Triple Point Social Housing REIT

LN: SOHO

Market Cap£362m

Last Close 89.8p

Triple Point Social Housing REIT (SOHO) invests in primarily newly built and newly renovated social housing assets in the UK, with a particular focus on supported housing. SOHO aims to provide a stable, long-term inflation-linked income with the potential for capital growth.

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Investment summary

Triple Point Social Housing REIT (SOHO) delivered a strong performance in FY21 with its portfolio of long lease specialised social housing assets continuing to perform as expected. With predominantly uncapped index-linked rent uplifts and fully fixed borrowing rates it is extremely well positioned in the current inflationary environment, while capital remains available for further accretive acquisitions.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 28.9 22.3 16.6 4.61 19.5 13.2
2021A 33.1 26.2 19.4 4.82 18.6 14.6
2022E 38.1 30.3 21.3 5.28 17.0 12.1
2023E 39.9 31.9 22.8 5.65 15.9 11.3
Industry outlook

We expect private capital to remain crucial in meeting the current and future needs for care based social housing. It is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals.

Last updated on 26/05/2022
Content on Triple Point Social Housing REIT
Triple Point Social Housing REIT – Well positioned for growth
Real Estate | research Outlook | 4 May 2022
CornmillHouse-189
Triple Point Social Housing REIT – Financial and social returns
Real Estate | research Update | 13 October 2021
CornmillHouse-189
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 1.9 0.9 (14.2)
Relative* 0.9 1.4 (17.0)
52-week high/low 113.2p/83.6p
*% relative to local index
Key management
Isobel Gunn-Brown CFO
Ben Beaton Managing partner
Gregory Banner Investment manager
James Cranmer Managing partner