotated
asauditpartneroftheGroupwithChristopherYoung
appointedinhisplace.
TheCommitteehasconsideredtheindependenceand
objectivityoftheAuditorandhasnotedthattherewere
nonon-auditservicesprovidedduringtheyearunder
audit.TheCommitteereceivesannualassurancefrom
theAuditorthatitsindependenceisnotcompromised
bytheprovisionofnon-auditservices.TheCommittee
issatisfiedthattheAuditor’sobjectivityand
independenceisnotimpairedbytheperformanceof
non-auditservicesandthattheAuditorhasfulfilledits
obligationstotheCompanyanditsshareholders.
Re-appointment of the Auditor
InconsiderationoftheperformanceoftheAuditor,
theservicesprovidedduringtheyearandareviewof
BDO’sindependenceandobjectivity,theCommittee
hasrecommendedtotheBoardthere-appointment
ofBDOfortheyearended31August2026.
Fair, balanced and understandable
financial statements
TheCommitteehasconcludedthattheAnnualReport
fortheyearended31August2025,takenasawhole,
isfair,balancedandunderstandableandprovidesthe
informationnecessaryforshareholderstoassessthe
Company’sbusinessmodel,strategyandperformance.
TheCommitteehasreporteditsconclusionstothe
Board.Itreachedthisconclusionthroughaprocessof
reviewofthedraftfinancialstatementsandenquiries
tothevariouspartiesinvolvedintheproductionofthe
AnnualReport.
Rod Day
ChairoftheAuditCommittee
[XX]February2026
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 43
IpresentthereportoftheManagementEngagement
Committee(the“Committee”forpurposesofthis
ReportoftheManagementEngagementCommittee
only)fortheyearended31August2025.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage35.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages44and45.
Meetings
TheCommitteemettwiceduringtheyearunder
review.TheDirectors’attendanceissetoutonpage35
intheCorporateGovernanceStatement.
Role of the Management Engagement Committee
ThekeyresponsibilitiesoftheCommitteeare:
• monitoringandevaluatingtheInvestment
Manager’sinvestmentperformanceandits
compliancewiththetermsoftheIMA;
• reviewing,atleastannually,theperformanceand
continuedretentionoftheInvestmentManager;
• reviewingthelevelandmethodofremuneration,
thebasisofperformancefees(ifany)andthe
noticeperiodoftheInvestmentManagertoensure
thattheseremaininthebestinterestsofthe
shareholders;
• ensuringthatprocesseshavebeenputinplace
toreviewtheCompany’sriskmanagementand
internalcontrolsystemsdesignedtosafeguard
shareholders’investmentandtheGroup’sassets;
and
• monitoringandevaluatingtheperformanceof
theotherkeyserviceprovidersoftheCompany
toensuretheircontinuedcompetitivenessand
effectiveness(notinginparticularthesignificant
challengestheCompanyhasfacedinpublishing
financialstatements,sustainedandelevatedlevels
ofprofessionalfeesandintensiveproperty-level
initiatives).
Activities during the year
TheCommitteehasreviewedtheperformanceofAEW
fromthedateofitsappointmentandissatisfiedthat
ithasthenecessaryskillsandexperiencetomanage
theGroup’sinvestments,inaccordanceinitiallywith
theAmendedInvestmentPolicyandnowtheNew
InvestmentPolicy.TheCommitteeconsidersthatthe
continuingappointmentoftheInvestmentManager
andthetermsofitsremunerationareinthebest
interestsofshareholdersasawhole.TheCommittee
isalsosatisfiedthatprocesseshavebeenputinplace
toreviewtheCompany’sriskmanagementandinternal
controlsystemsdesignedtosafeguardshareholders’
investmentandtheCompany’sassets.
TheperformanceoftheCompany’sotherservice
providerswascloselymonitoredbytheBoard,through
theCommitteeandwhereappropriatewiththe
supportoftheInvestmentManager.TheCommittee’s
reviewofkeyserviceprovidersincludedanevaluation
oftheirfeesandthequalityoftheirservicetoensure
theyremainedeffectiveandcompetitive.Thisprocess
includedtheadoptionofaclassificationsystemto
ensurethatserviceproviderswereevaluatednotonly
ontheirperformance,butaccordingtotheimportance
oftheirroleintheCompany’soperations.The
Committee’sserviceproviderreviewincludedperiodic
considerationoftheirinternalpoliciesandprocedures
toensureadequatecontrolsareinplace.
Conclusions and recommendations
Withdueconsiderationoftheeventsthatoccurred
priortotheperiodsunderreview,whichincludedthe
failureofseveralkeyserviceproviderstoraisematerial
mattersorconcernswiththeBoard,theCommittee
determinedthatcertainservicesshouldbetendered.
TheInvestmentManagercommencedtenderingof
severalkeyserviceproviders,however,duetothe
ManagedWind-Downandlegacyissuesfacingthe
Company,theBoardultimatelydeterminedthatitwas
intheCompany’sbestinterestsforcertainincumbent
serviceproviderstoremaininplace.Inreachingthis
decision,theBoardweighedcarefullytheriskof
disruption,thecommercialchallengeoftendering
duringawind-downversustheobviousadvantages
ofappointingserviceprovidersithadfullconfidence
in.TheBoardisnonethelesssatisfiedthatithas
judgedthebalanceofriskscorrectlyandbelievesthe
currentserviceprovidersarebestplacedtoassistthe
Companywithitscurrentobjectives.
AcomprehensivereviewoftheCompany’skey
serviceprovidershasbeenundertakenbythe
Committeeduringmeetingson28November2024
and18August2025.TheCommitteewillcontinueto
monitortheperformanceofkeyserviceproviders
anddeterminewhethercurrentappointmentsremain
appropriate.
Peter Williams
ChairoftheManagementEngagementCommittee
[XX]February2026
Governance
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44 HomeREITplc | AnnualReport | Fortheyearended31August2025
IpresentthereportoftheNominationCommittee
(the“Committee”forpurposesofthisReportofthe
NominationCommitteeonly)fortheyearended
31August2025.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage35.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedbelow.
Meetings
TherehasbeenonemeetingoftheCommittee
duringtheyear.TheDirectors’attendanceatthis
meetingissetoutintheCorporateGovernance
Statementonpage35.
Role of the Nomination Committee
TheprimaryresponsibilitiesoftheCommitteeare:
• reviewingthestructure,sizeandcompositionofthe
Board;
• ensuringplansareinplacefororderlysuccession
totheBoardandensuringthatsuchplanspromote
diversityofgender,socialandethnicbackgrounds,
cognitiveandpersonalstrengths;
• reviewinglengthofserviceofeachDirectorand
assessingifthisimpactsontheirindependence;
• consideringtheuseofopenadvertisingand/oran
externalsearchconsultancyforeachappointment;
• consideringjobspecificationsandwhetherthe
candidateshavethenecessaryskillsandtime
availabletodevotetotheCompany;
• arrangingforanynewDirectorstobeprovidedwith
trainingandinduction;
• makingrecommendationstotheBoardregarding
theCompany’spolicyonthetenureoftheChairof
theBoard;
• makingrecommendationstotheBoardregarding
theCompany’spolicyondiversityandinclusion;and
• performingaformalandrigorousevaluationof
theBoard,itsCommittees,theChairoftheBoard
andindividualDirectorsonatleastanannualbasis,
including,ifappropriate,consideringengagementof
anexternalevaluatortofacilitatetheevaluation.
Activities
Duringtheyear,theCommittee:
• revieweditstermsofreferenceandconsidered
whethertheseremainedappropriate;
• consideredtheresultsoftheevaluationofthe
Board,itsCommittees,theindividualDirectorsand
theChair;
• aspartoftheevaluationprocess,consideredthe
Board’scompositionwithreferencetothemixof
skills,diversity,knowledgeandexperience,andhow
thesealignedwiththeGroup’sstrategicobjectives
andtheopportunitiesandchallengesfacedbyit;
• agreedthepolicyregardingthetenureoftheBoard
members;
• reviewedthesignificantcommitmentsofthe
Directorsandthetimededicatedbythemtothe
affairsoftheCompany;
• maderecommendationstotheBoardregardingthe
Directors’annualre-electionbyshareholdersatthe
AGM;and
• discussedthesuccessionplansfortheBoardto
ensureitsprogressiverefreshing.
Performance evaluation
Aformalannualperformanceevaluationprocess
isundertakenfortheBoard,theCommittees,the
individualDirectorsandtheChair.TheDirectors
areawarethattheycontinuallyneedtomonitorand
improveBoardperformanceandrecognisethatthiscan
beachievedthroughregularBoardevaluation,which
providesavaluablefeedbackmechanismforimproving
Boardeffectiveness.
TheDirectorsundertookaninternalperformance
evaluationbywayofcompletingwrittenquestionnaires,
ledbytheChairduringtheperiod,designedtoassess
thestrengthsandindependenceoftheBoardandthe
performanceofitsCommittees,theChairandthe
individualDirectors.
Thequestionnairesarealsointendedtoanalysethe
focusofBoardmeetingsandassesswhethertheyare
appropriate,orifanyadditionalinformationmaybe
requiredtofacilitateBoarddiscussions.Anytraining
needsidentifiedaspartoftheevaluationprocessare
alsoconsideredbytheBoard.Theevaluationofthe
ChairwascarriedoutbytheotherDirectorsofthe
Company,ledbytheSeniorIndependentDirector.
TheresultsofthisBoardevaluationprocesswere
reviewedanddiscussedbytheNominationCommittee.
TheCommittee’sdeliberationsconcludedthatasa
wholetheBoardfunctionseffectivelyandthecurrent
Committeestructureremainedappropriate.
TheChair’sevaluationwasconductedbyMrWilliamsas
theSeniorIndependentDirectoroftheCompany.The
resultsoftheBoardevaluationprocesswerereviewed
anddiscussedbytheNominationCommittee.
InaccordancewiththeAICCodeandinlinewithgood
corporategovernancetheGroupisrequiredtohave
anexternallyfacilitatedBoardevaluationatleastevery
threeyears.Itwasintendedthatin2023,anexternal
Governance
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 HomeREITplc | AnnualReport | Fortheyearended31August2025 45
agencywouldbeengagedtoconductthisprocess,
howeverduetounexpectedeventsthathavearisenand
thesubsequentchangeinBoardpersonnelthisprocess
wasruninternallyin2025andtheuseofanexternal
agencywasnotdeemedtothebestuseofShareholder
resourcesatthistime.
Election and Re-election of Directors
AllDirectorsarerequiredtostandforre-electionat
eachAnnualGeneralMeeting.MichaelO’Donnell,
RodDayandPeterWilliamswerere-electedas
directorsatthe2025AnnualGeneralMeetingheld
on25February2025.
Board diversity, Tenure and Succession Planning
TheBoard’sdiversitypolicyisbasedonitsbeliefthat
theBoardshouldhaveadiverserangeofexperience,
skillsandbackgrounds.Whenmakingrecommendations
fornewappointmentstotheBoardandplanningfor
Boardsuccession,theNominationCommitteewill
takeintoconsiderationtherecommendationsofthe
AICCode,theParkerReviewandotherguidanceon
boardroomdiversityandinclusion.
TheBoardsupportstherecommendationsoftheFTSE
WomenLeadersReviewongenderdiversitytohavea
minimumof40%ofwomenonboards.TheCompany
alsosupportstheParkerreview’srecommendations
toincreaseethnicandculturaldiversityoncompany
boards.WhilsttheBoarddoesnotconsiderit
appropriatetousespecificdiversitytargetsgivenits
smallsize,itacknowledgesthatdiversityisimportant
toensurethattheCompanycandrawonabroadrange
ofperspectives,skills,experience,knowledgeand
backgroundstoeffectivelyleadtheCompany.
Asat31August2025,theBoardcomprisedthree
maleDirectors.AllDirectorsaremembersofeach
oftheBoardCommittees,therefore,thegender
representationsetoutbelowisthesamefortheBoard
anditsvariousCommittees.
ThroughselfreportingbytheDirectors,thefollowing
tablessetoutthegenderandethnicdiversityofthe
Boardasat31August2025:
Genderdiversity
Number
ofBoard
members
Percentageof
theBoard
Numberof
senior
positions
ontheBoard
1
Men 3 100 3
Women – – –
Other – – –
Notspecified/
prefernottosay
– – –
Ethnicdiversity
Number
ofBoard
members
Percentageof
theBoard
Numberof
senior
positions
ontheBoard
1
WhiteBritish
orotherWhite
(includingminority-
whitegroups)
3 100 3
Mixed/Multiple
EthnicGroups
– – –
Asia/AsianBritish – – –
Black/African/
Caribbean/
BlackBritish
– – –
Otherethnic
groups,
includingArab
– – –
Notspecified/
prefernottosay
– – –
1 Senior positions include Chair of the Board, Senior Independent Director and Chair of the
Audit Committee.
Asanexternallymanagedinvestmentcompanywith
solelyindependent,non-executiveDirectors,the
CompanydoesnothaveaChiefExecutiveoraChief
FinancialOfficerandhasnoemployeesorinternal
operations.Accordingly,therearenodisclosuresabout
executivemanagementpositionstobeincluded.The
roleoftheAuditCommitteeChairisconsideredtobe
aseniorpositionandhasbeenincludedintheabove
tables.WiththreeBoardappointmentsoccurringin
theperiodunderreview,theCompanyrecognisesthat
itiscurrentlynotmeetingthetargetonethnicand
genderdiversity.WhilsttheBoardunderstandsthe
importanceofdiversityandinclusion,itiscognisant
thattheCompanyisunabletomeetthediversity
andinclusiontargetsowingtoimplementationof
thewind-downstrategy.Asaresultofthedecision
toentertheManagedWind-Downandthechange
inBoardpersonnel,furtherappointmentsare
unlikelytobemade.
Michael O’Donnell
ChairoftheNominationCommittee
[XX]February2026
Governance
Report of the Nomination Committee—continued

46 HomeREITplc | AnnualReport | Fortheyearended31August2025
Governance
Directors’ remuneration report
Annual report on Directors’ remuneration
TheDirectors’RemunerationReportfortheyearended
31August2025issetoutbelow.
Statement from the Chair of the Board
AstheBoardconsistsentirelyofindependentnon-
executiveDirectors,itisnotconsideredappropriate
fortheCompanytoestablishaseparateremuneration
committeeandtheremunerationoftheDirectors
isthereforedealtwithbytheBoardasawhole.No
Directorisresponsiblefordeterminingtheirown,
individualremuneration.
MichaelO’Donnellispaidabasefeeof£100,000and
anadditionalvariablefeeofupto£100,000,whichis
adjustedbasedonoverallworkload.Thisadditional
variablefeewas£100,000frominceptionuntil
31December2024anddecreasedtoanadditional
£75,000from1January2025andtoanadditional
£50,000from1July2025andincreasedtoanadditional
£100,000witheffectfrom1October2025.Peter
Williamsispaidabasefeeof£60,000andanadditional
feeof£10,000inhisroleasSeniorIndependent
Director.RodDayispaidabasefeeof£60,000andan
additionalfeeof£10,000inhisroleasAuditCommittee
Chair.Legacydirectorswerepaidabasefeeof£36,000
withanadditionalfeeof£5,000fortheChairofthe
AuditCommitteeandanadditionfeeof£15,000for
theChair.Thehighestpaiddirectorreceived£179,000
intheyearended31August2025(2024:£124,000).
Duringtheyearended31August2025,Directors’fees
of£369,000(2024:£330,000)werepaid,ofwhichnone
wasunpaidat31August2025(2024:£nil).Withthe
publicationofthe2023AnnualReportandAccounts
on14January2025,PeterCardwell,LynneFennah,
SimonMooreandMarleneWoodsteppeddown
fromtheBoard.
ThefeespayabletotheDirectorswillbereviewedonan
annualbasis,asdetailedintheDirectors’Remuneration
Policyonpages49and50.
TheCompanyisrequiredtoobtainformalapproval
fromshareholdersoftheDirectors’Remuneration
Policyonceeverythreeyearsandinanyyearifthere
areanychangesproposedtothepolicy.TheDirectors’
RemunerationPolicywhichwaseffectiveduringthe
periodunderreviewwasapprovedbyshareholders
on27January2022asupdatedattheAGMon
20February2025where99.04%ofvoteswerecastin
favour,0.96%voteswerecastagainstand116,678votes
werewithheld.Nosignificantchangeswereproposed
tothewayinwhichthepreviouslyapprovedDirectors’
RemunerationPolicywasimplementedduringthe
financialyearunderreview.
ShareholdersarerequestedtoapprovetheDirectors’
RemunerationReportonanannualbasis.Thevote
ontheDirectors’RemunerationPolicyissubject
toabindingvote,whilethevoteontheDirectors’
RemunerationReportisanadvisoryvote.
Performance of the Company
Thefollowinggraphcompares,sinceAugust2021,
thetotalshareholderreturnoftheGroup’sShares
relativetoareturnonahypotheticalholdingover
thesameperiodintheFTSEEPRA/NAREITUKIndex
andtheFTSEAllShareIndex.Theseindiceshave
beenchosenbytheBoardasthemostappropriateto
comparetheGroup’sperformance.Totalshareholder
returnisthemeasureofreturnsprovidedbyaGroup
toshareholdersreflectingsharepricemovementsand
assumingreinvestmentofdividends.
AUG
21
MAY AUGJAN
22
OCTAUGMAYJAN
23
AUG MAYJAN
24
AUGMAYJAN
25
Home REIT FTSE ALL SHARE FTSE EPRA/NAREIT UK
0
20
40
60
80
100
120
140
160

 HomeREITplc | AnnualReport | Fortheyearended31August2025 47
Directors’ remuneration (audited)
Fees Expenses Total
Forthe
yearended
31August2025
£
Forthe
yearended
31August2024
£
Forthe
yearended
31August2025
£
Forthe
yearended
31August2024
£
Forthe
yearended
31August2025
£
Forthe
yearended
31August2024
£
Percentage
changeinfees
%
Lynne Fennah
1
18,397 50,000 576 2,710 18,973 52,710 –
Peter Cardwell 13,246 36,000 – – 13,246 36,000 –
Simon Moore 13,246 36,000 – – 13,246 36,000 –
Marlene Wood 15,086 41,000 585 2,015 15,671 43,015 –
Michael O'Donnell 179,167 124,359 – – 179,167 124,359 –
Peter Williams 70,000 29,167 – – 70,000 29,167 –
Roderick Day 60,000 13,923 – – 60,000 13,923 –
369,142 330,449 1,161 4,725 370,303 335,174 12%
1 Ms. Fennah continues to advise the Board on historical matters on a part-time basis. Total consulting fees recognised in FY25 were £19,000 in addition to the fees set out above.
Otherthanasdiscussedabove,therearenoothervariableelementsintheremunerationpayabletotheDirectors.
Noneoftheabovefeeswaspaidtothirdparties.
Relative importance of spend on pay
Thefollowingtablesetsout:
• theremunerationpaidtotheDirectors;and
• theAIFMandinvestmentmanagementfees
incurredbytheGroup.
Therewerenodistributionsmadetoshareholdersby
wayofdividendsin2025or2024.
Yearended
31August2025
£’000
yearended
31August2024
£’000
Change
%
Directors’
fees* 369 330 12
AIFM/
Investment
Manager’s
Fee 5,200 5,000 4%
Dividends 0 0 N/A
* The difference of £61,000 in FY25 and £32,000 in FY24 to the amount presented in the
Consolidated Statements of Comprehensive Income is due to the employer portion of U.K.
National Insurance.
Note: the items listed in the table above are as required by the Large and Medium-sized
Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, with the
exception of the AIFM/investment management fee, which has been included because the
Directors believe it will help shareholders’ understanding of the relative importance of the
spend on pay. The figures for this measure are the same as those shown in Note 5 to the
financial statements.
Directors’ shareholdings (audited)
ThereisnorequirementundertheArticles,orthe
termsoftheirappointment,forDirectorstohold
SharesintheGroup.TheDirectorsinofficeat
31August2025didnotownanySharesintheGroup
duringtheyear.
Directors 31August2025 31August2024
Rod Day – –
Michael O’Donnell – –
Peter Williams – –
Therehavebeennochangestotheseinterests
between31August2025andthedateofsigning
thisReport.NoneoftheDirectorsoranypersons
connectedwiththemhadamaterialinterestin
theCompany’stransactions,arrangements,or
agreementsduringtheyear.
Governance
Director’s remuneration report—continued

48 HomeREITplc | AnnualReport | Fortheyearended31August2025
Governance
Director’s remuneration report—continued
Voting at AGM
TheAnnualReportandAccounts,togetherwiththereportsoftheDirectorsandBDOandtheDirectors’
RemunerationReportfortheperiodended31August2022werepresentedtoshareholdersattheGeneralMeeting
heldon5December2024.Thevotescastbypollwereasfollows:
2022 Annual Report and Accounts Directors’ Remuneration Report
Numberofvotes %ofvotescast Numberofvotes %ofvotescast
For 196,861,578 45.25 472,949,024 87.94
Against 238,233,187 54.75 64,833,524 12.06
Total votes cast 435,094,765 537,782,548
Number of votes withheld 102,787,803 100,200
TheBoardrecognisedthat,ofthe55%oftheshareholdersthatvoted,amajorityofthoseshareholdersvoted
againsttheresolutiontoreceivetheCompany’sAnnualReportandAccountsfortheyearended31August2022
andalsonotesthatashareholderadvisoryconsultancy(ISS)recommendedthatshareholdersvoteagainstthe
resolution,duetothedelayinpublishing,andqualifiednatureof,theaccounts.Afterdiscussingwithshareholders,
theBoardconcludedthatmanyofthevotesagainstapprovingthe2022and2023AnnualReportsandAccounts
relatedtotheverysignificantdelayinpublishingtheaccountsandthequalifiednatureofBDO’sopinion,aswellas
widerconcernsaroundthehistoricalissuesattheCompany.TheBoardacknowledgestheshareholderfrustration
withthesignificantchallengeofcollectingandpreparinginformationtosupporttheissuanceandauditofthe
annualreports.ItisworkingwithAEWtopublishtheoutstandingfinancialreportingassoonaspossibletosupport
therelistingoftheshares.Duetoanoversight,anupdateontheactionstakenwasnotmadetothemarket
withinsixmonthsoftheAGMincontraventionofProvision4oftheCode.TheBoardandAEWcontinuetoengage
regularlywithshareholdersonthefinancialreportingprocessandothermatters.
AresolutiontoapprovetheDirectors’RemunerationReportfortheyearended31August2023wasputtoa
voteoftheshareholdersattheGeneralMeetingtoapprovetheAnnualReportandAccountsfortheyearended
31August2023.Thiswasheldon20February2025.Thevotescastbypollwereasfollows:
2023 Annual Report and Accounts Directors’ Remuneration Report
Numberofvotes %ofvotescast Numberofvotes %ofvotescast
For 245,396,593 55.10 520,322,042 99.86
Against 199,942,709 44.90 706,719 0.14
Total votes cast 445,339,302 521,028,761
Number of votes withheld 75,786,237 96,778
TheBoardoftheCompanynotesthatalthoughtheresolutiontoreceivetheCompany’sannualreportand
accountsfortheyearended31August2023waspassed,therewereamaterialnumberofvotescastagainstandit
alsonotesthatshareholderadvisoryconsultantsrecommendedthatshareholdersvoteagainsttheresolution.The
BoardwouldliketoemphasisethattheGroupandCompany’sStatementofFinancialPositionfor31August2023
isnotsubjecttothedisclaimerofopinionissuedwithrespecttotheConsolidatedStatementofComprehensive
Income,ConsolidatedStatementofChangesinShareholders’EquityandConsolidatedStatementofCash
Flows,whichdisclaimerwasadirectresultofBDO’sinabilitytogainadequatecomfortonthe31August2022
StatementofFinancialPosition.TheBoardunderstandsandsharesshareholders’frustrationsregardingthedelays
experiencedinpublishingtheCompany’soutstandingannualandinterimaccounts.Duetoanoversight,anupdate
ontheactionstakenwasnotmadetothemarketwithinsixmonthsoftheAGMincontraventionofProvision4of
theCode.TheBoardandtheInvestmentManagercontinuetoworkdiligentlywithBDOtocompleteandissueall
pastduereportsinordertobringtheCompany’sreportinguptodate.TheCompanyintendstopublishitsinterim
resultsassoonaspracticableandonceissued,theCompanyintendsthatitwillmeetitsfuturefinancialdeadlines
forpublishingfinancialinformation.

