NAV, Dividend Declaration & 2022 Dividend Guidance

RNS Number : 1589N

Triple Point Social Housing REIT

30 May 2022

 

30 May 2022

Triple Point Social Housing REIT plc

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

NET ASSET VALUE, DIVIDEND DECLARATION AND 2022 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 2022, the declaration of an interim dividend and our 2022 dividend guidance for the financial year ending 31 December 2022.

Net Asset Value as at 31 March 2022

The unaudited NAV   reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed) as at 31 March 2022, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

Net Asset Value
	As at 31 Mar 2022 (unaudited)	As at 31 Dec 2021 (audited)	% change
NAV per Ordinary Share (pence)*	110.70p	108.27p	+ 2.2 %

* As at 31 March 2022, the EPRA NTA and IFRS NAV 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 per cent. The Portfolio NAV per Ordinary Share as at 31 March 2022 was 123.09 pence.

Dividend Declaration

The Board has declared an interim dividend in respect of the period from 1 January to 31 March 2022 of 1.365 pence per Ordinary Share, payable on or around 24 June 2022 to holders of Ordinary Shares on the register on 10 June 2022. The ex-dividend date will be 9 June 2022.

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

2022 Dividend Guidance

In respect of the financial year ending 31 December 2022, the Company is targeting an aggregate dividend of 5.46 pence per Ordinary Share¹. This represents an increase of 5.0 per cent on the 5.20 pence per share paid in respect of the financial year ended 31 December 2021.

This increase is in line with the inflation-linked rent reviews 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
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 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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