Triple Point Social Housing REIT


Market Cap£386.3m

Last Close 95.9p

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

H121 results showed strong y-o-y growth in income and underlying earnings. The portfolio continues to perform well, delivering consistent returns for shareholders and generating strong, externally assessed social value. H121 income increased by 19% versus H120 and adjusted ‘cash’ earnings by 23% or 2.42p per share (+7%). H121 DPS of 2.60p (H120: 2.59p) was in line with the 5.2p target for the year and was 93% covered by adjusted earnings. NAV per share was unchanged at 106.4p and adding back DPS paid the H121 total return was c 2.4% or an annualised c 4.9%. The recent refinancing of short-term, floating rate debt with long-term, fixed-rate debt increases immediate funding costs but enhances the quality of earnings, locking in a positive spread between debt cost and rental income. It also provides an additional £65m of debt capital to fund acquisitions from a pipeline of opportunities amounting to more than £150m.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 21.1 15.1 11.9 3.39 27.9 20.4
2020A 28.9 22.3 16.6 4.61 20.5 13.9
2021E 33.0 26.1 18.7 4.65 20.3 14.0
2022E 37.9 30.8 21.4 5.31 17.8 12.3
Industry outlook

Government reforms of funding for health and social care are welcome, but 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 25/11/2021
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Share price graph
Balance sheet
Forecast net debt (£m) 220.2
Forecast gearing ratio (%) 51
Price performance
Actual (4.0) (10.9) (10.4)
Relative* (5.1) (11.9) (22.4)
52-week high/low 113.2p/93.1p
*% relative to local index
Key management
Isobel Gunn-Brown CFO
Ben Beaton Managing partner
James Cranmer Managing partner