Triple Point Social Housing REIT (LSE: SOHO)

Currency in GBP

Last close As at 04/12/2023


0.60 (0.98%)

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.

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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 debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 17.7 11.7 (6.4)
Relative 14.3 12.2 (4.9)
52 week high/low 71.0p/42.2p


With indexed rental growth continuing and rent collection recovering, Triple Point Social Housing REIT’s (SOHO’s) Q323 dividend was fully covered, and we expect this to continue. Meanwhile, while the board continues its focus on closing the share price discount to NAV, it has concluded that any further capital return is dependent on significant additional liquidity being generated through property sales.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 33.1 26.2 19.4 4.82 12.7 10.0
2022A 37.4 27.5 19.3 4.78 12.8 9.6
2023E 39.8 27.2 19.7 4.95 12.4 8.5
2024E 41.3 32.8 25.3 6.43 9.5 7.4



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