Triple Point Social Housing REIT

LN: SOHO

Market Cap£345m

Last Close 85.6p

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

FY21 results showed SOHO’s portfolio continuing to perform well, delivering consistent returns for shareholders and generating strong, externally assessed social value. NAV per share increased 1.7% 108.3p and including DPS paid the total return was 6.6%. Adjusted ‘cash’ EPS was 5.14p and DPS declared was 5.2p. £60m was invested in the acquisition of 44 new properties providing 345 new homes (end-FY21: 488 and 3,424 respectively). On top of the £10m of investment commitments year-to-date, £27m of capital was available for deployment. A proposed change in investment policy will provide more flexility for this, including the ability to enter shorter leases with rent uplifts linked to central housing benefit policy as well as inflation as currently. Index-linked rents and fully fixed rate drawn debt provide significant inflation protection.

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 18.6 12.6
2021A 33.1 26.2 19.4 4.82 17.8 14.0
2022E 38.1 30.3 21.3 5.28 16.2 11.5
2023E 39.9 31.9 22.8 5.65 15.2 10.8
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 01/07/2022
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 (5.3) (9.3) (17.9)
Relative* 0.1 (3.4) (15.3)
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