 HomeREITplc | AnnualReport | Fortheyearended31August2025 49
Directors’ remuneration policy
Introduction
TheDirectors’RemunerationPolicyisputtoa
shareholders’voteeverythreeyearsandinanyyear
ifthereistobeachangeinthepolicy.Becauseofthe
changesinBoardcompositionandnewcompensation
structures,aresolutiontoapprovetheupdated
RemunerationPolicywasapprovedattheCompany’s
AGMheldon20February2025.Theresolutionwas
passed,andtheRemunerationPolicyprovisionssetout
belowwillapplyuntiltheyarenextputtoshareholders
forrenewalofthatapproval.Intheeventofany
proposedmaterialvariationtothepolicy,shareholder
approvalwillbesoughtfortheproposednewpolicy
priortoitsimplementation.
Policy
Fees
TheDirectors’feesaredeterminedwithinthelimitsset
outintheArticlesandtheyarenoteligibleforbonuses,
pensionbenefits,sharebenefits,shareoptions,long-
termincentiveschemesorotherbenefits.
TheDirectors’feesarepaidatfixedannualratesand,
otherthanthefeeforMichaelO’Donnellassetout
onpage46,donothaveanyvariableorperformance
relatedelements.TheBoardmaydeterminethat
additionalremunerationmaybepaid,fromtimeto
time,toanyoneormoreDirectorsintheeventsuch
DirectororDirectorsarerequestedbytheBoard
toperformextraorspecialservicesonbehalfof
theCompany.
Thenon-executiveDirectorsshallbeentitledtofees
atsuchratesasdeterminedbytheBoardsubjecttothe
maximumaggregatefeelimitof£500,000setoutin
theArticles.
TheDirectorsshallalsobeentitledtobereimbursed
forallexpensesincurredinperformanceoftheir
duties.Theseexpensesareunlikelytobeofa
significantamount.Feesarepayablefromthedateof
appointmentasaDirectoroftheCompanyandcease
ondateofterminationofappointment.
TheBoardwillnotpayanyincentivefeestoany
persontoencouragethemtobecomeadirectorof
theCompany.TheBoardmay,however,payfeesto
externalagenciestoassisttheBoardinthesearchand
selectionofDirectors.
Current and future policy
Component Director Purposeofreward Operation
Annual fee ChairofBoard Feesforservicesaschairofaplc DeterminedbytheBoard
Annual fee OtherDirectors Feesforservicesasnon-executive
directorsofaplc
DeterminedbytheBoard
Additional fee ChairofAuditCommittee
SeniorIndependent
Director
Foradditionalresponsibilitiesand
timecommitment
Foradditionalresponsibilitiesand
timecommitment
DeterminedbytheBoard
DeterminedbytheBoard
Expenses AllDirectors Reimbursementofexpensesincurred
intheperformanceofduties
Submissionofappropriate
supportingdocumentation
NoDirectorisinvolvedinsettingtheirown
remunerationandtheCompany’sconflictofinterest
policyandprocedures(seepages35and36)applyto
theBoardwhenundertakingtheirduties.
Statement of consideration of conditions elsewhere
in the Company
Duringtheperiodunderreview,theCompanyhadno
employees.Therefore,theprocessofconsultingwith
employeesonthesettingoftheremunerationpolicy
duringtheperiodunderreviewwasnotapplicable.
Review
TheDirectors’remunerationwillbereviewedonan
annualbasisbytheBoardandanychangesaresubject
toapprovalbytheBoard.
TheremunerationpayabletotheDirectorswill
takeintoaccountanumberoffactors,interalia,the
experienceoftheDirectors,thecomplexityofthe
Companyandprevailingmarketratesfortherealestate
investmenttrustsector.
Governance
Directors’ remuneration report—continued

50 HomeREITplc | AnnualReport | Fortheyearended31August2025
Directors’ service contracts
TheDirectorsdonothaveservicecontractswith
theCompany.
TheDirectorsarenotentitledtocompensationon
lossofoffice.TheDirectorshaveappointmentletters
whichdonotprovideforanyspecificterm.However,
inaccordancewiththeAICCode,theyaresubjectto
annualre-election.
Statement of consideration of shareholders’ views
TheCompanyiscommittedtoengaginginongoing
shareholderdialogueandtakesanactiveinterestin
votingoutcomes.Iftherearesubstantialvotesagainst
resolutionsinrelationtoDirectors’remuneration,the
Groupwillseektounderstandthereasonsforanysuch
voteandwilldetailanyresultingactionsinthenext
Directors’remunerationreport.
Approval
TheDirectors’RemunerationReportwasapprovedby
theBoardandsignedonitsbehalfby:
Michael O’Donnell
Chair
[XX]February2026
Governance
Director’s remuneration report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 51
TheDirectorsareresponsibleforpreparingtheAnnual
Reportandthefinancialstatementsinaccordancewith
applicablelawandregulations.
CompanylawrequirestheDirectorstoprepare
financialstatementsforeachfinancialyear.Under
thatlaw,theyarerequiredtopreparetheGroup
financialstatementsinaccordancewithUKadopted
internationalaccountingstandardsandhaveelected
topreparetheCompanyfinancialstatementsin
accordancewithUnitedKingdomGenerallyAccepted
AccountingPractice(UnitedKingdomAccounting
Standards,comprisingFRS101“ReducedDisclosure
Framework”,andapplicablelaw).
Undercompanylaw,theDirectorsmustnotapprove
thefinancialstatementsunlesstheyaresatisfiedthat
theygiveatrueandfairviewofthestateofaffairsof
theGroupandtheCompanyandoftheprofitorlossof
theGroupandtheCompanyforthatperiod.
Inpreparingthesefinancialstatements,theDirectors
arerequiredto:
• selectsuitableaccountingpoliciesandthenapply
themconsistently;
• makejudgementsandaccountingestimatesthat
arereasonableandprudent;
• statewhetherapplicableUK-adoptedinternational
accountingstandardshavebeenfollowedforthe
GroupfinancialstatementsandUnitedKingdom
AccountingStandards,comprisingFRS101,
havebeenfollowedfortheCompanyfinancial
statements,subjecttoanymaterialdepartures
disclosedandexplainedinthefinancialstatements;
and
• Preparethefinancialstatementsonthegoing
concernbasisunlessitisnotappropriateto
presumethattheGroupandtheCompanywill
continueinbusiness.AsstatedinNote1tothe
ConsolidatedandCompanyFinancialStatements
thedirectorsdonotconsidertheGrouporCompany
tobeagoingconcernandhavepreparedthe
financialstatementsonabasisotherthanthatofa
goingconcern.
TheDirectorsareresponsibleforkeepingadequate
accountingrecordsthataresufficienttoshowand
explaintheGroup’sandCompany’stransactionsand
disclosewithreasonableaccuracyatanytimethe
financialpositionoftheGroupandtheCompanyand
enablethemtoensurethatthefinancialstatements
complywiththeCompaniesAct2006.Theyarealso
responsibleforsafeguardingtheassetsoftheGroup
andtheCompanyandhencefortakingreasonable
stepsforthepreventionanddetectionoffraudand
otherirregularities.
Website publication
TheDirectorsareresponsibleforensuringtheAnnual
Reportandthefinancialstatementsaremadeavailable
onawebsite.Financialstatementsarepublishedon
theGroup’swebsiteinaccordancewithlegislationin
theUnitedKingdomgoverningthepreparationand
disseminationoffinancialstatements,whichmayvary
fromlegislationinotherjurisdictions.Themaintenance
andintegrityoftheGroup’swebsitehasbeendelegated
toAEW,buttheDirectors’responsibilityextends
totheongoingintegrityofthefinancialstatements
containedtherein.
Directors’ responsibilities pursuant to DTR4
TheDirectors,tothebestoftheirknowledge,
confirmthat:
• theGroupfinancialstatements,whichhave
beenpreparedinaccordancewithUKadopted
internationalaccountingstandards,giveatrueand
fairviewoftheassets,liabilities,financialposition
andlossoftheGroup;
• theCompanyfinancialstatements,whichhave
beenpreparedinaccordancewithUnitedKingdom
AccountingStandards,comprisingFRS101,give
atrueandfairviewoftheassets,liabilitiesand
financialpositionoftheCompany;and
• theAnnualReportincludesafairreviewofthe
developmentandperformanceofthebusinessand
thefinancialpositionoftheGroupandtheCompany,
togetherwithadescriptionoftheprincipalrisksand
uncertaintiesthattheyface.
TheDirectorsconsiderthattheAnnualReport
andfinancialstatements,takenasawhole,are
fair,balancedandunderstandableandprovidethe
informationnecessaryforshareholderstoassessthe
Group’sandCompany’spositionandperformance,
businessmodelandstrategy.
Approval
ThisDirectors’responsibilitiesstatementwas
approvedbytheBoardandsignedonitsbehalfby:
Michael O’Donnell
Chair
[XX]February2026
Governance
Statement of Directors’ responsibilities

52 HomeREITplc | AnnualReport | Fortheyearended31August2025
Independent auditor’s report to the members of Home REIT plc
Qualified opinion
Inouropinion,exceptforthepossibleeffectsofthe
matterdescribedintheBasisforqualifiedopinion
sectionofourreport,thefinancialstatements:
• giveatrueandfairviewofthestateoftheGroup’s
andoftheCompany’saffairsasat31August2025
andoftheGroup’slossfortheyearthenended;
• theGroupfinancialstatementshavebeen
properlypreparedinaccordancewithUKadopted
internationalaccountingstandards;
• theCompanyfinancialstatementshavebeen
properlypreparedinaccordancewithUnited
KingdomGenerallyAcceptedAccountingPractice;
and
• thefinancialstatementshavebeenprepared
inaccordancewiththerequirementsofthe
CompaniesAct2006.
WehaveauditedthefinancialstatementsofHome
REITplc(“theCompany”)anditssubsidiaries(together
the“Group”)fortheyearended31August2025
whichcomprisetheConsolidatedStatementof
ComprehensiveIncome,theConsolidatedStatement
ofFinancialPosition,theConsolidatedStatementof
ChangesinShareholders’Equity,theConsolidated
StatementofCashFlows,theCompanyStatement
ofFinancialPosition,theCompanyStatementof
ChangesinShareholders’Equityandnotestothe
financialstatements,includingmaterialaccounting
policyinformation.Thefinancialreportingframework
thathasbeenappliedinthepreparationoftheGroup
financialstatementsisapplicablelawandUK-adopted
internationalaccountingstandards.Thefinancial
reportingframeworkthathasbeenappliedinthe
preparationoftheCompanyfinancialstatements
isapplicablelawandUnitedKingdomAccounting
Standards,includingFinancialReportingStandard
101ReducedDisclosureFramework(UnitedKingdom
GenerallyAcceptedAccountingPractice).
Basis for qualified opinion
Includedwithinrentalincomerevenueof£20.7m(2024:
£37.7m)isrevenuefrompropertiesundermanagement
agreementsof£10.2m(2024£5.75m)(seenote4).Due
tothenatureofthearrangementsbetweentheGroup
andsomeofitspropertymanagersandalackoflease
documentationwiththeunderlyingoccupant,wewere
unabletoobtainsufficientappropriateauditevidence
astotheaccuracyandcompletenessofthisrevenue
frompropertiesundermanagementagreements,and
write-offoftherelateddebtorbalance.Accordingly,
thereisalimitationofthescopeofourauditinrespect
ofrevenuefrompropertiesundermanagement
agreementsandthewrite-offoftherelated
debtorbalance.
Wewereunabletosatisfyourselvesbyalternative
meansbyusingotherprocedures.Consequently,we
wereunabletodeterminewhetheranyadjustmentto
theamountswasnecessary,orwhethertherewasany
consequentialadjustmenttotherelateddebtorwrite-
offbalance.Inaddition,wereanyadjustmenttorevenue
frompropertiesundermanagementagreementsand
write-offofrelateddebtorbalancestoberequired,the
strategicreportandthedirectors’reportwouldalso
needtobeamended.
Wequalifiedouropiniononthefinancialstatements
fortheyearended31August2024forthesame
reasonabove.Ouropiniononthecurrentperiod’s
financialstatementsisalsomodifiedbecauseofthe
possibleeffectofthismatteronthecomparability
ofthecurrentyear’sfiguresforrevenuefrom
propertiesundermanagementagreements,andthe
correspondingfigures.
Weconductedourauditinaccordancewith
InternationalStandardsonAuditing(UK)(ISAs(UK))
andapplicablelaw.Ourresponsibilitiesunderthose
standardsarefurtherdescribedintheAuditor’s
responsibilitiesfortheauditofthefinancialstatements
sectionofourreport.Webelievethattheaudit
evidencewehaveobtainedissufficientandappropriate
toprovideabasisforourqualifiedopinion.Ouraudit
opinionisconsistentwiththeadditionalreporttothe
auditcommittee.
Independence
FollowingtherecommendationoftheAudit
Committee,wewereappointedbythedirectorson
17September2020toauditthefinancialstatements
fortheperiodfromincorporationto31August2021
andsubsequentfinancialperiods.Theperiodoftotal
uninterruptedengagementincludingretendersand
reappointmentsisfiveyears,coveringtheperiod
from19August2020to31August2025.Weremain
independentoftheGroupandtheCompanyin
accordancewiththeethicalrequirementsthatare
relevanttoourauditofthefinancialstatementsinthe
UK,includingtheFRC’sEthicalStandardasapplied
tolistedpublicinterestentities,andwehavefulfilled
ourotherethicalresponsibilitiesinaccordancewith
theserequirements.Thenon-auditservicesprohibited
bythatstandardwerenotprovidedtotheGroupor
theCompany.
Emphasis of matter – financial statements prepared
on a basis other than going concern
WedrawyourattentiontoNote1totheConsolidated
FinancialStatementsandNote1totheCompany
FinancialStatementswhichexplainthatasaresultof
thethreatenedlitigation,theFCAinvestigationand
theDirectors’expectationforanorderlywind-down
oftheGroupandParentCompany’soperations,the

 HomeREITplc | AnnualReport | Fortheyearended31August2025 53
Directorsdonotconsiderittobeappropriatetoadopt
thegoingconcernbasisofaccountinginpreparing
theConsolidatedandParentCompanyFinancial
Statements.Accordingly,thesefinancialstatements
havebeenpreparedonabasisotherthangoingconcern
asdescribedinNote1totheConsolidatedFinancial
StatementsandNote1totheCompanyFinancial
Statements.Thefinancialstatementsdonotinclude
anyadjustmentsasaresultofpreparingthemona
basisotherthangoingconcern.Ouropinionisnot
modifiedinrespectofthismatter.
Overview
Key audit matters
Key Audit Matter 2025 2024
Investmentpropertyvaluations
P P
Revenuerecognition
P P
Materiality Groupfinancialstatementsasawhole
£3.2m(2024:£3.8m)basedon2%ofnetassets(2024:2%ofnetassets)
An overview of the scope of our audit
OurGroupauditwasscopedbyobtainingan
understandingoftheGroupanditsenvironment,
theapplicablefinancialreportingframeworkandthe
Group’ssystemofinternalcontrol.Onthebasisof
this,weidentifiedandassessedtherisksofmaterial
misstatementoftheGroupfinancialstatements
includingwithrespecttotheconsolidationprocess.
Wethenappliedprofessionaljudgementtofocusour
auditproceduresontheareasthatposedthegreatest
riskstothegroupfinancialstatements.Wecontinually
assessedrisksthroughoutouraudit,revisingtherisks
wherenecessary,withtheaimofreducingthegroup
riskofmaterialmisstatementtoanacceptablelevel,in
ordertoprovideabasisforouropinion.
TheGroupoperatesintheUnitedKingdominone
segment,investmentproperty,structuredthrough
anumberofsubsidiaryentities.Wedeterminedthat
theGroupoperatesasasinglecomponentandassuch
theauditapproachincludedundertakingauditwork
onthekeyrisksofmaterialmisstatementsidentified
fortheGroup.TheGroupauditengagementteam
performedfullscopeauditsinordertoissuetheGroup
andCompanyauditopinion,includingundertakingall
oftheauditworkontherisksofmaterialmisstatement
identifiedinthekeyauditmatterssectionbelow.As
aresultofourauditapproach,weplannedtoobtain
coverageof100%ofrentalincomeand100%of
investmentpropertyvaluations.
Changesfromtheprioryear
TherehavebeennosignificantchangesintheGroup
auditscopefromtheprioryear.
Climatechange
Ourworkontheassessmentofpotentialimpactson
climate-relatedrisksontheGroup’soperationsand
financialstatementsincluded:
• EnquiriesandchallengeoftheInvestmentManager
andtheGroup’sindependentpropertyvaluerto
understandtheactionstheyhavetakentoidentify
climate-relatedrisksandtheirpotentialimpactson
thefinancialstatementsandadequatelydisclose
climate-relatedriskswithintheannualreport;
• Ourownqualitativeriskassessmenttakinginto
considerationthesectorinwhichtheGroup
operatesandhowclimatechangeaffectsthis
particularsectorandpropertyassetclass;
• ReviewoftheminutesofBoard,AuditCommittee
andothercommitteemeetingsandotherpapers
relatedtoclimatechangeandperformedarisk
assessmentastohowtheimpactoftheGroup’srisk
assessmentmayaffectthefinancialstatementsand
ouraudit;
• Wealsoassessedtheconsistencyofmanagement’s
disclosuresincludedas‘StatutoryOther
Information’withintheStrategicReportwithour
knowledgeobtainedfromtheaudit.
Basedonourriskassessmentprocedures,wedidnot
identifytheretobeanyKeyAuditMattersmaterially
impactedbyclimate-relatedrisks.
Keyauditmatters
Keyauditmattersarethosemattersthat,inour
professionaljudgement,wereofmostsignificance
inourauditofthefinancialstatementsofthecurrent
periodandincludethemostsignificantassessedrisks
ofmaterialmisstatement(whetherornotduetofraud)
thatweidentified,includingthosewhichhadthegreatest
effecton:theoverallauditstrategy,theallocationof
resourcesintheaudit,anddirectingtheeffortsofthe
engagementteam.Thesematterswereaddressedin
thecontextofourauditofthefinancialstatementsasa
whole,andinformingouropinionthereon,andwedonot
provideaseparateopiniononthesematters.
Independent auditor’s report to the members of Home REIT plc—continued

