Triple Point Social Housing REIT

: SOHO

Market Cap£390.3m

Last Close 96.9p

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

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 07/12/2021
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Share price graph
Balance sheet
Forecast net debt (£m) 220.2
Forecast gearing ratio (%) 51
Price performance
%
1m
3m
12m
Actual (0.1) (7.7) (6.4)
Relative* (0.2) (9.0) (17.2)
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