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Triple Point Social Housing REIT (LSE: SOHO)

Currency in GBP

Last close As at 04/12/2023

GBP0.62

▲ 0.60 (0.98%)

Market capitalisation

GBP252m

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.

Latest Insights

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Financials | Update

Triple Point Social Housing REIT — Q323 DPS was fully covered

Real Estate | Update

Triple Point Social Housing REIT — Robust base and capital deployment options

Real Estate | Outlook

Triple Point Social Housing REIT — Strong rental growth mitigating challenges

Real Estate | Update

Triple Point Social Housing REIT — DPS commitment maintained despite challenges
Triple Point Social Housing REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Ben Beaton

    Managing partner

  • Gregory Banner

    Investment manager

  • Isobel Gunn-Brown

    CFO

  • James Cranmer

    Managing partner

Balance Sheet

Forecast net debt (£m)

231.4

Forecast gearing ratio (%)

57850

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

Financials

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

Research

Update

Real Estate

Triple Point Social Housing REIT — Robust base and capital deployment options
Custodian-REIT_resized

Outlook

Real Estate

Triple Point Social Housing REIT — Strong rental growth mitigating challenges
Triple Point Social Housing REIT_resized

Financials

Update

Triple Point Social Housing REIT — Q323 DPS was fully covered

Triple Point Social Housing REIT_resized

Thematics

thematic

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TMT

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