54 HomeREITplc | AnnualReport | Fortheyearended31August2025
Inadditiontothemattersdescribedinthebasisforqualifiedopinionsectionabove,wehavedeterminedthe
mattersdescribedbelowtobethekeyauditmatterstobecommunicatedinourreport.
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
RefertoNotes2to3
totheConsolidated
FinancialStatements
inrelationtosignificant
judgements,
estimatesand
accountingpolicies.
RefertoNote9to
theConsolidated
FinancialStatements
inrelationto
investmentproperties.
Thevaluationofinvestment
propertyrequiressignificant
judgementandestimation
bytheDirectorsandthe
independentvaluerappointed
bytheCompanyandistherefore
consideredakeyauditmatter
duetothesubjectivenatureof
certainassumptionsinherentin
eachvaluation.
Wherethevaluerhasdeemed
apropertytobeunhabitableor
thetenanttobeofverypoor
covenantstrength,theyhave
assumedthatahypothetical
purchaserfollowingdue
diligencewouldhave
disregardedtheleaseandvalued
themonthebasisofMarket
Value–VacantPossession
(“MV-VP”).Inthisscenario
valuationswereforsinglefamily
homesderivedbyapplyinga
regionalindexforpropertyprice
movementstoeachindividual
property.Theregionalhouse
priceindexwasdeveloped
bytheindependentvaluerby
identifyingasampleof‘beacon’
propertiesineachpostcode
districtforwhichtheyformedan
opinionofMV-VPusingrecent
transactionalevidence.TheMV-
VPmovementinthesebeacon
propertieswasthenused,in
conjunctionwiththeregional
housepriceindicespublished
byHMLandRegistrytocreate
anindexforthevaluation
movementfromAugust2024
toAugust2025ineachlocation.
Thisindexwasappliedtothe
August2024valuesacrossthe
restofthesinglefamilyhomes
intheportfoliotocalculate
theMV-VPatAugust2025for
eachproperty.
Group’scontrolsrelatingtothevaluationof
investmentproperties
• Wereviewedandevaluatedthedesign,implementation
andappropriatenessoftheGroup’scontrolsrelating
tothevaluationofinvestmentproperties,including
theprocessbywhichtheGroupensuresthatcomplete
andaccuratedataisprovidedtotheexternalvaluers.In
doingso,weperformedawalkthroughoftherelevant
controlsbyobtainingsupportforthedesignand
implementationofthecontrols.
Experienceoftheindependentpropertyvaluerand
relevanceofitswork
• Weobtainedthevaluationreportpreparedbythe
independentpropertyvaluer,JonesLangLaSalle
Limited(‘JLL’),anddiscussedthebasisofthe
valuationswiththem.Wedeterminedwhetherthe
basisofthevaluationswasinaccordancewiththe
requirementsofaccountingstandardsincludingIFRS
13‘FairValueMeasurement’.
• WeassessedJLL’sexperience,qualifications,
competency,independenceandbasisofthevaluation.
• Weobtainedacopyoftheengagementletterwith
JLLandreviewedforanylimitationsinscope.
Dataprovidedtotheindependentvaluer(“JLL”)
• WecheckedtheunderlyingdataprovidedtoJLLbythe
Directors.Thisdataincludedinputssuchascurrent
rentandleaseterm,andweagreedasampletothe
executedleaseagreementsaspartofourauditwork.
• JLLinspectedasampleofpropertiesinternallyand
externallyaspartofarollinginspectionprogramme,
butreliedontheDirectors’assessmentofthephysical
conditionofthepropertiesacrosstheportfolio.The
Directorsengagedtheirownexpert,VibrantEnergy
SolutionsLtd(“Vibrant”),toreviewtheinternaland
externalphysicalconditionofcertainoftheGroup’s
properties(seeNote9totheConsolidatedFinancial
Statementsonpages114to116).Theinspectionsby
VibranttookplacebetweenAugust2023andMay2024.
Weassessedtheexperience,qualifications,competency
andindependenceoftheDirectors’expert,Vibrant.
Inaddition,weobservedVibrantperformingasite
inspectioninFebruary2024toenableustoassessthe
processaspartofourevaluationoftheirwork.We
consideredthelevelofcoveragethattheDirectors
achievedthroughtheirprogrammeofinspectionsand
testedasampleofdataprovidedtoJLLtotheinspection
reporttotesttheaccuracyofdata,suchasthecondition
ofthepropertyandthenumberofbedrooms.
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 55
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
InforminganopinionofMV-
VPforHousesinMultiple
Occupation(HMOs)and
ResidentialInvestment
properties,thevaluerapplied
aregionalrentalindextothe
31August2024expected
marketrentforeachproperty
andadjustedyieldsformarket
movementsbetweenAugust
2024and2025.
Wherethevaluerhas
deemedapropertytobeina
reasonablecondition,capable
ofbeneficialoccupationand
lettoatenantwhoislikely
tomeettheirobligationsin
theshortterm,thevaluer
hasadoptedaninvestment
approach.Inthisscenario,the
valuermakesassumptions
astoyield,thelengthof
capitalisationperiodandthe
MV-VPvalueonreversionat
theendofthecapitalisation
period.Inadoptingthe
investmentapproachthe
valuercapstheinvestment
valuationatbetween110%and
125%ofMV-VP.
Anyinputinaccuracies(such
asthephysicalconditionof
properties)orunreasonable
basesusedinthevaluation
judgements(suchasinrespect
ofvacantvalueandyield
profileapplied)couldresultin
amaterialmisstatementof
theConsolidatedStatement
ofComprehensiveIncomeand
theConsolidatedStatementof
FinancialPosition.
Thereisalsoariskoffraudin
relationtothevaluationof
thepropertyportfoliowhere
theDirectorsmayinfluence
thesignificantjudgements
andestimatesinrespectof
propertyvaluationsinorderto
managemarketexpectations.
• Whereconditionassumptionschangedyearonyear
wechallengedJLLandmanagementastothereason
forthechange.
Assumptionsandestimatesusedbytheindependent
propertyvaluer(“JLL”)–MV-VPbasis
• Forthosepropertiesthatweresoldaftertheyear-end
wecomparedthesalespricesachievedforproperties
soldpostyear-endtotheAugust2025JLLvaluation.
Wealsocomparedthepriceachievedforsalesduring
theyearwiththeAugust2024valuation.Wherethe
differencewasoutsideofourexpectedrange,we
discussedthiswithJLLandchallengedtheyear-end
valuationaccordingly.
• Forasampleofthe‘beacon’singlefamilyhomes
propertiesidentifiedbyJLL,withtheassistanceof
ourin-houseRICSqualifiedvaluationexperts,weset
expectationsforthevaluationtakingintoaccount
movementinhousepriceindicesintheyear,the
marketcomparableevidenceprovidedbyJLL(which
weindependentlycorroborated),ourownmarket
researchofsoldpropertypricesusingavailable
independentindustrydata,reportsandcomparable
transactionsinthemarket,aswellastheGroup’s
inyearauctionsalesforsimilarpropertiesinthe
samelocality.
• Wherethepropertyvaluefelloutsideexpected
range,wechallengedJLLonthesemattersand
obtainedsupportingexplanationsanddocumentation
forthevariances.
• WecheckedthehousepriceindicesextractedbyJLL
fromtheHMLandRegistrydatabaseandrecalculated
theregionalindicesusedbyJLLintheirvaluation.
• Wecheckedthattheregionalindiceswerecorrectly
appliedtotheAugust2024valuesbyJLL.
• ForasampleofHMOandResidentialInvestment
propertieswecheckedtheapplicationoftherental
indextotheexpectedmarketrentandconfirmedthat
yieldmovementswereinlinewithourexpectations
basedonmarketinformation.
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56 HomeREITplc | AnnualReport | Fortheyearended31August2025
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
Wethereforeconsidered
thevaluationofinvestment
propertiestobeasignificant
riskandakeyauditmatter.
Assumptionsandestimatesusedbytheindependent
propertyvaluerJLL–investmentapproach
• Weobtainedthediscountedcashflow(“DCF”)
model,preparedbytheInvestmentManageron
behalfoftheDirectors,whichhadbeenproducedto
mirrorJLL’smodelforthosepropertiesdeemedto
beinareasonablecondition,capableofbeneficial
occupationandlettoatenantwhoislikelytomeet
theirobligationsintheshortterm.Wecomparedthe
valuationpertheDirectors’modeltoJLL’svaluations
andinvestigatedanydifferencegreaterthan10%
eitherindividuallyorinaggregate.Wedetermined
thatathresholdof10%wasappropriatebasedon
RICSguidancewhichstatesthatthepermittedmargin
oferrorwhencarryingoutavaluationofproperty
basedoncaselawreferstoamarginoferrorbetween
10%and15%dependingonthefacts.
• Forallpropertieswetestedthekeyinputsintothemodel.
• Forasampleofproperties,weperformedthe
proceduressetoutaboveinrelationtoMV-VP
properties(asMV-VPwasusedastheexitvaluewithin
themodel).
• Withassistancefromourin-houseRICSqualified
valuationexperts,weconsideredtherelationship
betweenMV-VPvalueandfairvalue,includingperforming
sensitivityanalysistoassesstheimpactofchangesinthe
capsappliedcomparedtothepriorperiod.
• Wediscussedtheassumptionsusedwithboththe
InvestmentManagerandJLL.Wherethevaluation
wasoutsideofourexpectedrange,wechallenged
JLLonspecificassumptionsandcorroboratedtheir
explanationswhererelevant,includingagreeingtothird
partyevidence.
ForasampleofpropertieswhereJLL’sassumptionabout
theconditionofthepropertywasdifferentfromthat
at31August2024,weobtainedacopyoftheVibrant
inspectionreporttoconfirmthatconditionassumption
wasappropriate.
WealsochallengedJLLwherethebasisofvaluation(MV-
VPversusinvestmentapproach)forindividualproperties
changedfromthepriorperiodandcorroboratedthe
explanationsprovided.
Weconsideredtheadequacyofthedisclosureswith
regardstoinvestmentpropertyvaluations.
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 57
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
KeyObservations
Basedonourwork,wehavenotidentifiedanymaterial
instanceswhichmayindicatethattheassumptions
adoptedbytheDirectorsinthevaluationwere
unreasonableorthatthemethodologyappliedwas
inappropriateinrespectoftheinvestmentproperty
valuationsasat31August2025.
Revenue recognition
RefertoNote2tothe
ConsolidatedFinancial
Statementsinrelation
toaccountingpolicies.
RefertoNote4tothe
ConsolidatedFinancial
Statementsinrelation
toRentalIncome.
TheGroupreceivesrental
incomefromitsproperty
portfolio.Thiscomprises
revenueinvoicedinaccordance
withleaseagreementsand
incomefrompropertiesunder
managementagreements.
Thereisariskthat
rentalincomeisnot
supportedbyunderlying
tenancyagreementsoris
inappropriatelyrecordedas
aresultoferrorsinrecording
leasedetailsinthetenancy
schedules.Thisisthereforean
areaofsignificantauditeffort.
InrespectofIncomefrom
propertiesundermanagement
agreementsweidentifiedthat
therewasasignificantrisk
overthecompletenessand
accuracyofrevenue
Forthesereasonsweconsider
therecognitionofrevenueto
beakeyauditmatter.
Revenueinvoicedinaccordancewithleases
Wesetexpectationsfortherentalincomeinvoicedin
accordancewithleaseagreementsintheperiodbased
onthetenancyschedulesasat31August2024and
31August2025.Wecomparedourexpectationsforthe
totalrentalincomeintheperiodtothatincludedinthe
ConsolidatedFinancialStatementsandinvestigatedthe
resultingdifferences.
Weobtainedthetenancyscheduleat31August2025
andagreedasampleofamountstosupportinglease
documentation.
Weobtainedalistingofjournalspostedtorevenueoutsideof
thetransactionalrevenueentriesandobtainedsupporting
explanation/documentationasapplicabletoensurethatthe
journalwasappropriate.
Keyobservations-Incomefrompropertiesunder
leaseagreements
Basedonourwork,wehavenotidentifiedanymaterial
misstatementrelatedtotherecognitionofrevenuefrom
leaseagreements.
Incomefrompropertiesundermanagementagreements
Wereviewedandevaluatedthedesign,implementation
andappropriatenessoftheGroup’scontrolsrelatingto
thecompletenessandaccuracyofrentalincomefrom
propertiesundermanagementagreements.Indoingso,
weperformedawalkthroughoftherelevantcontrolsby
obtainingsupportforthedesignandimplementationof
thecontrols.
WeobtainedacopyofGroup’spropertydatabasewhich
containsdetailsofthedateonwhichtheoriginaltenants
surrenderedtheleaseandthepropertywastransferredtoa
propertymanager.Wetestedtheintegrityofthisschedule
byreconcilingtheopeningpositiontotheprioryeartenancy
scheduleandagreeingasampleofleasesurrendersto
supportingdocumentation.
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58 HomeREITplc | AnnualReport | Fortheyearended31August2025
Key audit matter
How the scope of our audit addressed the key
audit matter
Revenue recognition
continued
Weselectedasampleofpropertiesfromthedatabase
(forcompletenessandaccuracy),andasampleofentries
fromthegeneralledger(forexistenceandaccuracy)and
attemptedtoagreetheamountofrevenuerecognisedfor
theindividualpropertysampledfrom1September2024
(orthedateoftransfertothepropertymanageriflater)
to31August2025tocashreceiptsand,wherepossible,
supportingdocumentationsuchastenancyagreements.
Inanumberofcasesmanagementwereunabletoprovide
anysignedtenancyagreementorsimilarevidenceto
supporttheaccuracyandcompletenessoftherevenue.
KeyObservations-Incomefrompropertiesunder
managementagreements
OurobservationsandfindingsaresetoutintheBasisfor
qualifiedofopinionsectionabove
Our application of materiality
Weapplytheconceptofmaterialitybothinplanningandperformingouraudit,andinevaluatingtheeffectof
misstatements.Weconsidermaterialitytobethemagnitudebywhichmisstatements,includingomissions,could
influencetheeconomicdecisionsofreasonableusersthataretakenonthebasisofthefinancialstatements.
Inordertoreducetoanappropriatelylowleveltheprobabilitythatanymisstatementsexceedmateriality,we
usealowermaterialitylevel,performancemateriality,todeterminetheextentoftestingneeded.Importantly,
misstatementsbelowtheselevelswillnotnecessarilybeevaluatedasimmaterialaswealsotakeaccountofthe
natureofidentifiedmisstatements,andtheparticularcircumstancesoftheiroccurrence,whenevaluatingtheir
effectonthefinancialstatementsasawhole.
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 HomeREITplc | AnnualReport | Fortheyearended31August2025 59
Basedonourprofessionaljudgement,wedeterminedmaterialityforthefinancialstatementsasawholeand
performancematerialityasfollows:
Group financial statements Parent company financial statements
2025
£m
2024
£m
2025
£m
2024
£m
Materiality 3.2 3.8 2.9 3.4
Basis for determining
materiality
MaterialityfortheGroup’sandCompany’sfinancialstatementswassetat2%of
netassets.Thisprovidesabasisfordeterminingthenatureandextentofourrisk
assessmentprocedures,identifyingandassessingtheriskofmaterialmisstatementand
determiningthenatureandextentoffurtherauditprocedures.
Rationale for the
benchmark applied
DuetothecircumstancesthattheGroupisnowin,theusersofthefinancialstatements
primaryfocusislikelytobeonthenetassetvalueoftheGroupasshareholderslook
torealisetheremainingvalueoftheGroup.Nofurtheracquisitionswillbemadeby
theGroupandthustheremainingvalueisbaseduponthevalueoftheinvestment
properties,lesstheoutstandingborrowingsandliabilities.
WedeterminedthatthesamemeasureastheGroupwasappropriatefortheCompany
(cappedat90%ofGroupmateriality).
Performance
materiality
1.6 1.9 1.5 1.7
Basis for determining
performance
materiality
Performancematerialityissetatanamounttoreducetoanappropriatelowlevelthe
probabilitythattheaggregateofuncorrectedandundetectedmisstatementsexceeds
materiality.Onthebasisofourriskassessment,togetherwithourassessmentofthe
Group’soverallcontrolenvironment,ourjudgementwasthatoverallperformance
materialityfortheGroupshouldbe50%(Company:50%)ofmateriality.
WedeterminedthatthesamemeasureastheGroupwasappropriatefortheCompany.
Rationale for the
percentage applied
forperformance
materiality
Wedeterminedthat50%ofmaterialitywouldbeappropriatebasedonourrisk
assessment,togetherwithourassessmentoftheGroup’sandCompany’soverallcontrol
environment,thenumberofaccountswhereamountsaresubjecttoestimationandthe
expectedtotalvalueofknownandlikelymisstatementsbasedonpreviousexperience.
Reportingthreshold
WeagreedwiththeAuditCommitteethatwewouldreporttothemallindividualauditdifferencesinexcessof
£64,000(2024:£76,000).Wealsoagreedtoreportdifferencesbelowthisthresholdthat,inourview,warranted
reportingonqualitativegrounds.
Other information
TheDirectorsareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded
intheAnnualReportotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthe
financialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwiseexplicitlystated
inourreport,wedonotexpressanyformofassuranceconclusionthereon.Ourresponsibilityistoreadtheother
informationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancial
statementsorourknowledgeobtainedinthecourseoftheaudit,orotherwiseappearstobemateriallymisstated.
Ifweidentifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredtodetermine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwe
haveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredto
reportthatfact.
AsdescribedintheBasisforqualifiedopinionsectionofourreport,wewereunabletosatisfyourselvesconcerning
thecompletenessandaccuracyofrevenuefrompropertiesundermanagementagreementsandrelateddebtor
write-offs.Wehaveconcludedthatwheretheotherinformationreferstotherevenuefrompropertiesunder
managementagreementsorrelatedbalancessuchasdebtorwrite-offs,itmaybemateriallymisstatedforthe
samereason.
Independent auditor’s report to the members of Home REIT plc—continued

60 HomeREITplc | AnnualReport | Fortheyearended31August2025
Corporate governance statement
TheUKListingRulesrequireustoreviewtheDirectors’statementinrelationtogoingconcern,longer-term
viabilityandthatpartoftheCorporateGovernanceStatementrelatingtotheCompany’scompliancewiththe
provisionsoftheUKCorporateGovernanceCodespecifiedforourreview.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualifiedopinionsectionofourreport
above,inouropinionabove,basedontheworkundertakenaspartofouraudit,wehaveconcludedthateachofthe
followingelementsoftheCorporateGovernanceStatementismateriallyconsistentwiththefinancialstatements
orourknowledgeobtainedduringtheaudit:
Going concern and
longer-term viability
• InrelationtotheCompany’sreportingonhowithasappliedtheUKCorporate
GovernanceCode,otherthanthe‘Emphasisofmatter–FinancialStatements
preparedonabasisotherthangoingconcern’includedabove,wehavenothing
elsethatismaterialtoaddordrawattentiontoinrelationtothestatementonthe
Directors’assessmentofthelonger-termviabilityoftheCompanyandwhetherthe
Directorsconsidereditappropriatetoadoptabasisotherthangoingconcern;and
• TheDirectors’explanationastotheirassessmentoftheGroup’sprospects,
theperiodthisassessmentcoversandwhytheperiodisappropriatesetouton
page[X].
Other Code provisions • Directors’statementonfair,balancedandunderstandablesetoutonpage[X];
• Directors’confirmationthattheyhavecarriedoutarobustassessmentofthe
emergingandprincipalriskssetoutonpage[X];
• ThesectionoftheAnnualReportthatdescribesthereviewofeffectivenessofrisk
managementandinternalcontrolsystemssetoutonpages[X]to[X];and
• ThesectiondescribingtheworkoftheAuditCommitteesetoutonpages[X]to[X].
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 61
Other Companies Act 2006 reporting
Basedontheresponsibilitiesdescribedbelowandourworkperformedduringthecourseoftheaudit,weare
requiredbytheCompaniesAct2006andISAs(UK)toreportoncertainopinionsandmattersasdescribedbelow.
Strategic report and
Directors’ report
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inouropinion,basedontheworkundertakeninthe
courseoftheaudit:
• theinformationgivenintheStrategicreportandtheDirectors’reportforthe
financialyearforwhichthefinancialstatementsarepreparedisconsistentwiththe
financialstatements;and
• theStrategicreportandtheDirectors’reporthavebeenpreparedinaccordance
withapplicablelegalrequirements.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inthelightoftheknowledgeandunderstanding
oftheGroupandtheCompanyanditsenvironmentobtainedinthecourseofthe
audit,wehavenotidentifiedmaterialmisstatementsintheStrategicreportorthe
Directors’report.
Directors’ remuneration Inouropinion,thepartoftheDirectors’remunerationreporttobeauditedhasbeen
properlypreparedinaccordancewiththeCompaniesAct2006.
Corporate
governance statement
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inouropinion,basedontheworkundertakenin
thecourseoftheaudittheinformationaboutinternalcontrolandriskmanagement
systemsinrelationtofinancialreportingprocessesandaboutsharecapitalstructures,
givenincompliancewithrules7.2.5and7.2.6intheDisclosureGuidanceand
TransparencyRulessourcebookmadebytheFinancialConductAuthority(theFCA
Rules),isconsistentwiththefinancialstatementsandhasbeenpreparedinaccordance
withapplicablelegalrequirements.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inthelightoftheknowledgeandunderstanding
oftheGroupandtheCompanyanditsenvironmentobtainedinthecourseoftheaudit,
wehavenotidentifiedanymaterialmisstatementsinthisinformation.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inouropinionbasedontheworkundertakeninthe
courseoftheauditinformationabouttheCompany’scorporategovernancecodeand
practicesandaboutitsadministrative,managementandsupervisorybodiesandtheir
committeescomplieswithrules7.2.2,7.2.3and7.2.7oftheFCARules.
Wehavenothingtoreportarisingfromourresponsibilitytoreportifacorporate
governancestatementhasnotbeenpreparedbytheCompany.
Matters on which we
arerequired to report
byexception
ArisingsolelyfromthelimitationonthescopeofourworkasdescribedintheBasisfor
qualifiedopinionsectionofourreportabove:
• wehavenotobtainedalltheinformationandexplanationsthatweconsidered
necessaryforthepurposeofouraudit;and
• wewereunabletodeterminewhetheradequateaccountingrecordshavebeenkept.
Wehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichthe
CompaniesAct2006requiresustoreporttoyouif,inouropinion:
• returnsadequateforouraudithavenotbeenreceivedfrombranchesnotvisitedby
us;or
• thefinancialstatementsarenotinagreementwiththeaccountingrecordsand
returns;or
• certaindisclosuresofDirectors’remunerationspecifiedbylawarenotmade.
Independent auditor’s report to the members of Home REIT plc—continued

62 HomeREITplc | AnnualReport | Fortheyearended31August2025
Responsibilities of Directors
AsexplainedmorefullyintheStatementofDirectors’
Responsibilities,theDirectorsareresponsibleforthe
preparationofthefinancialstatementsandforbeing
satisfiedthattheygiveatrueandfairview,andforsuch
internalcontrolastheDirectorsdetermineisnecessary
toenablethepreparationoffinancialstatementsthat
arefreefrommaterialmisstatement,whetherdueto
fraudorerror.
Inpreparingthefinancialstatements,theDirectors
areresponsibleforassessingtheGroup’sandthe
Company’sabilitytocontinueasagoingconcern,
disclosing,asapplicable,mattersrelatedtogoing
concernandusingthegoingconcernbasisof
accountingunlesstheDirectorseitherintendto
liquidatetheGrouportheCompanyortocease
operations,orhavenorealisticalternativebuttodoso.
Auditor’s responsibilities for the audit of the
financial statements
Ourobjectivesaretoobtainreasonableassurance
aboutwhetherthefinancialstatementsasawhole
arefreefrommaterialmisstatement,whetherdue
tofraudorerror,andtoissueanauditor’sreport
thatincludesouropinion.Reasonableassuranceis
ahighlevelofassurancebutisnotaguaranteethat
anauditconductedinaccordancewithISAs(UK)will
alwaysdetectamaterialmisstatementwhenitexists.
Misstatementscanarisefromfraudorerrorandare
consideredmaterialif,individuallyorintheaggregate,
theycouldreasonablybeexpectedtoinfluencethe
economicdecisionsofuserstakenonthebasisofthese
financialstatements.
However,theprimaryresponsibilityfortheprevention
anddetectionoffraudrestswithboththosecharged
withgovernanceoftheCompanyandmanagement.
Extenttowhichtheauditwascapableofdetecting
irregularities,includingfraud
Irregularities,includingfraud,areinstancesofnon-
compliancewithlawsandregulations.Wedesign
proceduresinlinewithourresponsibilities,outlined
above,todetectmaterialmisstatementsinrespect
ofirregularities,includingfraud.Theextenttowhich
ourproceduresarecapableofdetectingirregularities,
includingfraudisdetailedbelow:
Non-compliancewithlawsandregulations
BasedonourunderstandingoftheGroupand
theindustryinwhichitoperates;discussionwith
theInvestmentManagerandthosechargedwith
governance;obtainingandunderstandingtheGroup’s
policiesandproceduresregardingcompliancewithlaws
andregulations;and,weconsideredthesignificantlaws
andregulationstobetheUKCompaniesAct2006,the
UKListingRulesandtheUKRealEstateInvestment
Trust(“REIT”)regime.
TheGroupisalsosubjecttolawsandregulations
wheretheconsequenceofnon-compliancecould
haveamaterialeffectontheamountordisclosures
intheFinancialStatements,forexamplethroughthe
impositionoffinesorlitigations.Weidentifiedsuch
lawsandregulationstobeUKVATregulations.
Ourproceduresinrespectoftheaboveincluded:
• Weidentifiedareasoflawsandregulationsthat
couldreasonablybeexpectedtohaveamaterial
effectontheFinancialStatementsfromoursector
experiencethroughdiscussionwiththeDirectors
andtheInvestmentManager(asrequiredby
auditingstandards).
• Wehadregardtolawsandregulationsinareasthat
directlyaffecttheFinancialStatementsincluding
financialreporting(includingrelatedcompany
legislation)andtaxationlegislation.Weconsidered
thatextentofcompliancewiththoselawsand
regulationsaspartofourproceduresontherelated
financialstatementitems.
• Wecommunicatedidentifiedlawsandregulations
throughoutourteamandremainedalerttoany
indicationsofnoncompliancethroughouttheaudit.
• WereviewedBoardandAuditCommitteemeeting
minutesforanyinstancesofnon-compliancewith
lawsandregulations.
• WereviewedareportfromtheGroup’sexternal
taxadviser,detailingtheactionsthattheGroup
hasundertakentoensurecompliance.Withthe
assistanceofourinternaltaxexperts,thispaper
wasreviewedandtheassumptionschallenged.
• Wereviewedlegalexpenditureaccountsto
understandthenatureofexpenditureincurredand
obtainedconfirmationsfromtheGroup’ssolicitors
astoanyongoinglegalaction.
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 63
Fraud
Weassessedthesusceptibilityofthefinancial
statementstomaterialmisstatement,includingfraud.
Ourriskassessmentproceduresincluded:
• EnquirywiththeInvestmentManagerandthose
chargedwithgovernanceregardinganyknownor
suspectedinstancesoffraud;
• ObtaininganunderstandingoftheGroup’spolicies
andproceduresrelatingto:
– Detectingandrespondingtotherisksoffraud;
and
– Internalcontrolsestablishedtomitigaterisks
relatedtofraud.
• Reviewofminutesofmeetingsofthosecharged
withgovernanceforanyknownorsuspected
instancesoffraud;
• Discussionamongsttheengagementteam,with
assistancefromourinternalforensicspecialists,as
tohowandwherefraudmightoccurinthefinancial
statements;
• Performinganalyticalprocedurestoidentifyany
unusualorunexpectedrelationshipsthatmay
indicaterisksofmaterialmisstatementduetofraud;
and
• Consideringremunerationincentiveschemes
andperformancetargetsoftheGroup’sexternal
advisersandtherelatedfinancialstatementareas
impactedbythese.
Basedonourriskassessment,weconsideredthefollowingareastobemostsusceptibletofraud:
Area identified Details and audit response
Provisions,
commitmentsand
contingencies
WeareawarethattheGroupiscurrentlythreatenedwithlegalactionandhasalso
stateditsintentiontopursuelegalactionagainstvariouspartiesitsuspectsof
undertakingwrongdoingagainsttheGroupandCompany.Assuch,thereisarisk
thatunrecordedliabilities,provisions,contingentliabilitiesorotherexpensesarenot
appropriatelyidentifiedand/orrecordedatthebalancesheetdate.
Ourproceduresinrespectoftheaboveincluded:
• ObtainingthirdpartyconfirmationsfromallsolicitorsengagedbytheGroup
toconfirminformationofopencasesoflitigationandthepotentialfinancial
implicationsthereof;
• ObtainingtheDirectors’assessmentofthestatusofallcasesoflegalactionagainst
themaswellasplannedlegalactionagainstotherpartiesandconsideringwhether
anyofthemattersindicatepotentialprovisionsorcontingentliabilitiestobe
disclosedinthefinancialstatements;
• ReadingminutesofBoardandCommitteemeetings,riskregisters,public
announcementsissuedandsolicitors’confirmationsobtainedinordertoidentify
anynon-compliancewithlawsandregulations.
• Consideredtheadequacyofthedisclosuresinrelationtocontingentliabilities.
Going concern Pleaserefertothe“EmphasisofMatter–financialstatementspreparedonabasisother
thangoingconcern“sectionabove.
Investment Property
Valuations; Revenue
recognition; and
Management override
of controls.
PleaserefertotherelevantKeyAuditMattersandtheBasisforQualifiedOpinion
sectionaboveforourresponsetotheInvestmentPropertyValuationsand
RevenueRecognition
Weaddressedtheriskofmanagementoverrideofcontrolsbytestingasampleof
journalentriesprocessedduringtheyear,whichmetdefinedriskcriteria,agreeingto
supportingdocumentationandevaluatingwhethertherewasevidenceofbiasbythe
InvestmentManagerthatrepresentedariskofmaterialmisstatementduetofraud.
Independent auditor’s report to the members of Home REIT plc—continued

