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
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) |
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 25/11/2021Content 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 |