Next Qtrly x-div on 19th Sept |
 Results rns out today, very good imo
Nice to have figures to back up that the dividend is fully covered
"EPRA earnings increased by 31% to £11.4 million from £8.7 million" and more to come
Income will continue to rise in the second half
"In the first six months of 2024 annual rent increases were put through in respect of 66% of the Group's leases, with the rest to follow in the second half of the year"
Buyback to start in 2nd half too
"Following the announcement in June that the Company had agreed heads of terms in relation to a portfolio sale with an aggregate value in excess of £20m we had expected the sale to complete in September. Completion has now been moved out to November to allow for sufficient time for the acquiror's debt funder to finalise their process. The rationale behind the portfolio sale was to sell at a price that was supportive of the book value of the properties and unlock additional liquidity that would then be used to return capital to shareholders through a share buyback programme and this remains the Board's objective"
Upgrade of properties to EPC C via govt grants will help with valuations and NAV uplift
And more good news is on the way shortly |
Hard to refute a criticism of Triple Point |
Div date announced |
Oakbloke having a pop at TP - hxxps://theoakbloke.substack.com/p/is-soho-a-no-go
Not that positive, but his main worries seem to be TP and them being unable to resist mucking it up or dodgy dealings. I'm happy here for now especially under a government more supportive than previously |
Ditto It's possible there's a little to come of the NAV for transitioning tenants, but that's 2-5% type of a hit; max 10% Red Book valuations are more reliable than DCF/models plus houses are just easier to value And of course there's good market comps; and also now clear this isn't HOME But equally clear the stink won't clear until TP are gone - and you just simply can't trust them |
I am happy the nav is in the right ballpark
You can look up what the last properties were sold for then consider the low rate on debt and high and covered yield which should also be supportive |
How confident are investors in the reported NAV after the DG19 debacle? |
I'm all for patience But what's more likely it TP stay is it gets taken out cheaply by PE Sure nice capital gain But would far rather pick up my 9.5 yield on cost forever If your taken out at a say c7.5 yield then there's not that many places you can put it at that yield with this level of risk |
Getting a great yield while watching it slowly recover is fine by me but I can understand others frustration and desire for this to get back to nav quickly
Hopefully you will get your wishes after the review results in one week from now |
I second that WC104. I don't think TP have any hope of running a green grocer now. |
Check out DGI9 - also run by Tripple Point They've just had their NAV cut from 79p to 45p over a period when the marco has improved That looks very fraudy - on over inflated book values they of course get paid management fees I'm not arguing that SOHOs NAV is over valued (or certainly not by anything like the extent that DGIs was) But it's absolutely clear that this won't recover until Triple Point go Need a new manager urgently |
I've been stashing these away for a little while at average 9% yield, so any capital growth is just icing on the cake. Love a quarterly dividend too. |
When the wind is fair, it is not just narrowing the discount to the NAV. But also narrowing to a growing NAV. A nice double whammy plus possibly a growing dividend. |
With decent management, sorting out the remaining tenant issues (even if that means taking a bit of a hit on near term rental income) there's no reason why we shouldn't get to NAV; particularly if rates fall and the wealth managers all start panicking about getting a proper yield |
In the normal scheme of things I would be poised on the reduce button. But the discount gave me pause for thought. I checked out the historic 10y discount sp/NAV. Apart from recently (and COVID blip) the biggest discount is 28.1%. If that is matched in the next 10 years then the share price would need to rise by at least 3.9%pa. When added to the current dividend yield of 8.6% my expected return is >12.5%. Better than I can find elsewhere, so staying put and riding the surge. |
IndeedHopefully we get good news on our friends at Triple PointNew manger and bit of asset management and this should trade up towards NAV Like SUPR, this is one I'd like to own for the long term; rather than get taken out by an opportunistic PE bid - a la CSH - even if that's hardly a disaster from an immediate return perspective |
This has been firming nicely recently |
Maybe of help
Social housing rents will rise by more than inflation over the next decade as part of UK government plans to boost affordable house building and shore up the finances of struggling landlords. |
 Very good summary.
The £243m Triple Point Social Housing (SOHO) Reit said it had ‘been encouraged by the number and quality of proposals’ since launching the independent review in May, which was set to consider its benchmarking and ensure its terms compared favourably to industry peers in terms of best practice.
The board said ‘significant progress in the selection process has been made’.
The high-yielding property fund has traded at a persistently steep discount – currently 46% – as it battled defaulting tenants, an uncovered dividend caused by rent arrears, and a large debt pile.
Over a five-year period, the company has seen net asset value (NAV) increase by 57.6% but the shares have gained just 4.5%.
In the past year, the shares have done better, gaining 12.7% as the fund offloaded properties – sometimes at below book value – in order to drum up cash for a buyback. However, this did little to improve the discount and a decision not to sell any more properties was made this year.
Shareholders could be forgiven for wondering whether Triple Point will remain manager of the trust when the review results are announced on 13 September given its recent track record.
At the beginning of the year Triple Point-run Digital 9 Infrastructure (DGI9) served notice on the company and Triple Point Energy Transition (TENT) is in the midst of winding down. |
Did anyone else think this was an obfuscated message that rents from the problem managers will have to come down a fair bit to attract new managers?
I bought a few more but I've had my fill now. Good luck!
Selling things at NAV and using proceeds for buy backs can increase divi cover not decrease it. |
To be honest I would prefer if they stopped all sales and just ran the assets for income thats why I am back in SOHO now Triple point will at least have to match costs of any competitor . |
This news is also due to drop anytime now :-)
In May they stated
"...The Company intends to make further portfolio sales this year. The Investment Manager is currently in the process of agreeing heads of terms in relation to the sale of a portfolio." |
V good news Validates the theory that this is fixable and isn't HOME reit Just need to ditch Tripple Point, sort out MySpace and we are away to the races (I hope ) |
Excellent news, removes some uncertainty and fully covers the dividend. Still has My Space to resolve. I have added to my holding this morning. |
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