Triple Point Social Housing REIT (LSE: SOHO)

Last close As at 24/06/2024

GBP0.57

0.00 (0.00%)

Market capitalisation

GBP226m

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 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

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 (6.1) (2.9) 8.9
Relative (4.4) (9.0) (0.3)
52 week high/low 64.9p/48.0p

Financials

A Q124 update confirms continuing strong inflation-linked rental growth and improving rent collection, although the FY24 DPS target is unchanged at 5.46p as the board considers the impact of recently announced asset sale plans and the transfer of properties from one of its two struggling tenants, Parasol, to a new tenant, Westmoreland. Progress towards a creditor agreement with My Space continues. Q124 DPS was 1.06x covered by EPRA earnings. Rental growth more than offset yield widening and NAV per share increased 0.3% to 114.2p. Further portfolio sales are planned, although not quantified, to fund share repurchases, while also maintaining a suitable level of leverage. While accretive to earnings and NAV, this may create a short-term earnings drag until the proceeds are deployed.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 37.4 27.5 19.3 4.78 12.0 9.0
2023A 39.8 27.0 19.5 4.92 11.6 8.8
2024E 41.4 32.0 24.4 6.20 9.2 7.7
2025E 42.7 33.2 25.6 6.51 8.8 7.1

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