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.