Triple Point Soc.Hsg - Net Asset Value and Dividend Declaration
23/11/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221123:nRSW2588Ha&default-theme=true
RNS Number : 2588H Triple Point Social Housing REIT 23 November 2022
23 November 2022
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
NET ASSET VALUE AND DIVIDEND DECLARATION
The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO)
are pleased to announce the Company's unaudited Net Asset Value ("NAV") as at
30 September 2022 and the declaration of an interim dividend.
Net Asset Value as at 30 September 2022
The unaudited NAV reflects an independent RICS "Red Book" valuation of the
Group's portfolio (including all property acquisitions completed) as at 30
September 2022, prepared by Jones Lang LaSalle Limited ("JLL"), on an
individual asset basis (as required by IFRS).
Net Asset Value
As at 30 Sep 2022 As at 30 Jun 2022 % change
(unaudited) (unaudited)
NAV per Ordinary Share (pence)* 111.58p 111.80p -0.20%
* As at 30 September 2022, the EPRA NTA and IFRS NAV for the Group were the
same.
Despite the turbulent market conditions over the three months to 30 September
2022, the Board is pleased to note that the unaudited NAV per Ordinary Share
for the quarter remained stable, reflecting the long-term, inflation linked
income generated by the Group's properties.
Rental increases for some of the Group's properties drove NAV gains which were
offset by a minor softening in valuation yields, attributable to two Approved
Providers currently in rent arrears (as noted in the Group's Interim Results
for the period to 30 June 2022). The Investment Manager continues to work with
these Approved Providers with the aim of restoring rental payments to
historical levels and agreeing a payment schedule in respect of rental
arrears.
Dividend Declaration
The Board has declared an interim dividend in respect of the period from 1
July to 30 September 2022 of 1.365 pence per Ordinary Share, payable on or
around 16 December 2022 to holders of Ordinary Shares on the register on 2
December 2022. The ex-dividend date will be 1 December 2022.
The dividend will be paid as a Property Income Distribution ("PID").
This dividend is in line with the Company's target annual dividend of 5.46
pence per Ordinary Share in respect of the financial year ending 31 December
2022.(1)
Note:
(1) The target dividend is a target only and not a forecast. There can be no
assurance that the target will be met and it should not be taken as an
indication of the Company's expected or actual future results.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP Tel: 020 7201 8989
(Investment Manager)
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser and Corporate Broker) Tel: 020 7710 7600
Mark Young
Mark Bloomfield
Rajpal Padam
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website at
www.triplepointreit.com (http://www.triplepointreit.com/) .
NOTES:
The Company invests in primarily newly developed social housing assets in the
UK, with a particular focus on supported housing. The majority of the assets
within the portfolio are subject to inflation-linked, long-term, Fully
Repairing and Insuring ("FRI") leases with Approved Providers (being Housing
Associations, Local Authorities or other regulated organisations in receipt of
direct payment from local government). The portfolio comprises investments
into properties which are already subject to a lease with an Approved
Provider, as well as forward funding of pre-let developments but does not
include any direct development or speculative development.
There is increasing political pressure and social need to increase housing
supply across the UK which is creating opportunities for private sector
investors to help deliver this housing. The Group's ability to provide forward
funding for new developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the chronic
undersupply of suitable supported housing properties in the UK at sustainable
rents as well as delivering returns to investors.
The Company is a UK Real Estate Investment Trust ("REIT") listed on the
premium segment of the Official List of the UK Financial Conduct Authority and
is a constituent of the FTSE EPRA/NAREIT index.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DIVBTBATMTTTBIT