64 HomeREITplc | AnnualReport | Fortheyearended31August2025
Ourauditproceduresweredesignedtorespondtorisks
ofmaterialmisstatementinthefinancialstatements,
recognisingthattheriskofnotdetectingamaterial
misstatementduetofraudishigherthantheriskofnot
detectingoneresultingfromerror,asfraudmayinvolve
deliberateconcealmentby,forexample,forgery,
misrepresentationsorthroughcollusion.Thereare
inherentlimitationsintheauditproceduresperformed
andthefurtherremovednon-compliancewithlaws
andregulationsisfromtheeventsandtransactions
reflectedinthefinancialstatements,thelesslikelywe
aretobecomeawareofit.Inaddition,theextentto
whichtheauditwascapableofdetectingirregularities,
includingfraudwaslimitedbythematterdescribedin
theBasisforqualifiedopinionsectionofourreport.
Afurtherdescriptionofourresponsibilitiesisavailable
ontheFinancialReportingCouncil’swebsiteat:www.
frc.org.uk/auditorsresponsibilities.Thisdescription
formspartofourauditor’sreport.
Use of our report
ThisreportismadesolelytotheParentCompany’s
members,asabody,inaccordancewithChapter3of
Part16oftheCompaniesAct2006.Ourauditworkhas
beenundertakensothatwemightstatetotheParent
Company’smembersthosematterswearerequired
tostatetotheminanauditor’sreportandfornoother
purpose.Tothefullestextentpermittedbylaw,wedo
notacceptorassumeresponsibilitytoanyoneother
thantheParentCompanyandtheParentCompany’s
membersasabody,forourauditwork,forthisreport,
orfortheopinionswehaveformed.
Christopher Young
(SeniorStatutory Auditor)
ForandonbehalfofBDOLLP,StatutoryAuditor
London
UnitedKingdom
[xx]February2026
BDOLLPisalimitedliabilitypartnershipregisteredin
EnglandandWales(withregisterednumberOC305127).
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 65
Financial Statements
72 ConsolidatedStatementofComprehensiveIncome
73 ConsolidatedStatementofFinancialPosition
74 ConsolidatedStatementofChangesinShareholders’Equity
75 ConsolidatedStatementofCashFlows
76 NotestotheConsolidatedFinancialStatements
99 CompanyStatementofFinancialPosition
100 CompanyStatementofChangesinShareholders’Equity
101 NotestotheCompanyFinancialStatements

66 HomeREITplc | AnnualReport | Fortheyearended31August2025
Consolidated Statement of Comprehensive Income
4
20,6 8 4
41 , 39 0
4
1, 302
2 79
4
(6 26)
(3,7 00)
21 , 360
3 7, 9 6 9
5
(1 1 , 3 28)
(6,7 86)
5
(1 7, 93 8)
(19,785)
11
(5,4 49)
(29,1 0 9)
(3 4 ,7 1 5)
(5 5,6 80)
9
(10,970)
7, 2 2 3
6
(5,9 17)
(10,75 2)
(30, 2 42)
(2 1 , 24 0)
10
–
(369)
Financeincome
26
–
7
(39 8)
(3,557)
Loss before taxation
(3 0,61 4)
(2 5,16 6)
8
–
–
Loss and total comprehensive loss for the year attributable to
shareholders
(30,6 1 4)
(2 5, 166)
22
(3.87)
(3 .18)
*Based on the weighted average number of Shares in issue for the years ended 31 August 2025 and 2024.
Allitemsintheabovestatementderivefromdiscontinuedoperations.
Thenotesonpages70to92formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements

 HomeREITplc | AnnualReport | Fortheyearended31August2025 67
Consolidated Statement of Financial Position
9
–
236 ,32 5
–
2 36,3 25
9
1 54,9 08
29, 10 7
11
3, 220
3,792
12
205
1 5,68 8
12
9,6 31
6 ,18 2
1 6 7, 9 6 4
5 4, 769
1 6 7, 9 6 4
2 91 ,0 94
10
–
9 1,0 38
13
6,876
8,35 4
6 ,8 76
99, 392
6 ,8 76
99, 392
16 1 ,08 8
191 ,70 2
15
7 ,906
7 ,906
16
–
59 5,73 3
17
1 90,1 30
1 9 0,1 30
17
59 5,73 3
–
Accumulatedlosses
(632, 681)
(6 02 ,0 6 7)
Total capital and reserves attributable to equity holders of the company
16 1 ,088
191 ,702
23
20. 38p
24.2 5p
Thenotesonpages70to92formpartofthesefinancialstatements.
The consolidated financial statements of Home REIT plc were approved and authorised for issue by the Board
of Directors on [XX] February 2026 and signed on its behalf by:
Michael O’Donnell
Chair
Companynumber12822709
Financial Statements
Consolidated Financial Statements—continued

68 HomeREITplc | AnnualReport | Fortheyearended31August2025
Consolidated Statement of Changes in Shareholders’ Equity
Fortheyearended31August2025
Note
1September2024
7 ,906
595,73 3
19 0,1 30
–
(6 02 ,06 7)
19 1 ,702
shareholders
–
–
–
–
(3 0,6 14)
(30, 614)
sharepremiumand
creationofspecial
17
–
(595,7 33)
–
595,7 33
–
–
Balance at 31 August 2025
7, 9 0 6
–
190,130
595,733
(632, 681)
161 ,08 8
Fortheyearended31August2024
Note
1September2023
7 ,906
59 5,73 3
1 90,1 30
(576,901)
216,8 68
shareholders
–
–
–
(2 5,16 6)
(2 5,1 66)
7, 90 6
5 95,733
190,130
(602,067)
191 ,70 2
Thenotesonpages70to92formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 69
Consolidated Statement of Cash Flows
Lossfortheyear
(3 0,6 14)
(2 5,16 6)
9
10,970
(7, 2 2 3)
6
5,9 17
10,75 2
Lossoncarryingvalueofbankborrowings
–
369
Financeincome
(26)
–
7
39 8
3, 55 7
(13, 355)
(17,711)
11
(2,380)
(7 2 3)
13
(1 ,17 1)
(996)
(16,906)
(19, 4 30)
Interestreceived
26
–
6
2 3, 301
2 3 ,59 1
12
205
3 ,1 38
2 3, 532
26,729
20
(4,541)
–
20
–
(14 2)
Cashreleasedfrom/(transferredto)restrictedcashaccount
1, 364
(1,789)
(3,17 7)
(1 ,93 1)
Net increase in cash and cash equivalents
3,4 49
5, 36 8
Cashandcashequivalentsatbeginningoftheyear
6,1 82
814
12
9,6 31
6,182
Thenotesonpages70to92formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

70 HomeREITplc | AnnualReport | Fortheyearended31August2025
1. General information
Home REIT plc (the “Company”) is a closed-ended
investment company, incorporated in England and
Wales on 19 August 2020 and is registered as a public
company limited by shares under the Companies Act
2006 with registered number 12822709. The Company
is structured as an externally managed company with
a board of non-executive directors (the “Directors” or
the “Board”). The Company commenced operations on
12 October 2020 when its shares began trading on the
London Stock Exchange.
The Directors approved the Consolidated Annual
Report and Accounts for the year ended 31 August 2022
on 10 October 2024. Since the Company did not
comply with the rules under DTR 4 to publish its
2022 annual financial report within four months of
its year-end, trading in its shares was suspended on
3 January 2023. Additionally, the Company did not meet 
the requirement to file its half-yearly accounts within
three months of its 2023, 2024 or 2025 period ends or
its annual reports within four months of its 2023, 2024
or 2025 year-ends. The Company intends to file its
half-year accounts for the period to 28 February 2025 in
the first quarter of 2026. Until the Company is current
with all of its filings it cannot begin the process of
applying to the FCA for the restoration of its listing
and the recommencement of trading on the London
Stock Exchange.
The Group (the “Group”) consists of the Company and
its subsidiaries which are listed in Note [XX].
The principal activities of the Group and the nature
of the Group’s operations are set out in the Strategic
Report on pages [XX] to [XX].
Going Concern
The Directors, at the time of approving the financial
statements, are required to consider whether they
have a reasonable expectation that the Company
has adequate resources to continue in operational
existence for the foreseeable future and whether it
is appropriate to prepare the financial statements on
a going concern basis.
On 16 September 2024 Home REIT plc shareholders
approved the New Investment Policy for the Managed
Wind-Down of the Group’s and the Company’s
operations. Part of that strategy was to sell enough
properties through auctions to repay all amounts to
Scottish Widows Limited (“Scottish Widows” or the
“Lender”). On 27 November 2024, the Group repaid all
outstanding Group loans and in December 2024, the
Group paid all other amounts due. As a result Scottish
Widows released its charge over the Group’s and
Company’s assets.
The Group is in exclusivity in respect of the sale of
a majority of the remaining portfolio of investment
properties in one transaction for £123.0 million with the
remaining properties expected to be sold at auction
over four months to avoid a significant concentration of
properties from one area being sold in a single auction.
There can be no certainty that the portfolio transaction
will be completed. In the event that the portfolio sale
does not complete as expected, AEW and the Board
have prepared a contingency plan to dispose of those
properties through alternative avenues.
Cashflow projections for the Group and the Company
have been prepared by AEW and agreed with the Board
of Home REIT plc which consider:
1. Disposal of the remaining properties as
described above,
2. Modest capital expenditure has been forecast
through the sale period in order to ensure certain
buildings are made safe for sale. Such works are
under way and are required to comply with statutory
obligations,
3. Revenue will continue to be collected on tenanted
properties held by the Group up to the dates of sale,
4. Settlement of all amounts outstanding related to
properties managed by third parties once both
parties agree that invoices reflect the Group’s
correct liability period, and
5. Corporate expenses for those services required to
maintain current operations through the wind-down
of the Group.
As of the date of these financial statements, the Group
has £{XX} of free cash. The Directors have forecast
expenditures over the next twelve months and are
comfortable that the cash on hand plus proceeds from
the sale of properties will be adequate to cover those
expenses. Properties which are not included in the sale
portfolio perimeter can be sold to raise additional cash
in the event that cash is required before the portfolio
sale is completed.
Home REIT plc has received a pre-action letter of claim
which asserts that the Company provided information
to investors which was false, untrue and/or misleading
and as a result investors suffered losses. The Company’s
directors are not currently able to conclude whether
or when a formal claim may be issued and if a claim is
issued, what the quantum of such claim may be. Further,
on 7 February 2024, the Company was notified by the
FCA of its commencement of an investigation into the
Company, covering the period from 22 September 2020
to 3 January 2023. Home REIT plc and its Directors
are cooperating fully with the FCA in its investigation.
However, the Directors are not able to assess or
quantify what if any action may be taken. No allowance
has been made for potential settlement of either the
pre-action letter of claim or the FCA matter.
Financial Statements
Notes to the Consolidated Financial Statements

 HomeREITplc | AnnualReport | Fortheyearended31August2025 71
Financial Statements
Notes to the Consolidated Financial Statements—continued
As a result of (i) the threatened litigation, (ii) the FCA
investigation and (iii) the Home REIT plc Directors’
expectation for an orderly wind-down of its operations,
the Directors consider it appropriate to adopt a basis of
accounting other than as a going concern in preparing
these financial statements. No material adjustments
to the accounting policies or the valuation basis
have arisen as a result of ceasing to apply the going
concern basis.
2. Accounting policies
The principal accounting policies applied in the
preparation of the financial statements are
set out below.
Basis of Preparation
These Consolidated Financial Statements have been
prepared in accordance with UK-adopted International
Accounting Standards (“IFRS”) and the requirements of
the Companies Act 2006. The Consolidated Financial
Statements of the Group have been prepared on
a historical cost basis, as modified for the Group’s
accounting for investment properties, which have
been measured at fair value. Gains or losses arising
from changes in the fair value of investment property
are included in the Consolidated Statement of
Comprehensive Income.
As discussed in Note 1, whilst the Directors are satisfied
that the Group and the Company have adequate
resources to continue in operation and to meet all
liabilities as and when they fall due, the Directors
consider it appropriate to adopt a basis other than as
a going concern in preparing the financial statements
because of the entry into a Managed Wind-Down
of the Group.
The preparation of financial statements in accordance
with IFRS requires the Directors to make estimates
and assumptions that effect the reported amounts
of revenues, expenses, assets and liabilities, and the
disclosure of contingent liabilities at the reporting
date. Differences between our estimates and the
actual results will be recognised as they occur. Critical
accounting estimates and key sources of estimation
uncertainty in applying these accounting policies are
disclosed in Note 3.
The Group invests in residential property in the United
Kingdom and receives revenue and pays expenses
in Sterling. Therefore, the Directors have adopted
Sterling as the presentation and functional currency
in the Consolidated Financial Statements.
Basis of Consolidation
The Consolidated Financial Statements incorporate
the financial statements of the Company and its
subsidiaries. When the Company controls an investee,
it is considered a subsidiary. The Company controls
an investee if all three of the following elements are
present: power over the investee, exposure to variable
returns from the investee and the ability of the investor
to use its power to affect those variable returns.
The results of subsidiaries acquired or disposed of
during the year are included from the effective date of
acquisition or up to the effective date of disposal.
There are no accounting policies of subsidiaries which
differ from Group accounting policies. All intra-Group
transactions, balances, income and expenses are
eliminated in consolidation.
Investment Properties
Investment properties are those that are held to earn
income or for capital appreciation, or both. Investment
properties are initially measured at cost (including
transaction costs) and adjusted to their fair value, as
determined by an accredited independent external
valuer, at each subsequent balance sheet date. Gains
and losses arising from changes in the fair value of
investment property are included in profit or loss in the
period in which they arise.
Additions to properties include expenditures which
result in identifiable future economic benefits. All other
property expenditures are expensed as incurred.
Straight-line rent adjustments (as described
below under Rental Income) are offset against
investment property.
Investment property sales are recognised on the
completion date.
Properties Sold and Held for Sale
The Group presents investment properties as held
for sale if their carrying amount will be recovered
principally through a sale rather than through
continuing use as a rental property. For this to be
the case, the asset must be available for immediate
sale in its present condition subject only to terms
that are usual and customary for sales of such assets
and its sale must be highly probable. The sale would
be expected to complete within one year of the
balance sheet date.
Financial Instruments
The Group’s accounting policy for each type of financial
instrument is as follows:
a) Financial assets
The Group’s financial assets comprise tenant and
other receivables, restricted cash and cash and cash
equivalents. Financial assets are initially recognised
at fair value less directly attributable transaction
costs and subsequently measured at amortised cost
using the effective interest rate method. There are no
financial assets held at fair value through profit or loss.
1. General information — continued

72 HomeREITplc | AnnualReport | Fortheyearended31August2025
The Group utilises the simplified approach to
measuring expected credit losses (ECLs) within IFRS
9 using a provision matrix in the determination of
the lifetime expected credit losses. The receivable is
written off against the provision when it is deemed
uncollectible. Any recoveries made are recognised in
profit or loss when received.
b) Financial liabilities
Trade and other payables that are financial liabilities
are initially recognised at fair value, net of directly
attributable transaction costs and subsequently
measured at amortised cost using the effective
interest method.
Costs associated with new financings are capitalised
and amortised to finance costs over the fixed term of
the loans using the effective interest method. Except
as noted in c) below, bank borrowings are initially
recognised at fair value net of directly attributable
transaction costs and subsequently measured at
amortised cost using the effective interest method.
Interest expense includes amortisation of initial
transaction costs.
c) Loan modifications and revisions to estimates
of cash flows
Where a modification or exchange of a financial
liability does not result in the derecognition of the
financial liability or the group revises its estimates as
to the amounts or timings of cash flows in respect
of the financial liability, the Group recalculates the
amortised cost of the modified financial liability by
discounting the modified contractual cash flows using
the original effective interest rate. Any adjustment to
the amortised cost of the financial liability is recognised
in the Consolidated Statement of Comprehensive
Income at the date of the modification or exchange.
Financing costs in the Consolidated Statement of
Comprehensive Income are subsequently presented
as the original effective interest rate multiplied by the
new carrying value.
Deferred Fees paid and the benefit applied as a
reduction of the outstanding principal balance in the
form of Break Gains were recorded directly against
the previously recognised gain because they had been
included in the revised cash flows.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and
short-term deposits with an original maturity of three
months or less.
Restricted cash
Restricted cash represents:
• Cash held by third parties, primarily the Group’s
solicitors, for a specific purpose such as retentions.
• Cash held in Lender controlled accounts which
are not available to the Group until released by
the Lender. This includes the ‘Required Interest
Amount’ which represents nine months of
interest to be held by the Lender as agreed in the
19 June 2023 waiver letters and cash held in Lender
controlled proceeds accounts pending allocation
as described more fully in Note 6.
Taxation
Current and deferred taxes are recognised on any
profit or loss not exempt under UK REIT regulations.
Current tax is expected tax payable on any non-REIT
taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date.
Dividends Payable to Shareholders
Final dividend distributions to the Group’s shareholders
are recognised as a liability in the Group’s financial
statements in the period in which the dividends
are approved by the Group’s shareholders. Interim
dividends are recognised when paid.
Rental Income— Leases with non-Occupant Tenants
The Group retains substantially all the risks and rewards
of ownership of the properties and accordingly, all
leases are classified as operating leases. Rental income
arising from the operating leases is accounted for on
a straight-line basis over the expected term of the
lease. The lease term is the non-cancellable period of
the lease together with any further term for which the
tenant has the option to continue the lease where, at
the inception of the lease, the Directors are reasonably
certain that the tenant will exercise that option.
Where the Company’s leases with non-occupant
tenants contain annual inflationary increases with a
minimum uplift, the straight-line adjustment is rebased
each year and the rental income arising from such
uplifts is recognised on a straight-line basis over the
remaining lease term. Changes in the payment amount,
other than normal inflationary increases, or timing, or
the lease term made after the original lease agreement
was signed are accounted for as a lease modification.
Lease modifications are accounted for as a new lease
from the effective date of the modification, considering
any prepaid or accrued lease balance at that date.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2. Accounting policies — continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 73
In certain cases, the Group acquired properties which
were not considered habitable at the acquisition date
and simultaneously signed an operating lease. IFRS
16, “Leases”, defines a lease as “a contract, or part of
a contract, that conveys the right to use an asset for
a period of time in exchange for consideration.” If a
property is deemed unhabitable (as described more
fully in Note 3), the Directors have concluded that the
lease has not conveyed the “right to control the use of
an identified asset” and therefore the Group does not
recognise the associated rental revenue until property
improvement to a lettable standard is complete. Any
cash received from the tenant while the property is
judged to be unhabitable is applied as a reduction in the
cost of property or the debtor, as appropriate.
Income from Properties under Management Contracts
Supported Living
In order to be revenue generating, the Group, through
its Intensive Housing Manager (“IHM”), must receive
approval from each Local Authority (“LA”) in order
receive payments for providing homeless or supported
living accommodation. In order to become classified
as ‘in payment’, LAs carry out an assessment of the
individual requiring accommodation and due diligence
on the IHM, generally inspect the properties to ensure
they are of sufficient quality and appropriately located
then set rents in line with Local Housing Allowance
(“LHA”) rates. The Group recognises revenue for
properties which have been approved to be in payment,
and based on the number of occupants as submitted
to the LAs for reimbursement. The portion of the
reimbursements that relates to support services is
specific to the agreement between the IHM and the LA.
Accordingly, the Group does not recognise this amount
in rental revenue but instead as a reduction in the cost
of providing the service. In the year to 31 August 2025,
this totalled £494,000 and is included as a reduction
in management fees as described in Note 5 to the
Consolidated Financial Statements (2024: £nil).
Private Rental Sector (“PRS”)
The Group recognises revenue on PRS properties
managed by third party property managers from
the date on which the manager takes control of the
property. Transfer of control of the property occurs
as properties are surrendered to the Group from
non-performing lessees. Under most surrender
agreements, no written evidence of in place tenancies
was provided. Revenue is recognised when the
property in occupied, even if the tenancy is not
documented with an Assured Shorthold Tenancy (AST).
The Group considers a property is occupied on terms
unknown if the property is occupied and the tenant
is paying rent, even if there are no available written
terms. In order to determine occupancy, property
managers are instructed to inspect properties at least
every 21 days.
Net rental income includes amounts invoiced in
accordance with lease contracts including the impact
of recognising and impairing straight-lining rents
reduced by revenues associated with properties
deemed unhabitable.
Impairment of Non-Financial Assets
Non-financial assets including the straight-line rent
receivable assets are assessed for impairment at each
balance sheet date or whenever events or changes
in circumstances indicate that their carrying amount
may not be recoverable. Where the carrying value of
an asset exceeds its recoverable amount (the higher of
value in use and fair value less costs to sell), the asset
is impaired. The impairment test is carried out on the
smallest group of assets to which it belongs for which
there are separately identifiable cash flows, which is
on a tenant basis defined as the cash-generating unit
(“CGU”). As discussed in Note 4, impairment charges
of £626,000 were recognised during the year ended
31 August 2025 (2024: £3,700,000).
Changes to Accounting Standards and Interpretations
At the date of authorisation of the financial statements,
there were a number of standards and interpretations
which were in issue but not yet effective. The Group
has assessed the impact of these amendments
and has determined that the application of these
amendments and interpretations in current and
future periods will not have a significant impact on its
financial statements.
There are several new standards and interpretations
which were effective for the first time for periods
beginning on or after 1 September 2024. These
standards have been assessed to have no significant
impact to the Group as they are either not relevant
to the Group’s activities or require accounting
which is consistent with the Group’s historical
accounting policies.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2. Accounting policies — continued

74 HomeREITplc | AnnualReport | Fortheyearended31August2025
3. Significant Accounting Judgements and Estimates
The preparation of financial statements in conformity
with IFRS requires the Directors to make judgements,
estimates and assumptions that affect the reported
amounts recognised in the financial statements.
Revisions to accounting estimates are recognised in the
period in which the estimates are revised.
In the course of preparing the Consolidated Financial
Statements, the Directors have had to make
assumptions and judgements especially in the areas
of valuation of investment property, the recoverability
of tenant related receivables and the classification
of investment property as assets held for sale. The
judgements, estimates and associated assumptions
that have had a material impact in the presentation
of assets and liabilities in these accounts are
outlined below:
Valuation of Investment Property (estimate)
As described more fully in Note 9, Investment Property,
a number of significant judgments were made by
the independent valuer in determining fair value of
investment properties, including:
• the credit quality of the tenant and the condition of
the property were considered in determining the
best valuation technique to value each property;
• the Group undertook an exercise to inspect each
property to determine its current condition which
occurred from August 2023 to May 2024. Absent any
new information, the condition of the property as
determined at the inspection date is assumed to be
the condition of the property for valuation purposes
at 31 August 2025 and 2024;
• For the majority of properties valued on investment
basis at 31 August 2025, rents were capped at five
years and overall value was capped at 110% to 125%
(2024: 113% to 154%) of the value as determined
on the Market Value-Vacant Possession (“MV-VP”)
basis. The full lease period of up to eight years was
considered for some tenants who are considered
financially viable; and
• For 145 properties operating as supported living and
managed by a third party manager, JLL have applied
a discount to MV-VP of 10%-15%, depending on
the IHM and location to account for the complexity
of gaining vacant possession of supported
living properties.
Recoverability of Tenant Related Receivables (estimate)
Because the Group considered that 6 of its 18 (2024: 12
of 20) direct tenants were a poor financial covenant and
fully non-performing, amounts outstanding in relation
to these tenants at 31 August 2025 were provided for in
full. Any recoveries made of tenant and tenant related
receivables after 1 September 2025 will be recognised
as received. For properties managed by a property
manager, any arrears from underlying occupants were
fully provided for unless received within a 30-day period
after the end of the financial year.
Assets as Held for Sale (judgement)
The Group presents investment properties as held
for sale if their carrying amount will be recovered
principally through a sale rather than through
continuing use as a rental property. While Shareholders
approved that the Company enter into a Managed
Wind-Down on 16 September 2025, it wasn’t until the
Group had received confirmatory bids and had agreed
the outline of the deal structure in May 2025 that the
Board could consider the sale of assets to be highly
probable. The Board expects that the sales of these
assets will complete within one year of the balance
sheet date. Accordingly, the Group has presented all of
its investment properties as assets held for sale in the
31 August 2025 balance sheet.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 75
4. Income
lease agreements
10,072
35,185
management agreements
10,184
5,748
Effect of straight-lining rent
626
3,700
properties were unhabitable
(198)
(3,243)
Rental income
20,684
41,390
Other income
1,302
279
straight lining
(626)
(3,700)
Net rental income
21,360
37,969
All properties subject to leases are based in the
UK. Rental income includes amounts receivable in
respect of tenant leases for those properties deemed
habitable and is measured at the fair value of the
consideration received or receivable. As discussed in
Note 3, in certain cases, the Group holds properties
which are not considered habitable, but which were
subject to a legacy operating lease. If a property is
deemed unhabitable, the Group does not recognise any
associated rental revenue until required improvements
are complete. Any cash received from the tenant while
the property is judged to be unhabitable is applied as
a reduction in the debtor established at acquisition or
the property carrying value, as appropriate. During the
year ended 31 August 2025, the Group sold 25 (2024:
154) properties which were not considered habitable,
such that there were 19 unhabitable properties at
31 August 2025 (2024: 44 properties). During the
year ended 31 August 2025, no properties formerly
considered unhabitable were improved to a state which
the Group considered habitable (2024: nil).
The Group assesses impairment of straight-line rent
receivables at the tenant levels. Impairment charges on
these assets of £626,000 were recognised during the
year ended 31 August 2025 (2024: £3,700,000).
The future minimum rents receivable under non-
cancellable operating leases and excluding short-term
and overnight rentals associated with properties
managed by property managers, related to habitable
properties are:
Year 1
6,606
12,828
Year 2
6,472
12,917
Year 3
6,481
13,049
Year 4
6,449
13,182
Year 5
5,363
13,201
> 5 years
33,726
134,157
Total
65,097
199,334
Financial Statements
Notes to the Consolidated Financial Statements—continued

