Triple Point Social Housing REIT (LSE: SOHO)

Currency in GBP

Last close As at 25/03/2023


−1.05 (−2.29%)

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.

SSH/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 debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (18.0) (27.1) (51.4)
Relative (14.1) (27.9) (50.9)
52 week high/low 96.5p/44.8p


In a trading update, SOHO confirmed the board’s commitment to the annual DPS target of 5.46p and set out its path to restoring rent collection from two (of 26) lessees (c 17% of rent roll in aggregate) in arrears. It also underlined the quality of its portfolio, the continuing performance of most lessees and its progress with addressing regulatory concerns. SOHO is focused on specialised social housing (SSH), for which demand remains high. It provides care and support to vulnerable individuals, in highly adapted properties operated by regulated lessees and independent, regulated care providers. SOHO plans to introduce a new risk-sharing clause into leases aimed at supporting lessees to better address issues identified by the regulator. We will adjust our forecasts for likely property yield widening and rent arrears with the results.

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 4.6 9.6 6.5
2021A 33.1 26.2 19.4 4.8 9.2 7.2
2022E 37.2 29.0 18.6 4.6 9.6 5.9
2023E 39.1 31.1 22.7 5.6 7.9 5.7



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