NAV, Dividend Declaration & 2021 Dividend Guidance

RNS Number : 7534Y

Triple Point Social Housing REIT

17 May 2021

 

17 May 2021

Triple Point Social Housing REIT plc

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

NAV AS AT 31 MARCH 2021

DIVIDEND DECLARATION AND 2021 DIVIDEND GUIDANCE

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 31 March 2021, the declaration of an interim dividend and dividend guidance for the financial year ending 31 December 2021.

Net Asset Value as at 31 March 2021

The unaudited NAV   reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed and the prevailing value of forward funded commitments) as at 31 March 2021, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

The Group's portfolio has remained resilient to the disruption caused by COVID-19 and has continued to increase in value. This reflects the Group's ongoing consistent rent collection and the essential nature of the accommodation it provides to vulnerable adults.

Net Asset Value
	As at 31 Mar 2021 (unaudited)	As at 30 Dec 2020 (audited)	% change
NAV per Ordinary Share (pence)*	106.55p	106.42p	+0.12%

* As at 31 March 2021, the IFRS NAV and EPRA NTA for the Company were the same.

For information purposes only, JLL also undertook a valuation of the Company's assets on a portfolio basis (a "Portfolio NAV") which assumes that the assets are held in a single company holding structure which is sold to a third party on arm's length terms, and attracts lower purchaser's costs of 2.3%. The Portfolio NAV per Ordinary Share as at 31 March 2021 was 117.06 pence.

Dividend Declaration and 2021 Dividend Guidance

The Board has declared an interim dividend in respect of the period from 1 January to 31 March 2021 of 1.30 pence per Ordinary Share, payable on or around 25 June 2021 to holders of Ordinary Shares on the register on 28 May 2021. The ex-dividend date will be 27 May 2021.

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

The Company is targeting an aggregate dividend of 5.20 pence per Ordinary Share in respect of the financial year ending 31 December 2021¹, an increase of 0.4 per cent on the 5.18 pence per share paid in respect of 2020. This increase is in line with February 2021 Consumer Price Index growth and reflects the Company's strategy of paying a progressive dividend.

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 (Investment Manager)	Tel: [phone]
Max Shenkman
Isobel Gunn-Brown
Freddie Cowper-Coles
Akur Capital (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser and Corporate Broker)	Tel: [phone]
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 .

NOTES:

The Company invests in primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-linked, long-term (typically from 20 years to 30 years), 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 an FRI 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 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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