76 HomeREITplc | AnnualReport | Fortheyearended31August2025
5. Operating expenses
Property operating expenses
The Group began incurring property operating
expenses directly as AEW negotiated lease surrenders
with non-performing tenants and inserted property
managers to manage each property until stabilised or
sold. The number of properties under management
by third parties has varied significantly since
1 September 2023. In some cases, property managers
were appointed only for a short period to manage the
property between the surrender date and the closing
of the sale. In the remaining cases, a property manager
have been in place since the surrender date. Expenses
payable directly by the Group are:
Maintenance and compliance
4,921
2,301
Management fees
3,150
1,342
Utilities
1,804
788
Council tax
1,190
562
Other fees
78
166
Sub total
11,143
5,159
property insurance
119
624
Property consultancy fees
–
568
Other property expenses
66
435
Total
11,328
6,786
The Group has primary responsibility for property
operating costs including council taxes, utilities,
repairs and maintenance and property management
fees where properties are managed by property
managers or an IHM. Some costs, such as council taxes
and utilities, may be paid directly by tenants, unless
they are the responsibility of the Group in the case
of vacant properties and those with inclusive leases
(which include supported living properties). The Group
deducts the portion of the payments from LAs that
relates to support services from management fees as
these are specific to the agreement between the IHM
and the LA and therefore are recognised as revenue.
In the year to 31 August 2025, this totalled £494,000
(2024: £nil). The Group auctions properties on a vacant
possession basis because it provides greater value and
is therefore responsible for all expenses between the
lease surrender date and the date on which the sale
is completed.
General and administrative expenses
Legal fees
5,295
7,106
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Independent Auditor
717
846
Valuation fees
168
300
Directors’ fees
430
362
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group’s Independent Auditor, BDO LLP,
include the following (all fees are inclusive of VAT):
annual accounts
645
772
subsidiaries
72
72
preservation
–
2
Included in general and
administrative expenses
717
846
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 77
Financial Statements
Notes to the Consolidated Financial Statements—continued
6. Realised loss and cash flows related to disposal
of investment properties
during the year
93,433
140,621
beginning of the year
(99,350)
(151,373)
Realised loss on disposal of
investment properties
(5,917)
(10,752)
During the year ended 31 August 2025, the Group
completed on the sale of 522 properties for gross
proceeds of £96,951,000 (2024: 1,098 properties and
£147,915,000, respectively).
Under the borrowing agreements discussed more
fully in Note 10, the proceeds from property sales were
fully under the control of the Lender and the Lender’s
agent. As agreed in various waiver letters between the
Borrowers, Guarantors, Lender and Agent, all of the
proceeds from the sale of properties were generally
allocated 93% to the Agent controlled proceeds accounts
and 7% to the Group to cover the cost of property sales
and other general expenses. The amount allocated to
the proceeds account was then allocated monthly in the
following order: first, to repay the Lender for the allocated
loan amounts related to each sold property, second, to
the Lender to cover any unpaid interest or other amounts
due and then last in accordance with an allocation as
agreed in the periodic waiver letters. Because the portion
of the net proceeds sent directly to the Agent controlled
proceeds accounts were never under Group control,
we have excluded the gross proceeds from property
sales and the principal payments on the loans from the
Consolidated Statement of Cash Flows. During the year
ended 31 August 2025 and 2024, those cash flows were:
Gross proceeds from
property sales
96,951
147,915
the cost of property sales
6,595
10,653
proceeds account
75,562
134,309
unrestricted account
14,794
–
at 31 August
–
2,953
96,951
147,915
the cost of property sales
6,595
10,653
Cost of property sales
1
(3,518)
(7,294)
unrestricted account
3,077
3,359
proceeds account
75,562
134,309
on outstanding loans
(86,497)
(100,665)
from solicitor
2,953
–
account as at 31 August
13,412
(13,412)
unrestricted account
5,430
20,232
to unrestricted account
23,301
23,591
1. Expenses of £7,294,000 were paid out of gross proceeds (£7,139,000) and out of the
Group’s General Account (£155,000)..
As at 31 August 2025, proceeds of £nil (2024:
£2,953,000) related to completed sales had been
received by the Group’s solicitor but not yet
received in a Group controlled account are included
in other receivables.

78 HomeREITplc | AnnualReport | Fortheyearended31August2025
7. Finance costs
Loan interest
398
3,557
Total finance costs
398
3,557
Financing costs have been recognised for the years
ended 31 August 2025 and 2024 by multiplying the origin al
effective interest rate against the carrying cost of the
third-party loans as remeasured on 31 August 2023. As
presented in Note 10, the benefit of break gains received
and Deferred Fees imposed by and paid to the Lender
have been recognised as amortisation against the
previously recognised gain to the extent that they were
considered in the revised estimated cash flows.
8. Taxation
The Group is a real estate investment trust (“REIT”)
and as a result the profit and gains arising from the
Group’s property rental business are exempt from UK
corporation tax provided it meets certain conditions
as set out in the UK REIT regulations. Profits arising
from any residual activities (e.g. trading activities and
interest income), after the utilisation of any available
residual tax losses, are subject to corporation tax at the
main rate of 25%.
Current tax
–
–
Origination and reversal of
temporary differences
–
–
Total deferred tax
–
–
Tax charge
–
–
Reconciliation of the total tax charge
The reconciliation of loss before taxation multiplied
by the standard rate of corporation tax of 25% to the
total tax charge in the Consolidated Statement of
Comprehensive Income is as follows:
Loss before taxation
(30,614)
(25,166)
UK corporation tax
7,654
6,291
Revaluation of
investment properties
(2,743)
1,806
no benefit can be recognised
(4,911)
(8,097)
Tax charge
–
–
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 79
9. Investment property (non-current) and investment
property held for sale (current)
beginning year
265,432
412,720
disposals in the year
(99,349)
(151,373)
during the year
(205)
(3,138)
value of investment property
(10,970)
7,223
Fair value at the
end of the year
154,908
265,432
–noncurrent
–
236,325
sale – current
154,908
29,107
Total investment property
154,908
265,432
As discussed in Note 6, during the year ended
31 August 2025, the Group sold 522 properties (year
to 31 August 2024: 1,098) for gross proceeds of
£96,951,000 (2024: £147,915,000).
The Group recognises investment properties at fair
value at each balance sheet date in accordance with
IFRS 13 which defines a variety of fair value inputs
depending upon the nature of the investment. The
valuations have been prepared in accordance with the
RICS Valuation – Global Standards January 2025 (the
“Red Book”) and incorporate the recommendations
of the International Valuation Standards and the
the current Red Book UK National Supplement
which are consistent with the principles set out in
IFRS 13. Specifically, IFRS 13 defines the fair value
hierarchy as follows:
Level 1: Quoted (unadjusted) market prices in active
markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable.
Level 3: Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.
Property valuations are inherently subjective and
rely on using transaction data which is similar but not
directly comparable and is usually adjusted to account
for any underlying differences. Accordingly, the
valuation of all of the Group’s investment properties
are classified as Level 3.
The investment properties have been valued as at
31 August 2025 and 2024 by Jones Lang LaSalle Limited
(“JLL”), an accredited independent external valuer with
relevant and recent experience of valuing residential
properties of the type in which the Group invests. Fair
value is the estimated amount for which a property
would exchange on the date of the valuation in an
arm’s-length transaction and has been estimated
using a combination of the investment approach and
MV-VP. The investment approach involves applying
a yield to the future income stream net of estimated
voids and rent-free periods and then a reversion to
MV-VP, which future cash flows are discounted back to
the balance sheet date. The yield and estimated rental
values are observed based on the valuers’ judgment
of comparable property and leasing transactions in
the market. The primary factors which have been
considered in assessing which valuation technique to
use is the covenant strength of the tenant including
their payment history and the property’s condition.
The other significant factors which are considered
under both techniques include the property’s type,
its location and market conditions. The Group
assessed property conditions (inspections occurred
from August 2023 to May 2024) through a formal
inspection programme, whereby Vibrant Energy
Solutions Ltd (“Vibrant”) was engaged to perform
an internal inspection of most properties and issue
a condition report. If properties were inspected by
another party for another purpose during that period,
those properties have been excluded from the Vibrant
inspection process and instead JLL have made use of
the report of the alternative provider. The condition
of the properties as assessed in the inspection
programme has been assumed to be the condition of
the properties at the valuation dates.
Financial Statements
Notes to the Consolidated Financial Statements—continued

80 HomeREITplc | AnnualReport | Fortheyearended31August2025
To arrive at opinions of fair value, JLL divided the assets
into four categories and estimated rental value and
yield for each:
• Individual properties (suitable for occupation by
a single family);
• HMO’s (properties with individual bedrooms but
common kitchen and other facilities);
• Residential investments (properties with individual
flats for occupation); and
• Development properties (properties which
are considered derelict and require substantial
re-development).
As discussed in Note 3, not all leases were deemed to
have commenced (for the purposes of recognising
revenue) as some of the associated properties
were deemed to be unhabitable. The security of the
unexpired term for these leases differs across the
portfolio depending on the covenant strength of the
tenant. For tenants with a weak covenant strength or
where a property was deemed unhabitable or not fit
for-purpose, JLL disregarded the leases and valued the
properties on the basis of MV-VP. All properties under
the control of property managers have been valued
on the basis of MV-VP. Where a property was deemed
to be in a reasonable condition, capable of beneficial
occupation, and let to a tenant who was likely to meet
its rent demands in the short-term, JLL adopted the
investment approach. For those tenants, JLL capped
the unexpired lease term at five years, even where the
actual unexpired lease term was for a longer period.
This was due to a lack of confidence in those tenants
being able to fulfil their lease obligations beyond five
years. For those properties which were let or sublet to
a tenant with a strong covenant, JLL considered the
in-place lease (or ignored the primary in-place lease and
instead capitalised the sublease passing rent) for its
remaining term of up to seven years. Where a property
has a high passing rent in comparison to JLL’s opinion
of MV-VP, JLL capped the Fair Value at between 110%
and 125% of MV-VP, depending on the tenant (2024:
between 113% and 154%, depending on the tenant). JLL
also concluded that based on recent market evidence
that the Group would have challenges in gaining vacant
possession of supported living properties managed by
an IHM and has valued 145 properties at a discount to
MV-VP of between 10%-15% depending on the IHM and
the location of the property.
The fair value of investment property at 31 August 2025
and 2024 was split between the following valuation
techniques (both considered Level 3):
valuation approach
31,825
30,216
possession approach
123,083
235,216
Fair value at the
end of the year
154,908
265,432
For the year ended 31 August 2025, 28 properties
were valued using the investment method valuation
technique, having previously been valued using MV-
VP (2024: nil). JLL considered this appropriate as the
properties were let to tenants under new leases. For
the year ended 31 August 2025, three properties were
valued using MV-VP having previously been valued
on the investment method (2024: 37). JLL considered
the change appropriate for property specific reasons
(2025) or after re-evaluating the credit strength of the
underlying tenant (2024).
Financial Statements
Notes to the Consolidated Financial Statements—continued
9. Investment property (non-current) and investment
property held for sale (current) — continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 81
9. Investment property (non-current) and investment property held for sale (current) — continued
For those properties valued using the investment approach only, unobservable inputs used in the valuations
are as follows:
Passing rent and yield range
Residential
4,685
6-188
31,825
8-31
Residential
3,726
6-181
30,216
7-25
For those properties valued using the investment approach, the average passing rent per annum per property was
£18,000 for the year ended 31 August 2025 (2024: £16,000) and the average valuation yield was 15% for the year
ended 31 August 2025 (2024: 12%).
Sensitivities of measurement of significant unobservable inputs
As noted above, the Group’s property portfolio valuation is open to judgements and is inherently subjective by
nature. Because 596 of 853 (69.9% of properties) are valued using the MV-VP approach at 31 August 2025 (2024:
1,143 of 1,375 and 83% respectively) and those valued under the investment approach are capped at between
110% and 125% of MV-VP depending on the underlying tenant, changes in passing rents and initial yields do not
impact the fair value as much as general price movements in the property market. The table below shows the
sensitivities of measurement of the Group’s investment property to those inputs (for properties valued using the
investment approach):
Investment property
(200)
200
(300)
300
Investment property
(300)
300
(500)
500
For 2025, a 5% increase/decrease in MV-VP (for all properties) would increase/decrease the overall value of
investment property by approximately £7,600,000 (2024: £13,000,000).
Financial Statements
Notes to the Consolidated Financial Statements—continued

82 HomeREITplc | AnnualReport | Fortheyearended31August2025
10. Financial instruments
The Group’s borrowings were comprised of two fixed
term loan facilities, one for £120 million and the other for
£130 million. Both facilities were with Scottish Widows.
The £120 million facility had an all-in rate of 2.07% per
annum for the duration of the loan and was due for
repayment in December 2032. The £100 million facility had
an all-in rate of 2.53% for the duration of the loan and was
due for repayment in December 2036. Both loans were
secured by investment property and other assets held
by the Group.
The Company and its subsidiaries were party to
agreements with (amongst others) Scottish Widows
including (in the case of two subsidiaries of the Company)
facility agreements and (in the case of the Company and
all subsidiaries) guarantees. Various breaches occurred
under those agreements. Since an initial waiver letter
dated 30 January 2023 waiving certain breaches, new
waiver letters were issued prior to the expiry of each
previous waiver period. The waiver letters related
to various matters including financial covenants, an
adverse change in the position of the Company and its
subsidiaries, a failure to deliver audited accounts and
other information, the suspension of the shares of the
Company on the London Stock Exchange and the tax
status of the Company.
On 19 June 2023, Scottish Widows imposed a Deferred
Fee of 0.5% of the aggregate amounts outstanding
on the two loans at each of 31 August 2023 and
30 November 2023, payable on the full and final
settlement of the loans. On 4 December 2023, Scottish
Widows imposed a further Deferred Fee effective from
30 November 2023 being the equivalent of 5% per
annum on the aggregate amounts outstanding on the
two loans as computed on a daily basis. On 2 July 2024,
Scottish Widows increased the Deferred Fee from 5% to
7% with effect from 1 July 2024 until the final repayment
of the loans.
The agreements provide that if the Borrowers repay
outstanding principal early, the Borrower pays or benefits
from a Break Gain. The Break Gain is the net amount
between the make whole amount on the margin of the
loan (Spens Costs) and the synthetic interest rate break
value which is the difference between the current swap
rate and the fixed rate embedded in the loan.
On 31 August 2023, as part of the periodic waiver update
and in response to a request by the Lender, the Directors
agreed to focus on repayment of both loans as soon
as possible with a target repayment date no later than
30 June 2024. While not a technical amendment to the
loans, the change in the estimated timing and amount
of cash payments required the Group to recalculate
the carrying value of the loans using new estimated
cash flows and discounted using the original effective
interest rate. The change in value resulted in a gain of
£14,537,000 which was recorded in the Consolidated
Statement of Comprehensive Income in the year ended
31 August 2023. Meeting the initial target repayment
date of 30 June 2024 required the Group to refinance the
existing facilities. In June 2024, the Group announced that
it could not achieve a refinancing on terms that it could
recommend to shareholders and agreed with Scottish
Widows to sell additional properties in order to repay
the loans by 31 December 2024. After re-considering the
updates to the original assumptions for interest payable,
Break Gains and Deferred Fees, the Company recorded
a net loss of £369,000 in the Consolidated Statement of
Comprehensive Income in the year ended 31 August 2024.
There was no further gain or loss recorded in the year
ended 31 August 2025. The Group specifically considered
the expected forecasted payments, Break Gains and the
Deferred Fees in the revised cash flow estimates which
would reduce the balance of the loan at the determination
date to zero, discounted at the original effective
interest rate.
As a result of the property sales discussed above
and application of lockbox amounts against the loan
balance, the £120,000,000 loan was fully repaid on
25 September 2024, the £130,000,000 loan was fully
repaid on 27 November 2024 and the Deferred Fees were
paid on 16 December 2024. The reconciliation of the
principal owing to the Lender to the carrying value is:
end of the year
–
93,822
Carrying value adjustments
–
(2,784)
Carrying value at
end of the year
–
91,038
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 83
Carrying Value Adjustments
Beginning balance
(2,784)
(20,500)
remeasurement loss
–
369
Deferred Fee accrual
–
1,100
remeasurement gain
2,784
16,247
Ending balance
–
(2,784)
Amortisation of remeasurement gain
bank borrowings
11,768
16,632
Payment of Deferred fees
(8,984)
–
carrying value
–
(385)
2,784
16,247
Fair Value
The Group utilises the income method to value its bank
borrowings which is different than the approach used to
compute the gain or loss discussed above. The income
approach estimates the fair value of a debt instrument
by estimating the difference between contractual
and market debt service payments discounted at an
equity yield reflective of the risks inherent in the loan.
The income approach is considered Level 3 under the
fair value hierarchy. The Group estimated the market
replacement rate to be 5.89% for Home Holdings 1 and
6.19% for Home Holdings 2 as at 31 August 2024. If the
estimated replacement rate were to increase or decrease
by 1% at 31 August 2024, the resulting change in fair value
would have been a decease or increase in the fair value
adjustment of £74,000.
Set out below is a comparison of the carrying value and fair value of the Group’s financial instruments where a
difference exists. The fair value of financial instruments not included in the comparison is equal to carrying value.
As at 31 August 2025
As at 31 August 2024
Bank borrowings
–
–
91,038
93,551
Financial Statements
Notes to the Consolidated Financial Statements—continued
10. Financial instruments — continued

84 HomeREITplc | AnnualReport | Fortheyearended31August2025
11. Trade and other receivables
lease agreements
1,964
50,479
properties were unhabitable
(198)
(3,243)
Tenant receivables
1,766
47,236
property sales completed
–
2,953
Receivable from
property managers
893
1,222
Other receivables
403
160
Prepaid expenses
266
78
Tenant receivables and other
financial assets
3,328
51,649
Provision for doubtful debts
(108)
(47,857)
Trade and other receivables
3,220
3,792
All trade and other receivable amounts are due
within one year. The net carrying value of trade
and other receivables classified at amortised cost
approximates fair value.
During the year ended 31 August 2025, the Group agreed
surrender deals with 10 tenants on 343 properties
(2024: 23 tenants on 1,839 properties). The tenants had
outstanding debtors from underlying occupants at the
date of surrender, which in some cases were transferred
to the Group as a condition of the surrender. Because the
records associated with the pre-control debtors were not
fully verifiable and the debtors generally not collectible,
the Board has not established these amounts as debtors.
Any subsequent collection of these debtors is recognised
when received.
As discussed more fully in Note 3, the Directors analysed
the expected credit loss and concluded that collection of
debtors of £108,000 was doubtful and provided for such
amounts at 31 August 2025 (2024: £47,857,000).
Because the Group judged 6 of its 18 tenants as having
a poor financial covenant and non-performing due to
low or no cash received for rents, outstanding debtors
at 31 August 2025 were provided for in full. In addition,
certain legacy debtors related to tenants otherwise
current on their payments have also been provided in
full. Any recoveries made of tenant receivables after
1 September 2025 will be recognised when received. For
properties managed by a property manager, any arrears
from underlying occupants were fully provided for unless
received within a 30-day period after the end of the
financial year.
During FY25, the Group considered the prospects of
recovering any further cash from its current or past non-
performing tenants and judged that it had no reasonable
prospect of doing so for debtors totalling £53,198,000.
These previously provided for balances have been
written off in FY25, even though the Group may continue
to pursue the collection of some of these balances.
Movements in the provision for expected credit loss for
the years ended 31 August 2025 and 2024 were as follows:
Impairment of trade receivables
for impairment of
trade receivables
47,857
50,747
Increase during the year
5,449
29,109
the year as uncollectable
(53,198)
(31,999)
At the end of the year
108
47,857
The following table sets out the ageing profile of trade
and other receivables that are financial assets:
30 days or fewer
3,124
4,414
31 to 60 days
63
1,198
61 to 90 days
17
1,307
91 to 120 days
16
1,664
Over 120 days
108
43,066
3,328
51,649
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 85
12. Cash reserves
Retentions held by solicitors
205
510
classified as restricted
–
1,766
Cash held in disposal account
–
13,412
third parties
205
15,688
Cash and cash equivalents
9,631
6,182
Total cash reserves
9,836
21,870
As a condition of a waiver letter, the Lender held back
an amount of up to nine months of interest in the
Lender-controlled rent accounts (“Required Interest
Amount”) to be released fully at the Lender’s discretion.
Cash held in the Disposal Account as at 31 August 2024
was controlled by the Lender and these amounts and
the Required Interest Amount were used to repay the
loans and Deferred Fees.
The Group’s solicitors hold retention amounts
pending completion of works by original vendors.
Solicitors released £73,000 of Seller’s Works retentions
to vendors (2024: £689,000) and £205,000 to the
Group (2024: £3,138,000) during the year ending
31 August 2025. There were £27,000 of insurance
retentions released to the Group during the year ending
31 August 2025 (2024: £279,000). These were not
initially established as an asset so the Group recorded
a gain in that amount when the funds were received
which has been presented in Other Income in the
Consolidated Statement of Comprehensive Income.
At beginning of the year
510
4,616
released to vendors
(73)
(689)
Home REIT Plc
(205)
(3,138)
released to Home REIT Plc
(27)
(279)
Retentions at the
end of the year
205
510
13. Trade and other payables
Trade creditors
2,416
2,137
Accrued expenses
4,255
5,707
Retentions payable
205
510
Total trade creditors and
accrued expenses
6,876
8,354
All trade and other payables are due within one year.
The Directors consider that the carrying amount of
trade and other payables approximates fair value.
Retentions payable are amounts due to vendors
payable when they complete property improvements
which were agreed in the original SPA. See Note 12 for
more information on retentions.
Financial Statements
Notes to the Consolidated Financial Statements—continued

