NAV, Dividend Guidance and Dividend Declaration

Triple Point Social Housing REIT

17 May 2024

 

17 May 2024

Triple Point Social Housing REIT plc

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

NET ASSET VALUE, 2024 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 2024, dividend guidance for the financial year ending 31 December 2024 and the declaration of the first quarterly interim dividend.

NAV as at 31 March 2024

The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed) as at 31 March 2024, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

NAV
	As at 31 Mar 2024 (unaudited)	As at 31 Dec 2023 (audited)	% change
NAV per Ordinary Share (pence)*	114.15p	113.76p	+0.3%

* As at 31 March 2024, the EPRA NTA and IFRS NAV for the Company were the same.

Income less expenses had a net positive 0.08p per share impact on the NAV, whilst the £1.2 million increase in the value of the Group's property portfolio increased the NAV by 0.31p per share. While the blended portfolio net initial yield moved out by 19bps, reflecting current market conditions, this has been more than offset by annual rent increases in the first quarter that were linked to the September 2023 Consumer Price Index figure of 6.7%.

2024 Dividend Guidance

While rent collection in the first three months of 2024 has increased relative to 2023, the Board has decided to keep the dividend target flat to preserve dividend cover whilst the Investment Manager concludes the transfer of 38 properties from Parasol to Westmoreland and proceeds with the proposed sale of a portfolio of properties (as per the Company's Portfolio Sale and Lease Transfer announcement of 3 May 2024). As a result, the Company is targeting an aggregate dividend of 5.46 pence per Ordinary Share for the financial year ending 31 December 2024¹.  

Dividend Declaration

The Board has declared an interim dividend in respect of the period from 1 January to 31 March 2024 of 1.365 pence per Ordinary Share, payable on or around 28 June 2024 to holders of Ordinary Shares on the register on 31 May 2024. The ex-dividend date will be 30 May 2024.

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
Brunswick Group (Financial PR Adviser)	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.

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.

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.

 

END