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
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 01/07/2022Content on Triple Point Social Housing REIT
Sector |
|---|
|
Real Estate
Access more Real Estate content
|
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Isobel Gunn-Brown | CFO |
| Ben Beaton | Managing partner |
| Gregory Banner | Investment manager |
| James Cranmer | Managing partner |