86 HomeREITplc | AnnualReport | Fortheyearended31August2025
14. Financial risk management
AEW have risk management procedures and processes
in place which enable them to monitor the risks of the
Group. The objective in managing risk is the creation
and protection of shareholder income and value. Risk
is inherent in the Group’s activities, but it is managed
through a process of ongoing identification, impact
assessment, and monitoring and subject to risk limits
and other controls.
The principal financial risks facing the Group in the
management of its portfolio are as follows:
Credit risk
Credit risk is the risk that a tenant or another
counterparty will not meet its obligations under a
lease or other financial instrument which would cause
financial loss to the Group. The Group is exposed to
credit risk through its tenant leases and cash deposits
on account with its commercial bank and with solicitors
pending completion of Seller’s Works or a return
to the Group.
It is the Group’s policy to enter commercial banking
arrangements with reputable financial institutions.
The AIFM monitors the credit worthiness of banks
used by the Group by review of credit ratings, financial
statements and other public records and news on a
quarterly basis. Where the Group transfers funds to
its solicitors as a retention subject to completion of a
workstream, the associated law firms place those funds
in legally restricted client accounts.
In respect of tenant leases, in the event of a default
by a tenant, the Group suffers an income shortfall and
additional costs in reletting the property and vacancy
costs. Tenant defaults adversely impact the value
of investment property by either widening the yield
underpinning an investment-based valuation or change
the appropriate fair value technique from investment
basis to MV-VP.
Since its appointment, AEW has considered the long-
term viability of each tenant. In situations where the
tenant is not considered viable in the long-term, AEW
has agreed with the tenant to surrender the leases
to take back control of the underlying properties to
either let directly (either through a property manager
or IHM) or re-let to a Registered Provider for Supported
Living. Where lease surrenders could not be agreed
commercially, AEW has taken or is taking action against
the tenants which could include statutory demands,
forfeiture and winding up petitions. In the few instances
where the tenant is performing well, the leases remain
in place, although terms may be varied.
AEW continues to assess potential prospective tenants
and property managers, including quality providers
of social housing and support services for properties
suitable for occupation. Stringent covenant and
capability analysis are undertaken on all proposed
property managers and tenants in accordance with
AEW’s rigorous processes. AEW provides regular
updates to the Board on its strategy by tenant and
property and the progress against business plans.
The table below shows the Group’s exposure to
credit risk:
Cash and cash equivalents
9,631
6,182
Restricted cash
205
15,688
Tenant receivables and other
financial assets
3,220
3,792
13,056
25,662
Liquidity risk
AEW manages the Group’s liquidity and funding risks by
regularly updating short-term (13 week) and medium-
term (15 month) cash flow forecasts to ensure sufficient
unrestricted cash balances are held within the Group to
meet current and future needs, which is reviewed with
the Board monthly. AEW assesses the ability of tenants
to settle obligations within normal terms of credit
which supports both forecasts.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 87
The following table details the Group’s liquidity analysis in respect of its financial liabilities on contractual
undiscounted payments (assuming repayment of the debt under contractual terms):
Retentions payable
1
205
–
–
–
205
Trade and other payables
6,671
–
–
–
6,671
6,876
–
–
–
6,876
Bank borrowings and interest
2
588
121,861
–
–
122,449
Deferred Fees
–
7,910
–
–
7,910
Retentions payable
1
510
–
–
–
510
Trade and other payables
7,844
–
–
–
7,844
8,942
129,771
–
–
138,713
1. In some cases the Group has accounted for retentions on a cash basis as supporting documentation was not always available to support the release of amounts to vendors. Accordingly, all
amounts are presented as due within the next three months in the table above.
2. The bank borrowings and interest balance is represented as due in 3-12 months because it was the Group’s intention to repay the loans by 31 December 2024 as at the date of the accounts .
Interest rate risk
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate
because of changes in market interest rates. As
discussed more fully in Note 26 and below, the Group
has fully repaid the loans and the Deferred Fees.
Capital management
The Group considers proceeds from share issuance,
bank borrowings and retained earnings as capital.
Until the announcement of the Managed Wind-Down
discussed in Note 1, the Board and AEW monitored the
Group’s capital position to provide sustainable returns
for shareholders, to facilitate growth and to maintain an
optimal capital structure to reduce the cost of capital.
After receipt of Shareholders approval for the Managed
Wind-Down, the Company is focused on maximising
proceeds from property sales and minimising on-going
expenses and other liabilities.
15. Share Capital
As at
As at
31 August 2025
31 August 2024
Ordinary Shares of £0.01 each
Balance at the beginning
Number
Number
and end of the year
790,570,465
790,570,465
Share capital is the nominal amount of the Company’s
shares in issue which are fully paid.
16. Share premium account
beginning of the year
595,733
595,733
Reserve B (Note 17)
(595,733)
–
end of the year
–
595,733
The share premium related to amounts subscribed
for share capital in excess of nominal value less
associated issue costs of the subscriptions. The
share premium has been cancelled in order to create
Special Distributable Reserve B as described more
fully in Note 17.
Financial Statements
Notes to the Consolidated Financial Statements—continued
14. Financial risk management — continued

88 HomeREITplc | AnnualReport | Fortheyearended31August2025
17. Special distributable reserve
and end of the year
190,130
190,130
beginning of the year
–
–
share premium and
creation of Special
Distributable Reserve B
595,733
–
B balance at end of year
595,733
–
The special distributable reserves represent cancelled
share premiums less dividends paid from the Special
Distributable Reserve A. Both Special Distributable
Reserve A and Special Distributable Reserve B are
distributable reserves.
Special Distributable Reserve A was created on
18 December 2020 from the excess of the original
share capital subscription value over the nominal
value. Special Distributable Reserve B was created
from the excess of the follow-on share offerings
over the nominal value of the shares following
shareholder approval to cancel the Company’s share
premium account passed on 20 February 2025. The
cancellation of the share premium account in the
amount of £595,733,000 was approved by the Court on
29 April 2025 and became effective with the registration
of the Court order at Companies House on 2 May 2025.
18. Dividends
On 16 February 2023, the Board announced that except
for any distributions that would be required to maintain
REIT status, that it has ceased paying any further
dividends until further notice. No dividends were paid in
the year ended 31 August 2025 (2024: £nil).
19. Related party transactions
Investment Manager
On 21 August 2023, AEW UK Investment Management
LLP (“AEW”) was appointed as Alternative Investment
Fund Manager (“AIFM”) and Investment Manager.
The AIFM acts as investment manager with
responsibility for the management of the Group’s
assets in accordance with the investment policy
of the Group and the policies and directions of the
Board and is regulated in the conduct of investment
business by the FCA.
Phase 1 of its engagement continued for two years from
the date of appointment.
During Phase 1, AEW is paid the following annual fee:
1. A fixed fee of £3,000,000 from the commencement
of the Transition Period and as increased at
each successive anniversary by the lower of
CPI, RPI and 5%;
2. A variable fee for disposal of investments of £422 per
bed, as defined; and
3. A variable fee of 10% of rent collected by the
Company from its investments.
The maximum amount payable in any year under
this agreement is £5,000,000 (which is increased in
year 2 to the extent that total fees in year 1 fall below
£5,000,000.) After the initial two year period expired on
21 August 2025, the Company was to pay a fee of 0.75%
of NAV, subject to a minimum annual fee of £3,000,000,
which increased annually at the lower of CPI, RPI or 5%
(from the commencement of the Transition Period.)
During the year ending 31 August 2025, the Group
incurred fees under the agreement with AEW of
£5,200,000 (2024: £5,000,000). The 2025 fee includes
VAT for a portion of the fees. At 31 August 2025,
£158,000 (2024: £384,000) of these fees were unpaid.
On 22 August 2025, the Company and AEW agreed a
revised fee structure with immediate effect, as follows:
• A fee of £167,000 per month to expire three months
after the date on which the Company holds fewer
than 10 properties.
• Thereafter, £120,000 per month for a period of
three months.
• Thereafter, £42,000 per month until termination
of the revised IMA.
• Subject to an annual cap of £1 million, an additional
10% of gross rent collected from assets owned by
the Company and 10% of rent arrears collected,
including those recovered through liquidations .
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 89
The revised IMA may be terminated on six
months’ written notice and occur no earlier than
21 August 2026. The revised IMA includes other
immaterial amendments.
Directors
The Directors are entitled to receive a fee from
the Group at such rate as may be determined in
accordance with the Articles of Association. The
current directors’ compensation is described more
fully in the Directors’ remuneration report on pages 45
to 48. Michael O’Donnell is paid a base fee of £100,000
and an additional variable fee of up to £100,000,
which is adjusted based on overall workload. This
additional variable fee was £100,000 from inception
until 31 December 2025 and decreased to an additional
£75,000 from 1 January 2025 and to an additional
£50,000 from 1 July 2025 and increased to an additional
£100,000 with effect from 1 October 2025. Peter
Williams is paid a base fee of £60,000 and an additional
fee of £10,000 in his role as Senior Independent
Director. Rod Day is paid a base fee of £60,000 and an
additional fee of £10,000 in his role as Audit Committee
Chair. Legacy directors were paid a base fee of £36,000
with an additional fee of £5,000 for the Chair of the
Audit Committee and an additional fee of £15,000 for
the Chair. The highest paid director received £179,000
in the year ended 31 August 2025 (2024: £124,000).
During the year ended 31 August 2025, Directors’ fees
of £369,000 (2024: £330,000) were paid, of which none
was unpaid at 31 August 2025 (2024: £nil). With the
publication of the 2023 Annual Report and Accounts
on 14 January 2025, Peter Cardwell, Lynne Fennah,
Simon Moore and Marlene Wood stepped down
from the Board.
20. Reconciliation of liabilities to cash flows from financing activities
As at 31 August 2025
As at 31 August 2024
Balance at beginning of year
93,822
91,038
220,000
199,500
Principle payments from unrestricted cash
(4,541)
(4,541)
–
–
Loan arrangement fees paid
–
–
–
(142)
Principal payments from restricted cash
(77,513)
(77,513)
(109,546)
(109,546)
Deferred fees paid from restricted cash
–
(8,494)
–
–
Set-up and unwinding of debt fair value adjustment
–
11,768
–
16,781
Reclassification of Deferred Fee accrual
–
–
–
1,100
Break gains used to repay bank borrowings
(11,768)
(11,768)
(16,632)
(16,632)
Loan arrangement fees accrual movement
–
–
–
(23)
Balance at end of the year
–
–
93,822
91,038
Interest payments of £398,000 were made from restricted cash accounts during the year (2024: £3,791,000).
Financial Statements
Notes to the Consolidated Financial Statements—continued
19. Related party transactions — continued

90 HomeREITplc | AnnualReport | Fortheyearended31August2025
21. Contingent liabilities
Harcus Parker, a law firm specialising in claimant group
actions, is soliciting investors on a fully contingent
basis (‘no win no fee’) to join together in bringing claims
against the following parties:
• the Company;
• the Directors Defendants (those directors who were
in office when the Shares were suspended);
• AHRA;
• Alvarium FM; and
• AlTi RE, the former principal of AHRA by way of an
Appointed Representative Agreement.
As of the date of this document, there has been no
claim issued by Harcus Parker. Harcus Parker has sent a
pre-action letter of claim (enclosing draft particulars of
claim) to the Company and Director Defendants (along
with the other defendant parties listed above) on behalf
of a number of shareholders in the Company, which
alleges that the Company and the Director Defendants
provided information to investors which was false,
untrue and/or misleading and as a result shareholders
suffered losses. The Board is not currently able to
conclude whether or when a formal claim may be
issued and, if a claim is issued, what the quantum of
such a claim may be. The Board has stated publicly
that both the Company and the Director Defendants
intend vigorously to defend the threatened claims. The
Company and the Director Defendants sent a lengthy
and detailed letter of response to Harcus Parker.
On 5 March 2024, the Company announced that it
intends to bring legal proceedings against those
it considers are responsible for wrongdoing. It
remains the Company’s intention to pursue those
whom it considers may be liable for the losses it has
suffered, subject to a commercial assessment of
the cost-benefit analysis. To that end, the Company
sent pre-action letters of claim to Alvarium FM and
AlTi RE on 12 April 2024, and AHRA on 29 May 2024.
Both Alvarium FM and AlTi RE have been placed into
administration and AHRA is in liquidation, which
potentially complicates the ability of the Company to
achieve financial recovery from these entities directly.
The Company is also assessing the viability of seeking
recoveries directly from AHRA, Alvarium FM and AlTi
RE’s insurers.
On 7 February 2024, the Company was notified by the
FCA of its commencement of an investigation into the
Company, covering the period from 22 September 2020
to 3 January 2023. The Directors are not able to assess
or quantify what if any action may be taken.
22. Loss per Share
Loss per share per IFRS is calculated by dividing the loss attributable to ordinary equity holders of the Group by the
weighted average number of Shares in issue for the years ended 31 August 2025 and 2024. Amounts shown below
are both basic and diluted measures as there were no dilutive instruments in issue throughout the periods.
Loss (£’000)
(30,614)
(25,166)
Weighted average number of Shares in issue during year (‘000)
790,570
790,570
Loss per share (pence)
(3.87)
(3.18)
23. Net asset value per Share
Net asset value per Share is calculated by dividing the consolidated net assets attributable to ordinary equity
holders of the Group by the number of Shares outstanding at the reporting date. Amounts shown below are
both basic and diluted measures as there were no dilutive instruments in issue throughout the current or
comparative periods.
NAV (£’000)
161,088
191,702
Number of Shares (‘000)
790,570
790,570
NAV per Share
20.38p
24.25p
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 91
24. Segmental information
Operating segments are identified on the basis of internal financial reports regarding components of the Group
that are regularly reviewed by the chief operating decision maker (which in the Group’s case is the Board) in order to
allocate resources to the segments and to assess their performance.
The internal financial reports contain financial information at a Group level as a whole and there are no reconciling
items between the results contained in these reports and the amounts reported in the consolidated financial
statements.
The Group’s property portfolio comprises investment property. The Board considers that all the properties have
similar economic characteristics. Therefore, in the view of the Board, there is one reportable segment.
All of the Group’s properties are based in the UK and as such no geographical grouping is considered appropriate
for segmental analysis.
During the year the Group had three tenants, which were considered to be significant tenants contributing more
than 10% of the Group’s contractual annualised August 2025 rents. The following presents major customers on
the rent roll as at the balance sheet date, which excludes tenants associated with properties that have been sold or
surrendered back to the Group.
As at 31 August 2025
As at 31 August 2024
% of total
£’000
% of total
£’000
Mears Limited
35.6%
2,400
15.0%
1,900
One CIC
20.0%
1,300
32.2%
4,100
Lifeline (NW)CIC
16.4%
1,100
0.0%
–
LTG VISION CIC
0.0%
–
15.6%
2,000
Other tenants (eachlessthan 10%)
28.0%
1,800
37.2%
4,700
Contracted annual passing rent
100%
6,600
100%
12,700
25. Consolidated entities
The Company owns 100% of the equity shares of all subsidiaries listed below and has the power to appoint
and remove the board of directors of those subsidiaries. The relevant activities of the below subsidiaries are
determined by the respective directors based on simple majority votes. Therefore, the Board has concluded that
the Company has control over all these entities and all these entities have been consolidated within this set of
financial statements.
Name of entity
Principal activity
Country of incorporation
Ownership
Home Holdings 1 Limited
Property investment
UK
100%
Home Holdings 2 Limited
Property investment
UK
100%
Home Holdings 3 Limited
Property investment
UK
100%
Home Holdings 4 Limited
Property investment
UK
100%
The registered office of the Company and its subsidiaries is 4
th
Floor, 140 Aldergate Street, London EC1A 4HY

92 HomeREITplc | AnnualReport | Fortheyearended31August2025
26. Post balance sheet events
Disposals
From 1 September 2025 to [XX] February 2026, the
Group exchanged on the sale of three properties for
gross sales proceeds of £270,000. Properties exchanged
since 31 August 2025 were presented in the Consolidated
Statement of Financial Position as at 31 August 2025
at £270,000.
Restricted cash
Of the retentions held by solicitors at 31 August 2025,
£165,000 has been released to the Company, and
£40,000 has been released to the Vendor or the Crown
as appropriate. There are no further retentions held by
solicitors as at [XX] February 2026.
27. Controlling parties
There is no ultimate controlling party of the Group.

 HomeREITplc | AnnualReport | Fortheyearended31August2025 93
Company Statement of Financial Position
Companynumber:12822709
Note
Asat
31August2025
£’000
Asat
31August2024
£’000
Non-current assets
Investmentinsubsidiaries
4 – –
Investmentproperty
5 – –
Amountsduefromsubsidiaries
6 163,152 196,101
Total non-current assets 163,152 196,101
Current assets
Amountsduefromsubsidiaries
6 – –
Tradeandotherreceivables
6 170 2
Cashandcashequivalents
7 1,361 121
Total current assets 1,531 123
Total assets 164,683 196,224
Non-current liabilities
Amountsduetosubsidiaries
8 – –
Total non-current liabilities
– –
Current liabilities
Tradeandotherpayables
8 3,595 4,522
Total current liabilities 3,595 4,522
Total liabilities 3,595 4,522
Net assets 161,088 191,702
Capital and reserves
Sharecapital
9 7,906 7,906
Sharepremium
10 – 595,733
Specialdistributablereserve–A
11 190,130 190,130
Specialdistributablereserve–B
11 595,733 –
Accumulatedlosses (632,681) (602,067)
Total capital and reserves attributable to equity
holders of the company 161,088 191,702
Thelossandtotalcomprehensivelossattributableto
theshareholdersoftheparentCompanyfortheyear
ended31August2025amountedto£30,614,000(2024:
£25,166,000).
Thenotesonpages95to100formpartofthese
financialstatements.
TheCompanyfinancialstatementsofHomeREITplc
wereapprovedandauthorisedforissuebytheBoard
ofDirectorson[XX]February2026andsignedon
itsbehalfby:
Michael O’Donnell
Chair
Financial Statements
Company Financial Statements

94 HomeREITplc | AnnualReport | Fortheyearended31August2025
Company Statement of Changes in Shareholders’ Equity
Fortheyearended31August2025 Note
Share
capital
account
£’000
Share
premium
account
£’000
Special
distributable
reserveA
£’000
Special
distributable
reserveB
£’000
Accumulated
losses
£’000
Totalequity
attributableto
ownersofthe
Company
£’000
Openingbalanceat
1September2024 7,906 595,733 190,130 – (602,067) 191,702
Lossfortheyear – – – – (30,614) (30,614)
Conversionof
SharePremium
AccounttoSpecial
DistributableReserveB
11 – (595,733) – 595,733 –
Balance at 31 August 2025 7,906 – 190,130 595,733 (632,681) 161,088
Fortheyearended31August2024 Note
Share
capital
account
£’000
Share
premium
account
£’000
Special
distributable
reserve
£’000
Accumulated
losses
£’000
Totalequity
attributableto
ownersofthe
Company
£’000
Openingbalanceat
1September2023 7,906 595,733 190,130 (576,901) 216,868
Lossfortheyear – – – (25,166) (25,166)
Balance at 31 August 2024 7,906 595,733 190,130 (602,067) 191,702
Thenotesonpages95to100formpartofthesefinancialstatements.
Financial Statements
Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 95
1. Basis of preparation
HomeREITplc(the“Company”)isaclosed–ended
investmentcompany,incorporatedinEnglandand
Waleson19August2020andisregisteredasapublic
companylimitedbysharesundertheCompaniesAct
2006withregisterednumber12822709.TheCompany
isstructuredasanexternallymanagedcompanywith
aboardofnon–executivedirectors(the“Directors”
orthe“Board”).Thissetoffinancialstatementshas
beenpreparedinaccordancewithFinancialReporting
Standard101‘ReducedDisclosureFramework’(“FRS
101”).Wherereferredtoherein,theGroup(the
“Group”)consistsoftheCompanyanditssubsidiaries
whicharelistedinNote25totheConsolidated
FinancialStatements.
Disclosureexemptionsadopted
InpreparingthesefinancialstatementstheCompany
hastakenadvantageofdisclosureexemptions
conferredbyFRS101andthereforethesefinancial
statementsdonotinclude:
• Certaindisclosuresregardingthe
Company’scapital;
• Astatementofcashflows;
• Theeffectoffutureaccountingstandardsnot
yetadopted;
• Thedisclosureoftheremunerationofkey
managementpersonnel;and
• Disclosureofrelatedpartytransactionswithwholly
ownedsubsidiariesoftheCompany.
TheCompanyhastakenadvantageoftheexemption
allowedunderSection408oftheCompaniesAct2006
andhasnotpresenteditsownprofitandlossaccountin
thesefinancialstatements.
Goingconcern
AsdiscussedinmoredetailinNote1totheConsolidated
FinancialStatements,theDirectorsconsiderit
appropriatetoadoptabasisofaccountingotherthanas
agoingconcerninpreparingthesefinancialstatements.
2. Significant accounting judgements and estimates
Thepreparationoffinancialstatementsrequiresthe
Directorstomakeestimatesandassumptionsthat
effectthereportedamountsofrevenues,expenses,
assetsandliabilities,andthedisclosureofcontingent
liabilitiesatthereportingdate.Differencesbetween
ourestimatesandtheactualresultswillberecognised
astheyoccur.Criticalaccountingestimatesand
keysourcesofestimationuncertaintyinapplying
theseaccountingpoliciesarediscussedbelowand
disclosedmorefullyinNote3totheConsolidated
FinancialStatements.
Impairmentofinvestmentsinandamountsdue
fromsubsidiaries(estimate)
TheCompanyusesthenetassetsofitsinvestees(which
arecomprisedprimarilyofinvestmentproperty)to
supportboththeinvestmentsinandamountsduefrom
subsidiaries.Whenanimpairmentofaportion(ienotall)
ofthosebalancesisconsideredtohaveoccurred,the
Companyimpairstheinvestmentinsubsidiarybalance
firstandthenanyamountsduefromsubsidiaries
second.Inestimatingthenetassetsavailablefor
assessingimpairment,balancesduefromotherrelated
partiesareconsideredafterotherimpairmentshave
beenrecorded.
3. Principal accounting policies
Theprincipalaccountingpoliciesadoptedinthe
preparationoftheCompanyFinancialStatementsare
consistentwiththeGroupwhicharedescribedinNote
2totheConsolidatedFinancialStatements.Policies
adoptedinthepreparationoftheCompany’sFinancial
StatementsthatarenotincludedintheConsolidated
FinancialStatementsaregivenbelow:
a Impairmentofinvestmentsinandamountsduefrom
subsidiaries
Investmentinsubsidiariesandamountsduefrom
subsidiariesareincludedinthestatementoffinancial
positionatcostlessprovisionforimpairment.
Thebalancesareassessedforimpairmentateach
balancesheetdateorwhenevereventsorchanges
incircumstancesindicatethattheircarryingamount
maynotberecoverable.Wherethecarryingvalueof
anassetexceedsitsrecoverableamount(thehigherof
valueinuseandfairvaluelesscoststosell),theasset
isimpaired.
Becausethenetassetsoftheinvesteessupportboth
theinvestmentsinandamountsduefromsubsidiaries,
whenanimpairmentofaportion(i.e.notall)ofthose
balancesisconsideredtohaveoccurred,theCompany
impairstheinvestmentinsubsidiarybalancefirst
andthenanyamountsduefromsubsidiariessecond.
Inestimatingthenetassetsavailableforassessing
impairment,balancesduefromotherrelated
partiesareconsideredafterotherimpairmentshave
beenrecorded.
Financial Statements
Notes to the Company Financial Statements

96 HomeREITplc | AnnualReport | Fortheyearended31August2025
b Guarantor
TheCompanyactedasaguarantortotheloanfacilities
oftwoofitssubsidiariesasdescribedinNote10to
theConsolidatedFinancialStatements.Atinception,
theCompanyrecognisedtheguaranteeatcostand
subsequentlymeasuredtheliabilityatthehigherof:
a. Theinitialcostoftheguarantee;and
b. Theexpectedcreditlossesofthefinancialguarantee
overthelifeoftheunderlyingcontract.
TheCompanydidnotreceiveanyremunerationforthe
guaranteeanddidnotexpectanycreditlossesrelated
totheguaranteeoverthelifeoftheunderlyingcontract.
Accordingly,theCompanydidnotrecognisealiability
whiletheloanswereoutstanding.
4. Investment in subsidiaries
Investmentinsubsidiariesisincludedinthe
statementoffinancialpositionatcostlessprovision
forimpairment.
Asat
31August2025
£’000
Asat
31August2024
£’000
Originalinvestmentbalance 10,390 10,390
Provisionforimpairment (10,390) (10,390)
Investmentsinsubsidiaries
atendoftheyear – –
TheCompanyhasfullyimpairedtheinvestmentin
subsidiariesbalanceasat31August2025and2024.
AlistoftheCompany’ssubsidiaryundertakings
isincludedinNote25totheConsolidated
FinancialStatements.
5. Investment Property
Asat
31August2025
£’000
Asat
31August2024
£’000
Freeholdinvestment
propertyatthe
beginningyear – 3,310
Propertydisposals
duringtheyear – (3,310)
Fairvalueattheend
oftheyear – –
TheCompanysolditsremaininginvestmentproperties
duringtheyearended31August2024.
6. Trade and other receivables
Asat
31August2025
£’000
Asat
31August2024
£’000
Tenantreceivables
inaccordancewith
leaseagreements – 421
Otherreceivables 2 24
Prepaidexpenses 170 31
Tenant receivables and
other financial assets 172 476
Provisionfordoubtfuldebts (2) (474)
Trade and other receivables 170 2
Amountsdue
fromsubsidiaries – 87,591
Provisionfordoubtfuldebts – (87,591)
Trade and other
receivables – current 170 2
Amounts due from
subsidiaries (non current) 163,152 651,339
Provisionfordoubtfuldebts – (455,238)
Tradeandotherreceivables
–noncurrent 163,152 196,101
Total receivables 163,322 196,103
Financial Statements
Notes to the Company Financial Statements—continued
3. Principal accounting policies — continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 97
Allcurrenttradeandotherreceivablesaredue
withinoneyear.
Amountsduefromsubsidiariesareinterestfreeand
repayableondemand.TheCompanyhasclassified
theoutstandingbalancesinlinewiththetimingofthe
expectedrecoveryoftheseamounts.
Usingahypotheticalliquidationatbookvalue,during
FY25theCompanyconsideredtheprospectsof
recoveringanyfurthercashfromitssubsidiariesgiven
theircurrentlevelofnetassetsandjudgedthatithad
noreasonableprospectofdoingsofordebtorstotalling
£488,189,000.Thesepreviouslyprovidedforbalances
havebeenwrittenoffinFY25.
TheDirectorsconsiderthattheremaining
carryingamountoftradeandotherreceivables
approximatesfairvalue.
7. Cash and cash equivalents
Asat
31August2025
£’000
Asat
31August2024
£’000
Cashheldatbank 1,361 121
Total cash and
cash equivalents 1,361 121
8. Trade and other payables
Asat
31August2025
£’000
Asat
31August2024
£’000
Amountsduetosubsidiaries – –
Non–current liabilities – –
Asat
31August2025
£’000
Asat
31August2024
£’000
Tradeandotherpayables 3,595 4,522
Total current liabilities 3,595 4,522
Alltradeandotherpayablesareduewithinoneyear.
TheDirectorsconsiderthatthecarryingamountof
tradeandotherpayablesapproximatesfairvalue.
9. Share capital
OrdinarySharesof£0.01each
Asat
31August2025
Number
Asat
31August2024
Number
Atthebeginning
oftheyear 790,570,465 790,570,465
Issued and fully
paid at year end 790,570,465 790,570,465
Detailedinformationaboutthesharecapitalofthe
CompanyisincludedinNote15totheConsolidated
FinancialStatements.
10. Share premium
Asat
31August2025
£’000
Asat
31August2024
£’000
Balanceatthe
beginningoftheyear 595,733 595,733
Cancellationofshare
premiumandcreation
ofSpecialDistributable
ReserveB(Note11) (595,733) –
Balance at the
end of the year – 595,733
Thesharepremiumrelatedtoamountssubscribedfor
sharecapitalinexcessofnominalvaluelessassociated
issuecostsofthesubscriptions.Thesharepremium
hasbeencancelledinordertocreateadistributable
reserveasdescribedmorefullyinNote11.
Financial Statements
Notes to the Company Financial Statements—continued
6. Trade and other receivables — continued

