Triple Point Social Housing REIT


£431m market cap

107p last close

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.

Investment summary

Triple Point Social Housing REIT (SOHO) has grown its portfolio strongly since IPO, bringing a much-needed new supply of supported housing to market and building its base of secure income. We expect acquisitions, rent indexation and the completion of forward-funded developments to drive further strong earnings growth in FY20 and FY21 and, with rent collection unaffected by the COVID-19 pandemic, further growth in DPS.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 11.5 7.0 5.4 2.27 47.1 47080.0
2019A 21.1 15.1 11.9 3.39 31.6 23047.7
2020E 28.0 21.7 16.1 4.45 24.0 15385.0
2021E 35.8 29.0 22.8 5.67 18.9 14084.8
Register to receive research on Triple Point Social Housing REIT as it is published
Share price graph
Balance sheet
Forecast net debt (£m) 0.2
Forecast gearing ratio (%) 35
Price performance
Actual (1.8) 0.0 9.7
Relative* (2.8) (4.8) 13.6
52-week high/low 113.5p/68.0p
*% relative to local index
Key management
Isobel Gunn-Brown CFO
Ben Beaton Managing partner
James Cranmer Managing partner