THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

22 December 2023

WALLS & FUTURES REIT PLC

 (“Walls & Futures” or the “Company”)

Half Year Results for the period to 30 September 2023

Walls & Futures REIT plc (“WAFR”) the Ethical Housing Investor and developer, is pleased to announce its unaudited interim results for the six months to 30 September 2023.

Highlights

• Net Asset Value (NAV) down 2% to 87p per share (31 March 2023 - 89p per share)
• Property assets increased by 2.4% (£60,000)
• Profit of £45,508 (30 September 2022 - Loss of £36,749)
• 100% of Specialist Supported Housing rents collected

Chief Executive’s Statement

“I am pleased with the overall performance of our property portfolio, with 100% of rents being collected along with a slight increase in value due to inflation-linked rent increases.

The management team have been working with Vengrove to finalise the restructuring process and raise fresh capital. We had hoped to conclude a significant transaction before Christmas. The stabilised, income-producing portfolio with an estimated value of £10m would have increased our scale significantly and enabled us to move quickly to paying a dividend. Unfortunately, the final due diligence process raised issues we could not overcome.

During 2024, we intend to raise an initial £10m, which will be invested into a portfolio of Social Infrastructure Assets to ensure a dividend can be paid. The medium-term plan is to strengthen the existing board of directors in preparation for an institutional fundraise of £200m and a move to the main market.

Our investment strategy will be focused on foundational assets that support the quality of life in regional and local communities. We consider the key pillars to be:

1. Affordable Housing – Affordable rent & shared ownership
2. Education - Children's nurseries, special education needs & schools
3. Roadside & Transport – EV charging hubs, car parks& bus depots
4. Civic, Community & Justice – Libraries, community hubs, law courts & recycling facilities

Our long-term goal is to grow Social Infrastructure REIT into a £1bn plus market-leading public vehicle providing critical community infrastructure, long-term sustainable inflation-linked income, and strong liquidity with defence cashflow from a diversified tenant base.”

Joe McTaggart

Chief Executive

Consolidated Income Statement

For the Six-Month Period to 30 September 2022

Consolidated Balance Sheet

30 September 2022

Consolidated Cash Flows

For the Six-Month Period to 30 September 2023

The above figures have not been reviewed by the Company’s auditors.

The Directors of the issuer accept responsibility for the contents of this announcement.

For further information, contact:

Walls & Futures REIT PLC                                                 0333 700 7171     

Joe McTaggart, Chief Executive

Website www.wallsandfutures.com

Allenby Capital Limited (Corporate Adviser)                               

Nick Harriss/James Reeve     020 3328 5656