98 HomeREITplc | AnnualReport | Fortheyearended31August2025
11. Special distributable reserves – A and B
Asat
31August2025
£’000
Asat
31August2024
£’000
Special Distributable
Reserve A balance
at the beginning and
end of the year 190,130 190,130
Asat
31August2025
£’000
Asat
31August2024
£’000
SpecialDistributable
ReserveBbalanceatthe
beginningoftheyear – –
Cancellationof
sharepremiumand
creationofSpecial
DistributableReserveB 595,733 –
Special Distributable
Reserve B balance
at end of year 595,733 –
Thespecialdistributablereservesrepresentthe
cancelledsharepremiumslesspreviousdividendspaid
fromtheSpecialDistributableReserveA.BothSpecial
DistributableReserveAandSpecialDistributable
ReserveBaredistributablereserves.
SpecialDistributableReserveAwascreatedon
18December2020fromtheexcessoftheoriginal
sharecapitalsubscriptionvalueoverthenominal
value.SpecialDistributableReserveBwascreated
fromtheexcessofthefollow-onshareofferings
overthenominalvalueofthesharesfollowing
shareholderapprovaltocanceltheCompany’sshare
premiumaccountpassedon20February2025.The
cancellationofthesharepremiumaccountinthe
amountof£595,733,000wasapprovedbytheCourton
29April2025andbecameeffectivewiththeregistration
oftheCourtorderatCompaniesHouseon2May2025.
12. Dividends
On16February2023,theBoardannouncedthatexcept
foranydistributionsthatwouldberequiredtomaintain
REITstatus,thatithasceasedpayinganyfurther
dividendsuntilfurthernotice.Nodividendswerepaidin
theyearended31August2025(2024:£nil).
13. Guarantee of subsidiary debt
AsdescribedinNote10totheConsolidatedFinancial
Statements,theCompanyprovidedaguarantee
toScottishWidowsLimitedontwofixedtermloan
facilitieswherewholly–ownedsubsidiarieswere
theborrowers.On27November2024,theGroup
madeitsfinalpaymentontheloansoutstandingto
ScottishWidows.TheGrouppaidtheDeferredFee
of£9.0millionon16December2024andtheCompany
wasreleasedfromitsguarantee.
14. Contingent liabilities
HarcusParker,alawfirmspecialisinginclaimantgroup
actions,issolicitinginvestorsonafullycontingent
basis(‘nowinnofee’)tojointogetherinbringingclaims
againstthefollowingparties:
• theCompany;
• theDirectorsDefendants(thosedirectorswhowere
inofficewhentheSharesweresuspended);
• AHRA;
• TheCompany’sformerAIFM,AlvariumFund
Managers(UK)Limited(“AlvariumFM”);and
• AlTiRE,theformerparentofAlvariumFMandAHRA
bywayofanappointedrepresentativeagreement.
Asofthedateofthisdocument,therehasbeenno
claimissuedbyHarcusParker.HarcusParkerhassenta
pre–actionletterofclaim(enclosingdraftparticularsof
claim)totheCompanyandDirectorDefendants(along
withtheotherdefendantpartieslistedabove)onbehalf
ofanumberofshareholdersintheCompany,which
allegesthattheCompanyandtheDirectorDefendants
providedinformationtoinvestorswhichwasfalse,
untrueand/ormisleadingandasaresultshareholders
sufferedlosses.TheBoardisnotcurrentlyableto
concludewhetherorwhenaformalclaimmaybe
issuedand,ifaclaimisissued,whatthequantumof
suchaclaimmaybe.TheBoardhasstatedpublicly
thatboththeCompanyandtheDirectorDefendants
intendvigorouslytodefendthethreatenedclaims.The
CompanyandtheDirectorDefendantssentalengthy
anddetailedletterofresponsetoHarcusParker.
Financial Statements
Notes to the Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 99
On5March2024,theCompanyannouncedthatit
intendstobringlegalproceedingsagainstthose
itconsidersareresponsibleforwrongdoing.It
remainstheCompany’sintentiontopursuethose
whomitconsidersmaybeliableforthelossesithas
suffered,subjecttoacommercialassessmentof
thecost-benefitanalysis.Tothatend,theCompany
sentpre–actionlettersofclaimtoAlvariumFMand
AlTiREon12April2024,andAHRAon29May2024.
BothAlvariumFMandAlTiREhavebeenplacedinto
administrationandAHRAisinliquidation,which
potentiallycomplicatestheabilityoftheCompanyto
achievefinancialrecoveryfromtheseentitiesdirectly.
TheCompanyisalsoassessingtheviabilityofseeking
recoveriesdirectlyfromAHRA,AlvariumFMandAlTi
RE’sinsurers.
On7February2024,theCompanywasnotifiedbythe
FCAofitscommencementofaninvestigationintothe
Company,coveringtheperiodfrom22September2020
to3January2023.TheDirectorsarenotabletoassess
orquantifywhatifanyactionmaybetaken.
15. Related party transactions
InvestmentManagerandAIFM
On21August2023,theCompanyappointedAEWUK
InvestmentManagementLLP(“AEW”)asAlternative
InvestmentFundManager(“AIFM”)andInvestment
Manager.TheAIFMactsasinvestmentmanagerwith
responsibilityforthemanagementoftheassetsof
theGroupinaccordancewiththeinvestmentpolicy
oftheGroupandthepoliciesanddirectionsofthe
Boardandisregulatedintheconductofinvestment
businessbytheFCA.
Phase1ofitsengagementcontinuedfortwoyearsfrom
thedateofappointment.
DuringPhase1,AEWispaidthefollowingannualfee:
1. Afixedfeeof£3,000,000fromthecommencement
oftheTransitionPeriodandasincreasedat
eachsuccessiveanniversarybythelowerof
CPI,RPIand5%;
2. Avariablefeefordisposalofinvestmentsof£422per
bed,asdefined;and
3. Avariablefeeof10%ofrentcollectedbythe
Companyfromitsinvestments.
Themaximumamountpayableinanyyearunder
thisagreementis£5,000,000(whichisincreased
inyear2totheextentthattotalfeesinyear1fall
below£5,000,000.)Aftertheinitialperiodexpiredon
21August2025,theCompanywastopayafeeof0.75%
ofNAV,subjecttoaminimumannualfeeof£3,000,000,
whichincreasedannuallyatthelowerofCPI,RPIor5%
(fromthecommencementoftheTransitionPeriod)
Duringtheyearending31August2025,theGroup
incurredfeesundertheagreementwithAEWof
£5,200,000(2024:£5,000,000).The2025feeincluded
VATforaportionofthefees.At31August2025,
£158,000(2024:£384,000)ofthesefeeswereunpaid.
On22August2025,theCompanyandAEWagreeda
revisedfeestructurewithimmediateeffect,asfollows:
• Afeeof£167,000permonthtoexpirethreemonths
afterthedateonwhichtheCompanyholdsfewer
than10properties.
• Thereafter,£120,000permonthforaperiodof
threemonths.
• Thereafter,£42,000permonthuntiltermination
oftherevisedIMA.
• Subjecttoanannualcapof£1million,anadditional
10%ofgrossrentcollectedfromassetsownedby
theCompanyand10%ofrentarrearscollected,
includingthoserecoveredthroughliquidations.
TherevisedIMAmaybeterminatedonsix
months’writtennoticeandoccurnoearlierthan
21August2026.TherevisedIMAincludesother
immaterialamendments.
Financial Statements
Notes to the Company Financial Statements—continued
14. Contingent liabilities — continued

100 HomeREITplc | AnnualReport | Fortheyearended31August2025
Directors
TheDirectorsareentitledtoreceiveafeefromthe
Groupatsuchrateasmaybedeterminedinaccordance
withtheArticlesofAssociation.Thecurrentdirectors’
compensationisdescribedmorefullyintheDirectors’
remunerationreportonpages46to48.Michael
O’Donnellispaidabasefeeof£100,000andan
additionalvariablefeeofupto£100,000(whichwas
reducedtoanadditional£75,000from1January2025
andtoanadditional£50,000from1July2025and
increasedtoanadditional£100,000witheffectfrom
1October2025).Thefeeisadjustedbasedonthe
overallworkload.PeterWilliamsispaidabasefeeof
£60,000andanadditionalfeeof£10,000inhisroleas
SeniorIndependentDirector.RodDayispaidabase
feeof£60,000andanadditionalfeeof£10,000inhis
roleasAuditCommitteeChair.Fortheyearended
31August2024,feespaidtothesedirectorswerepaid
fromtheirvariousstartdates.Eachlegacydirector
waspaidabasefeeof£36,000withanadditionalfee
of£5,000fortheChairoftheAuditCommitteeand
anadditionfeeof£15,000fortheChair.Thehighest
paiddirectorreceived£179,000intheyearended
31August2025(2024:£124,000).Duringtheyearended
31August2025,Directors’feesof£369,000(2024:
£330,000)werepaid,ofwhichnonewasunpaidat
31August2025(2024:£nil).Withthepublicationofthe
2023AnnualReportandAccountson14January2025,
PeterCardwell,LynneFennah,SimonMooreand
MarleneWoodsteppeddownfromtheBoard.
16. Post balance sheet events
PostbalancesheeteventsoftheCompanyareincluded
inNote26totheConsolidatedFinancialStatements.
17. Ultimate controlling party
ThereisnoultimatecontrollingpartyoftheCompany.
Financial Statements
Notes to the Company Financial Statements—continued
15. Related party transactions — continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 101
Additional information
108 Appendix1–KeyRegulatoryNewsServiceAnnouncements
1September2024to[XX]February2025
112 Appendix2–GovernanceandInternalControl
115 Glossary
120 Companyinformation

102 HomeREITplc | AnnualReport | Fortheyearended31August2025
Regulatory News Service Announcements 1 September 2024 to [XX] February 2026
Date Title Key
05-Sep-24
Monthly Update
Repaymentof£12.2mofdebt.
F
16-Sep-24
Result of General Meeting
ShareholdersapprovedtheordinaryresolutionfortheManagedWind-Downstrategy.
SN,INV
30-Sep-24
Property Sales
Exchangedonthesaleof200propertiesforgrossproceedsof£36.9m.
PROP
11-Oct-24
2022 Annual Report and Accounts
The2022resultsreflectasubstantiallossanddecreaseinNAVfortheperiod.NAVper
sharereducedby57.5%to43.76pence(2021restated:103.03pence).Lossbeforetaxof
£474.8m(restated2021:£16.1mprofitbeforetax).
RES
14-Oct-24
Monthly Update
Repaymentof£21.8mofdebt.
F
23-Oct-24
Property Sales and Debt Repayment Update
Exchangedonthesaleof152propertiesforthegrossproceedsof£26.8million.
PROP
8-Nov-24
Notice of General Meeting
TheCompanyhaspublishedaNoticeofGeneralMeetingtobeheldattheofficesof
PanmureLiberum,Level12RopemakerPlace,25RopemakerStreet,LondonEC2Y9LY
on5December2024at10:00am.
SN
18-Nov-24
Change in Registered Office
Registeredofficewillbe4thFloor,140AAldersgateStreet,London,EC1A4HYwith
effectfrom18November2024.
SN
28-Nov-24
Repayment Debt
FollowingcompletionofpropertysalesinNovember,theGroupmadeafinalrepayment
ofdebtintheamountof£28.6million.
F
4-Dec-24
Response to announcement from Southey Capital Ltd.
TheCompanyacknowledgedtheannouncementofSoutheyCapitalLtd.concerninga
tenderofferfortheCompany’sSharesat4penceperShare.
RTP
5-Dec-24
Result of General Meeting
Shareholdersvotedagainsttheapprovalofthe2022AnnualReportandAccountsandin
favouroftheDirectors’RemunerationReport.
SN
24-Dec-24
Debt Repayment, Tenant and Accounts Update
TheCompanyannouncedthatallDeferredFeeshadbeenpaidandremainingproperties
releasedascollateralbytheLenderandthatithadagreedasurrenderon171properties
withLTGVision.TheCompanyalsoannouncedthatitwouldfilethe2023AnnualReport
andAccountsinJanuary2025.
F,T,RES
14-Jan-25
2023 Annual Report and Accounts Released
The2023resultsreflectasubstantiallossanddecreaseinNAVfortheperiod.NAVper
sharereducedby37.3%to27.43pence(2022:43.76pence).Lossbeforetaxof£118.2m
(2022:Lossbeforetaxof£474.8million).
PeterCardwell,LynneFennah,SimonMooreandMarleneWoodstooddownasdirectors.
RES,D
27-Jan-25
Notice of Annual General Meeting
TheCompanyhaspublishedaNoticeofGeneralMeetingtobeheldattheofficesofFTI
Consultingat200AldersgateStreet,London,EC1A4HDon20February.
SN
20-Feb-25
Trading Update
RES,T
Additional information
Appendix 1

 HomeREITplc | AnnualReport | Fortheyearended31August2025 103
Date Title Key
20-Feb-25
Result of General Meeting
Shareholdersvotedtoapprovethe2023AnnualReportandAccountsandtheDirector’s
RemunerationPolicyandinfavouroftheDirectors’RemunerationReport.Inaddition,
theexistingdirectorswerere-elected,BDOwasre-appointedasauditortothe
Company,theCompanybeauthorisedtopurchaseitsownshares,includingthrough
tenderoffers,thatthesharepremiumaccountoftheCompanybecancelledandthata
GeneralMeetingoftheCompanycanbecalledonnotlessthan14cleardays’notice.
SN
4-April-25
The Company released its interim results for the period to 28 February 2023.
RES
29-May-25
Trading update, February 2025 valuation
TheCompanyannouncedthat,subjecttoreviewbytheauditors,thevaluationofits
portfolioof860propertieswas£169.0millionat28February2025.
RES
15-July-25
Response to Recent Announcement
TheBoardacknowledgedtherecentannouncementthatAITiReLimitedand
AlvariumFundManagersLimitedhaveenteredadministration.
L
22-Aug-25
Revision to Investment Management Agreement
TheCompanyannouncedrevisedtermsofitsinvestmentmanagement
agreementwithAEW.
IA
1-Sept-25
Trading Statement
TheCompanyannouncedanupdateontheportfoliosale.
RES
20-Oct-25
2024 Annual Report and Accounts Released
The2024resultsreflectalossanddecreaseinNAVfortheperiod.NAVpershare
reducedby13.1%to24.25pence(2023:27.43pence).Lossbeforetaxwas£25.2m(2023:
Lossbeforetaxof£118.2million).
RES
31-Oct-25
Trading update, August 2025 valuation
TheCompanyannouncedthat,subjecttoreviewbytheauditors,thevaluationofits
portfolioof853propertieswas£155.7millionat31August2025.
RES
13-Nov-25
Response to press speculation
TheBoardnotedtherecentpressspeculationconcerningtheCompany’sportfolio
salesprocessandconfirmedthattheCompanyhadenteredintoanexclusivity
agreementwithPatronCapitalinrespectofthedisposalofthemajorityofthe
Company’sportfolioofassets.
PROP
18-Nov-25
Trading Statement
TheCompanyreleaseditsinterimresultsfortheperiodto29February2024
RES
A link to all regulatory news releases can be found at www.homereituk.com/investors/regulatory-news/
Key:
D Directors
F Financing Update
IA Investment Adviser/AIFM/Investment Manager
INV Investment Policy
L Potential Litigation/FCA Investigation
PROP Property – Acquisition, Disposal, Valuation
RES Results and trading updates
RTP Response to Third Party Reports
SN Shareholder Notice – Annual General Meeting. General Meeting
T Tenant Update
Additional information
Appendix 1—continued

104 HomeREITplc | AnnualReport | Fortheyearended31August2025
Governance and Internal Control
Overview of the Company
TheCompanyisanexternallymanagedrealestate
investmenttrustwithnofull-timeemployees,only
non-executivedirectors.Thenon-executiveBoardis
responsibleforleadingandcontrollingtheGroupand
hasoverallauthorityforthemanagementandconduct
oftheCompany’sbusiness,strategyanddevelopment.
Inordertofulfiltheseobligations,theBoardappointed
AEWastheInvestmentManagerandAIFMtoprovide
investmentmanagementservices.
TheDirectorshavecontractuallydelegatedthe
managementoftheinvestmentportfolio,the
registrationservices,administrationservicesandother
servicestothirdpartyserviceprovidersandreliance
isthereforeplacedontheinternalcontrolsofthose
serviceproviders.AlthoughtheCompany’sexecutive
managementfunctionisoutsourced,itremainsthe
responsibilityoftheBoardto:
i. assesswhethertheoutsourcedfunctionsarebeing
performedadequately;
ii. ensurethattheCompanyhasadequate
resources;and
iii. establishprocedurestomonitortheperformance
ofthirdpartiesperformingtheoutsourced
functions.TheBoardensuresthatthereareclear
financialreportinglinesandaccountability,with
segregationofduties.
Corporate Governance
TheBoardisultimatelyresponsibleforreviewingthe
effectivenessoftheCompany’soverallinternalcontrol
arrangementsandprocesses.TheBoardisresponsible
fortheongoingprocessforidentifying,carryingouta
robustassessmentof,andmanagingandmitigatingthe
principalrisksfacedbytheCompany.
TheprincipaldocumentationfortheGovernanceand
InternalControlistheFinancialPositionandProspects
Procedures(“FPPP”)memorandum.TheFPPP
detailsproceduresfortheDirectorstomakeproper
judgementsonanongoingbasisastothefinancial
positionandprospectsoftheCompany.
Theriskmanagementprocessandsystemsof
internalcontrolaredesignedtomanageratherthan
eliminatetheriskoffailuretoachievetheCompany’s
investmentobjectives.Suchsystemscanonlyprovide
reasonable,notabsolute,assuranceagainstmaterial
misstatementorloss.
Theinternalfinancialcontrolsystemsaimtoensure
themaintenanceofproperaccountingrecords,the
reliabilityofthefinancialinformationuponwhich
businessdecisionsaretaken,reportsarepublishedand
theassetsoftheCompanyaresafeguarded.
Thekeyproceduresincludereviewofmanagement
accounts,monitoringofperformanceoftheCompany
andAEWatquarterlyBoardmeetings,segregation
oftheadministrativefunctionfrominvestment
management,maintenanceofappropriateinsurance
andadherencetophysicalandcomputersecurity
procedures.
TheBoardmeetsataminimumquarterlyandmore
oftenifrequired.CurrentlytheBoardholdsmonthly
reviewmeetingswithAEW.Quarterly(andcurrently
monthly)reviewmeetingsfollowstandingagendas
withothermattersconsideredappropriatefrom
timetotime.
Board Responsibility
TheBoardhasadoptedaformalscheduleofmatters
reservedfordecisionbytheBoard,acopyofwhich
isavailableontheCompany’swebsite.These
mattersinclude:
i. responsibilityforthedeterminationofthe
Company’sinvestmentobjectiveandpolicy
includinganyinvestmentrestrictions(subjectto
anynecessaryshareholderapprovals);
ii. overallresponsibilityfortheGroup’sactivities,
includingthereviewofinvestmentactivity,gearing,
performanceandsupervisionofAEWandotherkey
serviceproviders;
iii. approvalofAnnualandHalf-YearlyReportsand
FinancialStatementsandaccountingpolicies,
prospectuses,circularsandothershareholder
communications;
iv. raisingnewcapitalandapprovaloffinancing
facilities;
v. approvaloftheCompany’sdividendpolicyand
approvalofdividends;
vi. approvaloftheNAVoftheGroup;
vii. Boardappointmentsandremovals;
viii.appointmentandremovaloftheInvestment
Manager,AIFM,InvestmentAdviser,Auditorandthe
Company’sotherkeyserviceproviders;
ix. approvalofmaterialcontractsenteredinto,varied
orterminatedbytheCompany;
x. corporategovernance,riskmanagement
frameworkandinternalcontrol;and
xi. compliancewithtaxandotherregulations.
AcquisitionsarenolongerpermittedundertheNew
InvestmentPolicy.
Additional information
Appendix 2

 HomeREITplc | AnnualReport | Fortheyearended31August2025 105
Internal Control Assessment Process
Reviewsofinternalcontrolsareundertakenregularly
inthecontextoftheCompany’soverallinvestment
objective.TheBoardhascategorisedriskmanagement
controlsunderthefollowingkeyheadings:investment
strategyandoperations;realestatesector;risks
relatingtoShares;engagementswiththirdparty
serviceproviders;taxation;accounting,operational
andfinancialreporting;governanceandregulatory
compliance;andemergingrisksincludingclimaterisk.
InarrivingatitsjudgementofwhatriskstheCompany
faces,theBoardhasconsideredtheCompany’s
operationsinlightofthefollowingfactors:
i. thenatureandextentofriskswhichitregardsas
acceptablefortheGrouptobearwithinitsoverall
businessobjective;
ii. thethreatofsuchrisksbecomingreality;
iii. theCompany’sabilitytoreducetheincidenceand
impactofriskonitsperformance;and
iv. thecosttotheCompanyandbenefitsrelated
tothereviewofriskandassociatedcontrolsof
theCompany.
Ariskmatrixisinplaceagainstwhichtherisks
identifiedandthecontrolstomitigatethoseriskscan
bemonitored.Therisksareassessedonthebasisof
thelikelihoodofthemhappening,theimpactonthe
businessiftheyweretooccurandtheeffectivenessof
thecontrolsinplacetomitigatethem.Thisriskregister
isreviewedatleasteverysixmonths.
Internal Audit Consideration
TheBoardkeepstheneedforaninternalauditfunction
underperiodicreview.Allkeyserviceprovidersreport
atleastannuallyregardingtheirinternalcontrols
includingprovisionoftheirISAE3402,orequivalent
reports.TheBoardhasconsideredthecost-benefitof
engagingindependentreviewofkeyserviceproviders
andconcludedtheexistingsystemofmonitoringand
reportingbythird-partyserviceprovidersremains
appropriate.
Review of Governance and Internal Control
TheBoardhasconsidereditsriskmanagement
framework,internalcontrolsystems,proceduresand
processes.TheFPPPwasupdatedinOctober2023with
minoramendmentstoreflecttheappointmentofthe
newInvestmentManagerandAIFMandtheAmended
InvestmentPolicy,furtheramendmentsweremade
inSeptember2024includingdetailsofthefinalised
accountingpolicies,newBoardmembersandupdateof
theriskregisterfortheNewInvestmentPolicy.
TheBoardandtheAuditCommittee,hasundertaken
arobustassessmentandreviewoftheemergingand
principalrisksfacingtheCompanyandtheGroup,
togetherwithareviewofanynewriskswhichmayhave
arisen,includingthosethatwouldthreatenitsbusiness
model,futureperformance,solvencyorliquidity.The
riskregisterhasandcontinuestoberegularlyupdated
(mostrecentlyinAugust2025)withrespecttothe
focusonkeyaspectsoftheManagedWind-Down
aftertherepaymentoftheGroup’sborrowingsand
associatedfees.
Investment Manager
TheInvestmentManagerisappointedtoactasAIFM
oftheCompanywithresponsibilitytomanagethe
assetsoftheCompanyinitiallyinaccordancewith
theAmendedInvestmentPolicyoftheCompanyand
subjecttotheoverallpoliciesanddirectionsofthe
Board.From16September2024,theNewInvestment
Policyapplies.
AEW’skeyresponsibilitiesincludethefollowing:
i. providingAIFMmanagementfunctions
includingportfoliomanagementandrisk
managementservices;
ii. managingtheinvestmentandre-investmentof
theassetsoftheGrouponadiscretionarybasisin
accordancewiththeAmendedInvestmentPolicy/
NewInvestmentPolicyandinvestmentrestrictions
andwithaviewtoachievingtheinvestment
objectiveoftheCompany;
iii. managingtheborrowingsandgearingin
accordancewithpoliciesandguidelinesand
managingworkingcapitalandliquiditywithinthe
Group’sinvestmentportfolio;
iv. monitoringtheperformanceoftheadministrator,
thevaluerandthedepositary;
v. seekingandevaluatingpotentialinvestments
bytheGroup,includingcarryingoutfinancial
evaluationandduediligenceandprovidingwritten
evaluationsofthefinancial,structuralandlegal
issuesrelevanttothepotentialinvestments;
vi. performingduediligenceonapprovedinvestments;
vii. monitoringandanalysingtheperformanceofthe
Group’sinvestments;and
viii. performingcreditanalysispriortomakingan
investmentandperformingongoingtenant
creditanalysis(includingcheckingthatrenthas
beenreceivedandfollowingupwithtenantson
unpaidamounts).
Additional information
Appendix 2—continued

