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.
More Triple Point Social Housing REIT content >Investment summary
SOHO’s portfolio continues to perform well, delivering consistent returns for shareholders and generating strong, externally assessed social value. Following strong y-o-y growth in income and underlying earnings in H121 and positive returns continued in the three months ended 30 September (Q321). Q321 NAV per share increased 0.2% to 106.63p and including DPS paid the NAV total return was 1.4%, bring the ytd total to 3.9%. A Q321 DPS of 1.3p is in line with the full year target of 5.2p target. Deployment of available capital has continued with the acquisitions of 26 additional properties either completed or exchanged for an aggregate £29.9m (before costs). With this deployment we forecast an increased FY22 DPS to be substantially covered by cash earnings.
Y/E Dec |
Revenue (£m) |
EBITDA (£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 07/12/2021Content on Triple Point Social Housing REIT
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Real Estate
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 220.2 |
| Forecast gearing ratio (%) | 51 |
Price performance
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Key management |
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| Isobel Gunn-Brown | CFO |
| Ben Beaton | Managing partner |
| James Cranmer | Managing partner |