Triple Point Social Housing REIT (LN: SOHO)

Currency in GBP

Last close As at 26/01/2023


−1.60 (−3.11%)

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.

Private capital remains 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.


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 (20.7) (25.1) (46.3)
Relative (23.7) (32.3) (47.6)
52 week high/low 96.5p/49.8p


In H122, index linked rent increases and acquisitions supported a continuation of consistent positive returns and the resilience of Triple Point Social Housing REIT’s (SOHO’s) business model has been underlined by the re-affirmation of its investment grade credit rating. Borrowings are long term and at fixed rates and provide scope for further external growth. H122 NAV per share increased 3.2% and including DPS paid the accounting total return was 5.8%. DPS declared of 2.73p leaves SOHO on track to meet its 5.46p (+5%) annual target, with DPS fully covered on an EPRA earnings run-rate basis. For tenants, most costs of providing specialised supported housing are reimbursed by government, but not all, for which inflation is a challenge. If adopted, a cap on social housing rent increases would compound the inflationary pressures on operator lessee margins but SOHO’s revised investment policy provides it with additional flexibility to manage the effects.

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 10.8 7.3
2021A 33.1 26.2 19.4 4.82 10.3 8.1
2022E 37.2 29.0 18.6 4.62 10.8 6.7
2023E 39.1 31.1 22.7 5.63 8.8 6.4



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