106 HomeREITplc | AnnualReport | Fortheyearended31August2025
AEWreportskeymattersatthequarterlyBoard
meetingsincludingbutnotlimitedto:
• FinancialpositionoftheGroup.
• PerformanceoftheGroup.
• Acquisitionanddisposalofinvestments.
• Investmentrestrictionsandcompliance.
• Debtleverageandcovenantanalysis.
• Tenantandassetupdatesincludingrelevant
informationonoccupancy,propertycondition,
capexrequirements,rentcollections,credit
analysis,andfinancialviability.
• Propertymanagersandkeythird-party
appointments.
• Reportonpropertiesunderseparatemanagement
agreements.
• Current13-weekand15-monthcashflowforecasts.
• InvestmentManagerresourcingandthird-party
providers.
• Health&Safety–materialmatters.
• Anyothermaterialmattersthatshouldbebrought
totheBoard’sattention.
TheInvestmentManagerhasanestablishedtrack
recordofsuccessfullyinvestinginUKrealestate,
foundedonarobustanddisciplinedinvestmentand
assetmanagementprocess.AEWoperatesamulti-
layeredgovernanceframeworkwithchallengeat
everylevel.Theunderlyingprincipleoftheprocess
istoensurethatclientobjectivesareoptimisedina
controlledandriskmanagedenvironment.
Asasubsidiaryofoneoftheworld’slargestbanking
groups,AEWhasrigorouspoliciesandprocessesin
placetoensurecompliancewithallrelevantregulations
andlegislation.AEWparticipatesinthewidergroup’s
EnterpriseComplianceandRiskProgrammeoperated
byNatixisInvestmentManagers(“NatixisIM”),which
providesacomprehensivecomplianceandrisk
managementframeworkandgovernancestructure
basedonthethreelinesofdefencemodel.The
principleofthethreelinesofdefencereliesonamulti-
tieredapproach:
• Firstlineofdefence:riskmanagementcontrolsare
integratedintotheoperatingprocessesformalised
inclearlydefinedpoliciesandprocedures.Teams
arealsorequiredtoparticipateinrelevanttrainings
andescalateanypotentialrisk-relatedissuesor
incidentstothesecondlineofdefence.
• Secondlineofdefence:appropriatereviewand
challengeoffirstlineactivities.Thisincludescontrol
carriedoutbythecompliancedepartmentthrough
thepermanentcontrolprogramme.TheCompliance
OfficerandtheRiskManagerbothhaveadditional
dualreportinglinesintothelocalCEOandAEW
GroupcounterpartsandintotherespectiveNatixis
IMChiefComplianceOfficerorChiefRiskOfficer.
Thirdlineofdefence:Internalauditundertakenwith
independentNatixisIM’scompliancedepartment
andauditinspectionsundertakenbyNatixisandthe
GroupeBPCE’sauditfunctions.
Additional information
Appendix 2—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 107
Administrator
ApexFundandCorporateServices(UK)Limited.The
AdministratorisresponsibleforcalculatingtheNet
AssetValueoftheOrdinarySharesinconsultationwith
theAIFMandtheInvestmentAdviserorInvestment
ManagerasrelevantandreportingthistotheBoard
AEW
AEWUKInvestmentManagementLLP–Investment
ManagerandAIFMfrom21August2023
AGM
AnnualGeneralMeeting
Aggregators
Thevariouspropertyvendorsthatenteredintoa
settlementagreementdated8December2022
AHRA
AlvariumHomeREITAdvisorsLimitednowin
liquidation–InvestmentAdviseruntil30June2023
AIC
AssociationofInvestmentCompanies.Thisisthetrade
bodyforclosed-endedinvestmentcompanies(www.
theaic.co.uk)
AIC Code
TheAICCodeofCorporateGovernance,aspublishedin
February2019.Aframeworkofbestpracticeguidance
forinvestmentcompanies
AIFM
AlternativeInvestmentFundManager.Theentitythat
providesportfoliomanagementandriskmanagement
servicestotheCompanyandwhichensuresthe
CompanycomplieswiththeAIFMD.TheCompany’s
AIFMwasAlvariumFundManagers(UK)Limiteduntil
21August2023whenAEWUKInvestmentManagement
LLPsucceededit
AIFMD
AlternativeInvestmentFundManagersDirective
AlTi RE Limited
AHRA’sformerprincipalbyvirtueofanappointed
representativeagreement
A&M
Alvarez&MarsalDisputesandInvestigationsLLP
consultingfirminstructedbyBoardinJanuary
2023toconductaninvestigationintoallegationsof
wrongdoing,includingmattersraisedintheViceroy
ResearchReport
Alvarium FM
AlvariumFundManagers(UK)Limited,theAIFMuntil
21August2023
Alvarium Securities
AlvariumSecuritiesLimited(nowcalledElloraPartners
Limited)providedcorporatebrokingservicestothe
Groupuntil8February2023
Amended Investment Policy
Investmentpolicyapprovedbyshareholderson
21August2023includingaStabilisationPeriod
Articles
ThearticlesofassociationoftheCompany
Assured Shorthold Tenancies (“AST”)
AtypeofresidentialtenancyinEnglandandWales.
Themostcommonformofarrangementthatinvolves
aprivatelandlordorhousingassociation
BDO
BDOLLPistheGroup’sindependentauditor
Big Help
ComprisesBigHelpHomesCIC,BigHelpProject,
CGCommunityCouncil,Dovecot&PrincessDrive
CommunityAssociation,N-TrustHomesCIC,Select
SocialHousing
Broker
Athirdpartythatprovidescorporatefinanceadvisory
servicestotheCompany,includingresearchand
fundraisesupport(includingroadshow,marketingand
book-buildingservices).AlvariumSecuritiesLimited
actedassoleBrokerfrom21September2020until
JefferiesInternationalLimitedwasappointedasJoint
Brokerfrom29October2022.AlvariumSecurities
Limitedresignedon8February2023.Theagreement
withJefferiesInternationalLimitedwasterminatedon
1February2023.LiberumCapitalLimited(nowPanmure
LiberumLimited)wasappointedasCapitalMarkets
Advisoron5July2023andwillactasBrokerfromthe
dateonwhichtheCompany’sordinarysharesarere-
admittedtotradingonthepremiumlistingsegmentof
theOfficialListandtotradingonthemainmarketof
theLondonStockExchange
Capital Markets Adviser
PanmureLiberumLimited(previouslyLiberumCapital
Limited)wasappointedasCapitalMarketsAdviseron
5July2023andwillactasBrokerfromthedateonwhich
theCompany’sordinarysharesarere-admittedto
tradingonthepremiumlistingsegmentoftheOfficial
ListandtotradingonthemainmarketoftheLondon
StockExchange
CIC
ACommunityInterestCompany.Alimitedcompany,
withspecialadditionalfeatures,createdfortheuse
ofpeoplewhowanttoconductabusinessorother
activityforcommunitybenefit,andnotpurelyfor
privateadvantage
Additional information
Glossary

108 HomeREITplc | AnnualReport | Fortheyearended31August2025
Company
Home REIT plc
Company Secretary
ApexFundandCorporateServices(UK)Limited
Company website
www.homereituk.com
Completion
Thepointatwhichownershipofthepropertyislegally
transferredbydatingthetransferdeed
Consolidated Financial Statements
TheGroupaccountswhichincludetheCompanyand
thesubsidiariesincludedinNote25totheConsolidated
FinancialStatements
Covenant strength
Thestrengthofatenant’sfinancialstatusanditsability
toperformthecovenantsinthelease
Creditors Voluntary Liquidation (CVL)
ACreditors’VoluntaryLiquidationisaformalliquidation
processwhichbringsabouttheendofaninsolvent
company.Liquidationinvolvesthewindingupofa
company’saffairs,resultinginthesaleofitsassetsand
dissolution.Companiesmayalternativelyenterinto
administrationwhichfocusesonrescuingthecompany
frominsolvencybyrestructuringitsoperations
andfinances
Deferred Fees
TheDeferredFeeimposedbyScottishWidows
computedas:i)0.5%oftheaggregateamounts
outstandingonthetwoloansateachof31August
2023and30November2023,andii)afeefrom
30November2023computedastheequivalentof5.0%
perannumontheaggregateamountsoutstandingon
thetwoloansascomputedonadailybasis,whichfrom
1July2024increasedfrom5%to7%.Allofthesefees
arepayableuponfullandfinalrepaymentoftheloans
Depositary
ApexDepositary(UK)Limitedappointedtoprovide
cashmonitoring,safekeepingandassetverificationand
oversightfunctionsasprescribedbytheAIFMD
Directors Defendents
TheDirectorswhowereinplacefrominception
to3January2023
Dividend per share
Thetotaldividendpaidandproposedinrespectofa
perioddividedbythenumberofordinaryshareseligible
forthedividendontherecorddate
EPC
EnergyPerformanceCertificate
EPRA
EuropeanPublicRealEstateAssociation,theindustry
bodyrepresentinglistedcompaniesinthereal
estatesector
ERV
EstimatedRentalValue
ESG
Environmental,SocialandGovernance
Exempt Accommodation
Supportedhousingwherethelandlordisanot-for-
profitorganisationandprovidescare,supportand
supervisiontotheclaimant
Exempt Rents
RentsinrelationtoExemptAccommodation
Exchange
Thepointonapropertytransactionatwhichthe
contracttosellisexchangedanddatedandbecomes
legallybinding
Fair Value
Theestimatedamountforwhichapropertyshould
exchangeonthevaluationdatebetweenawillingbuyer
andawillingsellerinanarm’slengthtransactionafter
propermarketingandwherepartieshadeachacted
knowledgeably,prudentlyandwithoutcompulsion
Fair value movement
Anaccountingadjustmenttochangethebookvalue
ofanassetorliabilitytoitsfairvalue
FCA
TheFinancialConductAuthority
FRI lease
Aleasewhichimposesfullrepairingandinsuring
obligationsonthetenant,relievingthelandlordfrom
allliabilityforthecostofinsuranceandrepairs
FPPP
FinancialPositionandProspects
Proceduresmemorandum
FY21
Periodfrom19August2020to31August2021
FY22
Yearended31August2022
FY23
Yearended31August2023
Gross Asset Value
TheaggregatevalueofthetotalassetsoftheCompany
asdeterminedinaccordancewithIFRS
Group
HomeREITplcanditssubsidiaries
Additional information
Glossary—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 109
Groupe BPCE
TheultimateownerofAEW.GroupeBPCEisthe
second-largestbankinggroupinFrance.Groupe
BPCEoperatesintheretailbankingandinsurance
fieldsinFranceviaitstwomajornetworks,Banque
PopulaireandCaissed’Epargne,alongwithBanque
Palatine.Italsopursuesitsactivitiesworldwidewith
theasset&wealthmanagementservicesprovided
byNatixisInvestmentManagers(NatixisIM)andthe
wholesalebankingexpertiseofNatixisCorporate&
InvestmentBanking
Harcus Parker
HarcusParkerLimitedalawfirmspecialisinginclaimant
groupactions,solicitinginvestorsonafullycontingent
basis(‘nowinnofee’)tojointogetherinbringingclaims
againsttheCompanyandotherparties
House of Multiple Occupation (“HMO”)
Rentalpropertywhereatleastthreetenantslive,
formingmorethanonehouseholdsharingcommon
facilities,suchaskitchensandbathrooms
IAA
InvestmentAdvisoryAgreementbetween
theCompany,AlvariumFMandAHRAdated
22September2020
IFRS
UKadoptedinternationalaccountingstandardsin
conformitywiththerequirementsoftheCompanies
Act2006(“AdoptedIFRSs”)
Independent valuer
Anindependentexternalvaluerofaproperty.The
Company’sexternalvaluerwasKnightFrankforthe
periodended28February2022andprior.JLLwas
appointedonthe18July2023toretrospectivelyvalue
propertiesasat31August2022andsubsequentperiods
Investment Adviser
AlvariumHomeREITAdvisorsLimited(“AHRA”)the
appointedinvestmentadviseruntil30June2023
Investment Manager
AEWUKInvestmentManagementLLP(“AEW”),
theappointedInvestmentManagerandAIFMfrom
21August2023
IMA
InvestmentManagementAgreementbetweenthe
CompanyandAlvariumFMdated22September2020
orInvestmentManagementAgreementbetweenthe
CompanyandAEWdated22May2023
IPO
TheadmissiontotradingontheLondonStock
Exchange’sMainMarketofthesharecapitalofthe
CompanyandlistingofOrdinarySharestothe
premiumsegmentoftheOfficialListoftheFCA,
on12October2020
JLL
JonesLangLaSalleLimited,theGroup’sIndependent
Valuerappointedon18July2023tovalueproperties
retrospectivelyasat31August2022and
subsequentperiods
Knight Frank
KnightFrankLLPtheGroup’sindependentvaluerasat
28February2022andpreviousperiods
KPIs
Keyperformanceindicators
Lease incentives/inducements
Incentivesofferedtotenantstoenterintoalease.
Typicallythiswillbeaninitialrent-freeperiod,oracash
contributiontofit-out.Underaccountingrules,the
valueoftheleaseincentiveisamortisedthroughthe
StatementofComprehensiveIncomeonastraight-line
basisuntiltheleaseexpiry
Lender
ScottishWidowsLimited(“ScottishWidows”)
Liberum
LiberumCapitalLimited(nowPanmureLiberum
CapitalLimited)appointedon5July2023ascapital
marketsadviserandwillactasthecorporatebrokerto
theCompanyoncommencementofre-listingonthe
Company’sshares
Listing Rules
ThelistingrulesoftheFCAmadeundertheFinancial
ServicesandMarketsAct2000asamendedfrom
timetotime
Loan to value (“LTV”)
Theoutstandingvalueofbankborrowingsasa
percentageofthefairvalueofinvestmentproperty
asstatedintheindependentvaluation
Local Housing Allowance (“LHA”)
Ratesusedtocalculatehousingbenefitfortenants
rentingfromprivatelandlords
Managed Wind-Down
TheCompanybeingmanagedwiththeintention
ofrealisingalltheassetsinitspropertyportfolio
inanorderlymannerandwithaviewtorepaying
borrowingsandmakingtimelyreturnsofcapitalto
shareholderswhilstaimingtooptimisevalueforthe
Company’sassets
Market capitalisation
Themid-marketpriceforanordinaryshareofthe
Companymultipliedbythenumberofordinary
sharesinissue
MEC
ManagementEngagementCommittee
Additional information
Glossary—continued

110 HomeREITplc | AnnualReport | Fortheyearended31August2025
MV-VP
MarketValue–VacantPossession–referstothevalue
ofanincome-producingasset,assumingthereisno
tenant.Itrepresentsthevalueofthepropertywithout
consideringanyleaseorrentalincome
Natixis IM
NatixisInvestmentManager,aninternationalasset
managementgroupbasedinParis,France,thatispart
oftheGlobalFinancialServicesdivisionofGroupe
BPCE.NatixisIMiswhollyownedbyNatixis,aFrench
investmentbankingandfinancialservicesfirm.Natixis
iswhollyownedbyBPCE,France’ssecondlargest
bankinggroup
Net Asset Value (NAV)
NetAssetValueistheequityattributableto
shareholderscalculatedunderIFRS
NAV per share
Equityshareholder,fundsdividedbythenumberof
Sharesinissue.Thismeasureallowsacomparisonwith
theCompany’ssharepricetodeterminewhetherthe
Company’ssharesaretradingatapremiumordiscount
toitsNAVcalculatedunderIFRS
NAV total return
ThepercentagechangeinNAV,assumingthat
dividendspaidtoshareholdersarereinvestedatNAV
topurchaseadditionalShares.Thisisanalternative
performancemeasurethattheCompanytracks,as
itisadirectindicatorofthevalueproducedbythe
Company’soperations
Net break gains/losses
Netbreakgainsresultfromprovisionsoftheloan
facilityagreementswhich,ateachearlyrepayment
event,generateasyntheticinterestrateswap
breakageonthefixedrate(effectiveswaprate)element
oftheloansresultinginabreakgainorloss,andamake
wholeonthemarginsoftheloans(SpensCost)
New Investment Policy
Investmentpolicyapprovedbyshareholderson
16September2024inrespectoftheManagedWind-
DownoftheGroup
Noble Tree
NobleTreeFoundationLimited
Original Investment Policy
InvestmentpolicyinplaceatIPOuntil21August2023
Non-PID
Non-PropertyIncomeDistribution.Thedividend
receivedbyashareholderoftheCompanyarisingfrom
anysourceotherthanprofitsandgainsoftheTax
ExemptBusinessoftheCompany
PID
PropertyIncomeDistribution.Adividendreceivedby
ashareholderoftheCompanyinrespectofprofitsand
gainsofthetaxexemptbusinessoftheCompany
Property Adviser
AEWUKInvestmentManagementLLPduringthe
period22May2023to21August2023
Practical completion
Thepointatwhichabuildingprojectiscomplete,
exceptforminordefectsthatcanbeputrightwithout
undueinterferenceordisturbancetothetenant
Property Income
Netpropertyincomeandnetgainsonthedisposalof
propertywhichareexemptedfromcorporationtaxas
longasatleast90%netpropertyincomeisdistributed
toshareholderswithin12monthsoftheendofthe
financialyear
PRS
PrivateRentedSector–housingclassificationwhereby
propertiesareownedbylandlords(individualsor
companies),andleasedouttooccupiers
Registrar
LinkMarketServicesLimited,(tradingasLinkGroup)
hasresponsibilityformaintainingtheregisterof
shareholders,receivingtransfersofSharesfor
certificationandregistrationandreceivingand
registeringshareholders’dividendpaymentstogether
withrelatedservices
REIT
ARealEstateInvestmentTrust.Acompanywhich
complieswithPart12oftheCorporationTaxAct2010
SubjecttotherelevantUKREITcriteriabeingmet
continually,theprofitsfromthepropertybusinessof
aREIT,arisingfrombothincomeandcapitalgains,are
exemptfromcorporationtax
RNS
RegulatoryNewsService,theserviceproviderused
bytheGrouptodistributeregulatorynewsand
announcements
Sale and Purchase Agreements (“SPAs”)
Abindinglegalcontractbetweentwopartiesthat
obligatesatransactiontooccurbetweenabuyer
andseller
Seller’s Works
Obligationforthevendorstocompletecertainworks
onpropertiesacquired,toensurethattheproperty
wasfitforpurposewithinaspecifiedperiod,as
definedintheSPAs
Additional information
Glossary—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2025 111
Shares
OrdinarySharesof£0.01eachinthecapitalofthe
Company.OrdinarySharesarethemaintypeofequity
capitalissuedbyconventionalInvestmentCompanies.
Shareholdersareentitledtotheirshareofbothincome,
intheformofdividendspaidbytheCompany,andany
capitalgrowth
Share price
Thevalueofashareatapointintimeasquotedona
stockexchange.TheCompany’sShareswerequoted
ontheMainMarketoftheLondonStockExchangeuntil
theyweresuspendedon3January2023
Social Use
Realestateusedtohousevulnerableindividuals,
includingbutnotlimitedtothoseaffectedbyanyofthe
followingcircumstances:homelessness,ex-service
menandwomen,individualsfleeingdomesticabuse,
vulnerablewomen,peopleleavingprison,asylum
seekersandrefugees,fostercareleavers,substance
misuse,careleavers,mentalillness,disability,specialist
supportedlivingandgeneralneedssocialhousing
SRI
SociallyResponsibleInvestment
Stabilisation Period
TheperiodpertheAmendedInvestmentPolicy,
beginningon21August2023andendingon
21August2025,orsuchlaterdate(notbeinglaterthan
21August2026)approvedbytheBoard,duringwhich
theCompanywillhavetheobjectiveofstabilising
theGroup’sfinancialconditionthroughinitiativesto
maximiseincomeandcapitalreturnsbyinvestingin
aportfolioofUKresidentialrealestate
Supported Living
Housingwheresupportand/orcareservicesare
providedtohelppeopletoliveasindependently
aspossible.
SWLD
Seller’sWorksLongstopDate
The Good Economy
TheGoodEconomyPartnershipLimited,asocial
impactassessorandadviserappointed
bytheCompany
Total shareholder return
Thegrowthinvalueofashareholdingoveraspecified
period,assumingdividendsarereinvestedtopurchase
additionalunitsofstock
UK Code
TheUKCodeofCorporateGovernancebeingthe
codeissuedbytheFinancialReportingCouncilwhich
setsoutstandardsofgoodpracticeinrelationto
boardleadershipandeffectiveness,remuneration,
accountabilityandrelationswithshareholders.All
companieswithapremiumlistingofequitysharesin
theUKarerequiredundertheListingRulestoreporton
howtheyhaveappliedtheCodeintheirannualreport
andaccounts
Valuer
Anindependentexternalvaluerofaproperty.The
Company’sexternalvaluerwasKnightFrankLLPforthe
periodended31August2021andJonesLangLaSalle
Limitedfortheyearended31August2022
Vibrant
VibrantEnergyMattersLimited,appointedbythe
GroupinAugust2023toundertakeaproperty
inspectionprogramme
Viceroy Research
ViceroyResearchLLP
Viceroy Research Report
ViceroyResearchreportdated23November2022
Additional information
Glossary—continued

112 HomeREITplc | AnnualReport | Fortheyearended31August2025
Companynumber:12822709
Countryofincorporation:EnglandandWales
Directors, Management and Advisers
Non-ExecutiveDirectors
MichaelO’Donnell(Chair)
PeterWilliams
RoderickDay(“Rod”)
Registeredoffice
4th Floor
140 Aldersgate Street
London
EC1A 4HY
InvestmentManager&AIFM
AEWUKInvestmentManagementLLP
8Bishopsgate
London
EC2N4BQ
CompanySecretaryandAdministrator
ApexFundandCorporateServices(UK)Limited
4thFloor
140AldersgateStreet
London
EC1A4HY
CapitalMarketsAdviser
PanmureLiberumLimited
RopemakerPlace,Level12
25RopemakerStreet
London
EC2Y9LY
Communicationsadviser
FTIConsulting
200Aldersgate
AldersgateStreet
London
EC1A4HD
Depositary
ApexDepositary(UK)Limited
4thFloor
140AldersgateStreet
London
EC1A4HY
Registrar
LinkAssetServices
CentralSquare
29WellingtonStreet
Leeds
LS14DL
Independentvaluer
JonesLangLaSalleLimited
30WarwickStreet
London
W1B5NH
Auditor
BDOLLP
55BakerStreet
London
W1U7EU
Legaladvisers
GowlingWLG(UK)LLP
4MoreLondonRiverside
London
SE12AU
Additional information
Company Information

Designed and produced by
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Home REIT plc Annual Report — For the year ended 31 August 2025