REG - Triple Point Soc.Hsg - NAV, 2023 DIVIDEND GUIDANCE & DIVIDEND DECLARATION

Social Housing REITAnnouncement

24/05/2023 07:00

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RNS Number : 4160A  Triple Point Social Housing REIT  24 May 2023

24 May 2023

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

NET ASSET VALUE, 2023 DIVIDEND GUIDANCE AND DIVIDEND DECLARATION

 

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce the Company's unaudited Net Asset Value ("NAV") as at
31 March 2023, dividend guidance for the financial year ending 31 December
2023 and the declaration of the first quarterly interim dividend.

 

NAV as at 31 March 2023

 

The unaudited NAV reflects an independent RICS "Red Book" valuation of the
Company's portfolio (including all property acquisitions completed) as at 31
March 2023, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual
asset basis (as required by IFRS).

 

 NAV
                                  As at 31 Mar 2023  As at 31 Dec 2022  % change

                                  (unaudited)        (audited)
 NAV per Ordinary Share (pence)*  111.54p            109.06p            +2.3%

 

* As at 31 March 2023, the EPRA NTA and IFRS NAV for the Company were the
same.

 

Despite challenging market conditions over the three months to 31 March 2023,
the Board is pleased that the unaudited NAV per Ordinary Share has increased
due to rental growth in the portfolio. The positive impact of rental growth on
the valuation of the Group's properties was partially offset by a slight
outward movement in valuation yields across the portfolio, reflecting wider
market conditions, and further outwards yield adjustments attributable to
properties leased to Parasol Homes.

 

As noted in the Group's latest Annual Results, the Investment Manager has been
working with both Parasol Homes and My Space (the two Approved Providers in
material rent arrears) to increase rental payments. We expect payments from
both Approved Providers to increase over the course of the year. The Group is
continuing to progress with the transfer of its leases away from My Space but
notes that this may not be required if My Space were to agree a business
combination or merger with another Registered Provider.

 

2023 Dividend Guidance

 

In respect of the financial year ending 31 December 2023, the Company is
targeting an aggregate dividend of 5.46 pence per Ordinary Share(1). The Board
has decided to keep the target dividend flat in order to preserve dividend
cover for the year ending 31 December 2023 whilst the Investment Manager
focuses on addressing the rent arrears noted above.

 

Dividend Declaration

 

The Board has declared an interim dividend in respect of the period from 1
January to 31 March 2023 of 1.365 pence per Ordinary Share, payable on or
around 30 June 2023 to holders of Ordinary Shares on the register on 9 June
2023. The ex-dividend date will be 8 June 2023.

 

The dividend will be paid as a Property Income Distribution ("PID").

 

 

ENDS.

 

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
 Rajpal Padam
 Madison Kominski

 

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/) .

 

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.

 

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.

 

 

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