Triple Point Social Housing REIT NAV, 2023 DIVIDEND GUIDANCE & DIVIDEND DECLARATION (4160A)
24 Mayo 2023 - 1:00AM
UK Regulatory
TIDMSOHO
RNS Number : 4160A
Triple Point Social Housing REIT
24 May 2023
24 May 2023
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
NET ASSET VALUE, 2023 DIVIDEND GUIDANCE AND DIVIDEND
DECLARATION
The Board of Directors of Triple Point Social Housing REIT plc
(ticker: SOHO) is pleased to announce the Company's unaudited Net
Asset Value ("NAV") as at 31 March 2023, dividend guidance for the
financial year ending 31 December 2023 and the declaration of the
first quarterly interim dividend.
NAV as at 31 March 2023
The unaudited NAV reflects an independent RICS "Red Book"
valuation of the Company's portfolio (including all property
acquisitions completed) as at 31 March 2023, prepared by Jones Lang
LaSalle Limited ("JLL"), on an individual asset basis (as required
by IFRS).
NAV
As at 31 As at 31 % change
Mar 2023 Dec 2022
(unaudited) (audited)
-------------- ------------ ----------
NAV per Ordinary Share
(pence)* 111.54p 109.06p + 2.3 %
-------------- ------------ ----------
* As at 31 March 2023, the EPRA NTA and IFRS NAV for the Company
were the same.
Despite challenging market conditions over the three months to
31 March 2023, the Board is pleased that the unaudited NAV per
Ordinary Share has increased due to rental growth in the portfolio.
The positive impact of rental growth on the valuation of the
Group's properties was partially offset by a slight outward
movement in valuation yields across the portfolio, reflecting wider
market conditions, and further outwards yield adjustments
attributable to properties leased to Parasol Homes.
As noted in the Group's latest Annual Results, the Investment
Manager has been working with both Parasol Homes and My Space (the
two Approved Providers in material rent arrears) to increase rental
payments. We expect payments from both Approved Providers to
increase over the course of the year. The Group is continuing to
progress with the transfer of its leases away from My Space but
notes that this may not be required if My Space were to agree a
business combination or merger with another Registered
Provider.
2023 Dividend Guidance
In respect of the financial year ending 31 December 2023, the
Company is targeting an aggregate dividend of 5.46 pence per
Ordinary Share(1) . The Board has decided to keep the target
dividend flat in order to preserve dividend cover for the year
ending 31 December 2023 whilst the Investment Manager focuses on
addressing the rent arrears noted above.
Dividend Declaration
The Board has declared an interim dividend in respect of the
period from 1 January to 31 March 2023 of 1.365 pence per Ordinary
Share, payable on or around 30 June 2023 to holders of Ordinary
Shares on the register on 9 June 2023. The ex-dividend date will be
8 June 2023.
The dividend will be paid as a Property Income Distribution
("PID").
ENDS.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Max Shenkman
Isobel Gunn-Brown
Akur Capital (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser Tel: 020 7710 7600
and Corporate Broker)
Mark Young
Rajpal Padam
Madison Kominski
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at www.triplepointreit.com .
Note:
(1) The target dividend is a target only and not a forecast.
There can be no assurance that the target will be met and it should
not be taken as an indication of the Company's expected or actual
future results.
NOTES:
The Company invests in primarily newly developed social housing
assets in the UK, with a particular focus on supported housing. The
majority of the assets within the portfolio are subject to
inflation-linked, long-term, Fully Repairing and Insuring ("FRI")
leases with Approved Providers (being Housing Associations, Local
Authorities or other regulated organisations in receipt of direct
payment from local government). The portfolio comprises investments
into properties which are already subject to a lease with an
Approved Provider, as well as forward funding of pre-let
developments but does not include any direct development or
speculative development.
There is increasing political pressure and social need to
increase housing supply across the UK which is creating
opportunities for private sector investors to help deliver this
housing. The Group's ability to provide forward funding for new
developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents as well as delivering returns to
investors.
The Company is a UK Real Estate Investment Trust ("REIT") listed
on the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE EPRA/NAREIT
index.
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END
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