Investment Grade Credit Rating Reaffirmed

Triple Point Social Housing REIT

01 August 2024

 

01 August 2024

Triple Point Social Housing REIT plc

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

Investment Grade Credit Rating Reaffirmed   

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce that Fitch Ratings Limited ("Fitch") has reaffirmed the Company's existing Investment Grade, long-term Issuer Default Rating (IDR) of 'A-' and a senior secured rating of 'A' for the Group's existing loan notes. Fitch published its first rating on the Company in August 2021 with the same Investment Grade distinctions.

The outlook has been revised from stable to negative to reflect prolonged rent arrears from two Registered Providers, and the risk that the independent review of the investment management arrangements could result in a change of investment manager. Fitch note that the Group's arrears have not been detrimental to the Group's credit metrics, and that they intend to resolve the negative outlook upon resolution of these arrears (which may include the completion of a transfer of leases, as is currently being progressed by the investment manager), as well as understanding the outcome of the Group's independent review of the investment management arrangements.

The Fitch Rating Action Commentary can be read in full here: https://www.fitchratings.com/research/corporate-finance/fitch-revises-triple-point-outlook-to-negative-affirms-idr-at-a-01-08-2024

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP     (Investment Manager)	Tel: [phone]
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser and Corporate Broker)	​Tel: [phone]
Mark Young
Rajpal Padam
Madison Kominski
Brunswick	Tel: [phone]
Nina Coad
Robin Wrench
Mara James

The Company's LEI is 213800BERVBS2HFTBC58.

Further information on the Company can be found on its website at 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.

The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018.  The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.

 

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