Earnings release
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RNS Number : 3365BHome REIT PLC02 November 2026 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THERELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 2 November 2026 Home REIT plc ("HOME REIT" or the "Company") Trading update The Company today provides updates on the managed wind down process, the present level of expenditure, andthe current projection for costs going forward. Managed wind down process As previously announced, the Company has now completed the sales of its remaining 853 properties generatinggross proceeds of £138.8 million. Following completion of the final property sales, the Company announced on 15 September that all of itssubsidiaries (the "Subsidiaries") have entered into creditors' voluntary liquidation. The Board considers this anecessary step to allow it to advance the planning for any subsequent return of capital to shareholders. The Boardwill provide a further update on the Subsidiary liquidation process in the coming weeks. Ongoing costs excluding legal fees The Directors continue to focus on reducing the ongoing expenses of the Company and have begun a furtherprocess of re-aligning service providers, from those with expertise serving an active real estate investment vehicle,to those that are more appropriate for a company in an advanced stage of a managed wind-down. In the third quarter of the calendar year 2026, the Company paid £0.8 million (£1.5m in the second calendarquarter) in general and administrative expenses (excluding legal fees). Following the completion of the sale of theproperty portfolio, the Company's annualised expenses (excluding legal fees) based on the September 2026 run-rate were £4.7 million, a reduction of approximately £2.1 million from the level incurred in the year ended 31August 2026. The Directors are targeting to further reduce expenses (excluding legal fees) to between £2.0 million and £2.5million per annum, once the service provider realignment has been completed. The first step in this process was toexercise the six-month notice under the investment management agreement on 21 October 2026, and begin the process of appointing a new AIFM. AEW have agreed to be retained on a consultancy basis after the expiration of the investment management agreement to deal with any remaining property and tenant matters that go beyond the term. All other major contracts are being reviewed as part of this process. Legal fees In the third quarter of the calendar year 2026, the Company paid £0.5 million of legal costs (£1.2m in the secondcalendar quarter 2026). Controlling legal costs is a significant focus of the Board but such costs can be subject tosubstantial variation as a result of matters outside of the Board's control. Expense History There has been a significant reduction in the Group's overall general and administrative expenses over the lastthree years. An analysis of expenses over this period is as follows: For the yearended 31August 2026(unaudited) For the yearended 31August 2025(audited) For the yearended 31August 2024(audited)£'000 £'000 £'000 Property and investment advisory fees 3,406 5,200 5,000Other professional fees 1,307 4,540 4,608Audit fees 447 717 846Valuation fees - 168 300Board and director fees 371 430 362Other administrative expenses 1,318 1,588 1,563Total costs before legal fees 6,849 12,643 12,679 Legal fees 3,421 5,295 7,106Total expenses 10,270 17,938 19,785
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Reductions in expenses have been achieved from the following actions: · Investment advisory fees - These fees have reduced to lower fee levels when the contract amendments announced in August 2025 were triggered. These fees will reduce further to £120,000 per month as of 29 October 2026 and to £42,000 per month from 29 January 2027 until the expiry of the contract on 21 April 2027. · Other professional fees - The Company has incurred transaction fees payable to the Company's former financial adviser in respect of property disposals which have now ceased; the fees payable to the Company'sCapital Markets Adviser have also reduced as a result of the managed wind down process. · Audit fees - These have reduced significantly as the Company is now up to date with its financial filings. · Valuation fees - With the sale of the Company's property portfolio, valuation and inspection services were no longer required and the associated costs were therefore eliminated. · Legal fees - These have reduced as advice in respect of the Harcus Parker threatened litigation and tenant and property matters reduced in comparison to prior year levels, offset by slightly higher fees related to the Company's continued cooperation with regulatory bodies in relation to their investigations. In considering the ongoing costs of the Company, an analysis has also been conducted on the costs associatedwith the Company's stock exchange listing. Following this analysis, the Board has concluded that the marginalcost of maintaining a stock exchange listing is not material in the broader context of the Company's ongoingcosts and legal expenses. The Board will continue to provide regular updates on the various initiatives to further reduce expenses andcontrol the costs of the managed wind down process. FOR FURTHER INFORMATION, PLEASE CONTACT: FTI Consulting (Communications Adviser)Dido LaurimoreBryn Woodward HomeREIT@fticonsulting.com+44 (0)20 3727 1000 The Company's LEI is: 213800A53AOVH3FCGG44. For more information, please visit the Company's website: www.homereituk.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END