SOHO Triple Point Social Housing Reit Plc

TIDMSOHO

RNS Number : 1945M

Triple Point Social Housing REIT

07 May 2020

7 May 2020

Triple Point Social Housing REIT plc

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

RENTAL RECEIPT UPDATE AND NAV AS AT 31 MARCH 2020

The Board of Triple Point Social Housing REIT plc (ticker: SOHO) announces, an update on rental receipts and the Company's unaudited Net Asset Value ("NAV") as at 31 March 2020.

-- 100% of Q1 2020 rent was received, and ongoing rental receipts remain timely and in line with both expectations and the experience of prior years

-- NAV as at 31 March 2020 was 105.67p per Ordinary Share, up 0.28% compared to 31 December 2019

Rental Collection

The Group's ongoing receipt of rents remains timely, and in line with both expectations and the experience of prior years. 100% of rent due for Q1 2020 has been received and 95% of rent due for April 2020 has been received to date, with the balance expected over the next few days (again in line with expectations and prior year experience).

Net Asset Value as at 31 March 2020

The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed and the prevailing value of forward funded commitments) as at 31 March 2020, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

Despite the disruption caused by COVID-19 the Group's portfolio has continued to increase in value. This reflects the Group's continuing consistent rent collection and the essential nature of the accommodation it provides to vulnerable adults.

 
 Net Asset Value 
                           As at 31 Mar   As at 31 Dec   % change 
                            2020           2019 
                            (unaudited)    (audited) 
                          -------------  -------------  --------- 
 NAV per Ordinary Share 
  (pence)                  105.67         105.37         + 0.28% 
                          -------------  -------------  --------- 
 

For information purposes only, JLL also undertook a valuation of the Company's assets on a portfolio basis (a "Portfolio NAV") which assumes that the assets are held in a single company holding structure which is sold to a third party on arm's length terms, and attracts lower purchaser's costs of 2.3 per cent. The Portfolio NAV per Ordinary Share as at 31 March 2020 was 116.49p.

The valuations have been reported by JLL subject to a 'material valuation uncertainty' clause reflecting the current market uncertainty created by COVID-19 and in line with recent RICS guidance. However, JLL noted in their valuation report that specialised supported housing transactions have continued to complete in recent weeks at prices consistent with pre-COVID 19 levels; that specialised supported housing remains an attractive sector to investors; and is arguably more so in the current climate because of the characteristics of the rental income stream.

In accordance with EPRA's Best Practices Recommendations Guidelines published in October 2019 (the "Guidelines"), the Company intends to start reporting the revised EPRA NAV metrics (as set out in the Guidelines) with its interim results for the six months ending 30 June 2020.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 Triple Point Investment Management   Tel: 020 7201 8989 
  LLP 
  (Delegated Investment Manager) 
 James Cranmer 
 Ben Beaton 
 Max Shenkman 
 
 Hanway Advisory Limited (Company     Tel: 020 7201 8989 
  Secretary) 
 Luke Cheshire 
 
 Akur Capital (Financial Adviser)     Tel: 020 7493 3631 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 

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 assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), 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 an FRI 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.

Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager).

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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