NAV, 2023 DIVIDEND GUIDANCE & DIVIDEND DECLARATION

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 (unaudited)	As at 31 Dec 2022 (audited)	% change
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 Share¹. 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 (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

The Company's LEI is 213800BERVBS2HFTBC58.

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

 

END