SOHO Triple Point Social Housing Reit Plc

10 June 2024

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

Rent Collection and Portfolio Sale Update

Further to the "Portfolio Sale and Lease Transfer" announcement made on 3 May 2024, the Board of Triple Point Social Housing REIT plc and Triple Point Investment Management LLP ("Triple Point" or the "Investment Manager") today provide an update on rent collection, a potential portfolio sale and progress made with tenants, My Space and Parasol.

Increasing rent collection and strong rental growth continues

The Company's portfolio delivered resilient performance in the first three months of the year to 31 March 2024. Rent collection increased to 93.3% (Dec 23: 90.2%), and 25 out of the Company's 27 lessees continued to demonstrate no material rental arrears.

Increased rent collection has been complemented by continued rental growth. As at 30 April, 61.6% of the Group's leases had put through their 2024 annual rent increase at a weighted average uplift of 6.1%.

Update on portfolio sale

The Company has agreed heads of terms in relation to a portfolio sale with an aggregate value in excess of £20 million. The portfolio sale is representative of the Company's wider portfolio and contains a range of both new build and adapted properties as well as self-contained and shared homes. EPC ratings of the properties range from B to D. We expect the portfolio sale to complete prior to the publication of the Company's interim results for the sixth month period to 30 June 2024, which will be published in September.

Update on Parasol and My Space

Parasol

The Investment Manager has commenced a process of transferring all of the Group's properties currently leased to Parasol to Westmoreland, representing 9.6% of rent roll. The transfer process remains on track to complete before the reporting of the Company's interim results in September.

Following completion of the lease transfer process, an update on forward looking rent collection will be provided and, in the interim, Parasol continues to pay rent in accordance with the existing creditor's agreement.

My Space

The Investment Manager continues to engage with My Space's senior management team on their turn-around plan. The Company notes that four new independent Board members have been put in place with housing, audit, compliance and procurement expertise and that rent collection is expected to increase over the course of the year. If an acceptable long-term position cannot be reached with My Space, which represents 8.1% of rent roll, then, as with Parasol, the Investment Manager will move leases to one or more alternative Registered Providers.

ENDS.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

The Company's LEI is 213800BERVBS2HFTBC58.

Further information on the Company can be found on its website at www.triplepointreit.com.

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.

The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018.  The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.