Triple Point Social Housing REIT (LSE: SOHO)

Currency in GBP

Last close As at 09/06/2023


−0.90 (−1.57%)

Market capitalisation


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.

Specialised social housing/care-based social housing is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals. Most providers/lessees are responding positively to regulatory activity by enhancing operational performance, financial strength and governance structures, all positive for sector sustainability.

Triple Point Social Housing REIT_resized


Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Ben Beaton

    Managing partner

  • Gregory Banner

    Investment manager

  • Isobel Gunn-Brown


  • James Cranmer

    Managing partner

Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 23.0 12.1 (37.7)
Relative 25.7 16.9 (37.0)
52 week high/low 94.9p/42.2p


Triple Point Social Housing REIT (SOHO) continues to acquire shares under its accretive share repurchase programme of up to £5m. Dependent on market conditions and pricing, the proceeds of the potential sale of property assets may also be deployed in further share repurchases. In FY22, indexed rental growth broadly offset higher borrowing costs and expected credit losses and the DPS target (5.46p) was met. A path has been set for restoring rent collection from the two in arrears (17% of rent roll) and the FY23 target will be announced with the Q123 update. Property valuations were robust versus the broader commercial property sector, resulting from long, indexed leases, and the NAV total return was a positive 5.7%. The company is well advanced with plans to roll out a new risk-sharing lease clause aimed at supporting lessees to address issues identified by the regulator.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 33.1 26.2 19.4 4.82 11.7 9.2
2022A 37.4 27.5 19.3 4.78 11.8 8.8
2023E 40.9 28.7 21.2 5.27 10.7 7.4
2024E 41.8 33.1 25.7 6.37 8.9 6.8



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