Social Housing Reit Share Discussion Threads

[dandigirl] 07/9/2023 08:26

Nothing to get excited about IMV.

Dividend cover only x0.8 and no tangible progress on the 3 troublesome "partners", two of which have significant arrears.

Nothing much has changed in the past year.

Disappointed.

[grahamg8] 07/9/2023 06:33

Picked out two nuggets. Recent sale was to demonstrate market liquidity and soundness of property valuations. Ie there was no particular business reason for the sale. Unfortunately the share price doesn’t seem to have moved as a result.

“pipeline of projects” with Golden Lane, starts with 12 flats in Chorley. I’m all for it. Onwards and upwards.

[cwa1] 06/9/2023 13:31

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO) has declared an interim dividend in respect of the period from 1 April 2023 to 30 June 2023 of 1.365 pence per Ordinary Share, payable on or around 29 September 2023 to holders of Ordinary Shares on the register on 15 September 2023. The ex-dividend date will be 14 September 2023.



The dividend will be paid as a Property Income Distribution ("PID").



The Company is targeting an aggregate dividend of 5.46 pence per Ordinary Share for the financial year ending 31 December 2023. 1

[superiorshares] 05/9/2023 17:50

I will repeat.
Low 50s this is heading too

[cruelladeville] 05/9/2023 16:57

Yes, it seems so. Once they're out of the game we might see the share price recover somewhat. Likely that their selling has helped keep the price below 60p.

[superiorshares] 05/9/2023 16:00

Don't fight the Fed

Don't fight. SS

[badtime] 05/9/2023 15:41

Blackrock still selling down?

[grahamg8] 01/9/2023 16:23

Apologies wskill I misread your post about 1% of unrestricted property. Historically SOHO has traded pretty close to NAV. So using your 109pps and say take off 10% to be cautious, apply the current dividend and we get a yield of around 5.6%. I would like to see it come in at around 6% so some of the proceeds might go that way. Otherwise a commitment to keep buying back should slowly work. Keep a bit of cash in the war chest to buy distressed property?

Plenty of reasons to buy or hold.

[riverman77] 01/9/2023 15:50

Ridiculous to claim disappointment at selling at 3% below book value. Fair enough if it was trading around NAV but it's on a 50% discount, so about 94% upside if they could sell the rest at that level.

Dandigirl - the upside is a lot more than 46.5%. If you go from 50p to 96.5p that's 93%.

[dandigirl] 01/9/2023 15:14

Think Justin Bell of NUMIS is trying to be provocative. Even if he is right, compare the 3.5% discount with the current sp/NAV discount of 50%. 46.5% upside even using his basis.

[cruelladeville] 01/9/2023 12:27

SOHO seems significantly derisked now from the fallout from HOME. Though I think it's been more market perception than reality anyway. There's been ample time to uncover the skeletons in the cupboard here. I bought too early but I'm not really worried. I definitely don't want a low ball bid to appear.

[williamcooper104] 01/9/2023 12:15

Indeed - the mistake institutional shareholders made was in not replacing the manager

[williamcooper104] 01/9/2023 12:14

Yep - my CSH went into SOHO It shouldn't be surprising that SOHOs realised sales are in line given how much the valuers and auditors (the big 4 now have their own value audit teams to pick through the details of valuations) will be paranoid after HOME

[adae] 01/9/2023 11:11

CSH had its own problems of undeclared related party transactions, directors being involved in management co tenants. Not aware of same at SOHO. HOME is of course in a class all of its own.

Is anyone familiar with any of the properties SOHO has just sold, and could they have represented the best of the unrestricted portfolio - the yield certainly seems low.

[wskill] 01/9/2023 11:08

SOHO has 497 homes valued at 109p per share just needs to fix Parasol and My Space and the share price should move up, now its confirmed the assets are worth what the independent valuer has valued them at.

Still irks me the sale price of CSH but I have reinvested the proceeds in SOHO.

[chucko1] 01/9/2023 08:26

But even then, one might expect a buy-out of, say, 90p - being a near 20% discount to NAV. That represents a total return of some 40% if that materialised within about a year.

I am not really fussed what happens as the share price seems quite happy to remain in la-la land at present. The bigger issue is whether to go large.

[williamcooper104] 01/9/2023 07:43

Good evidence that HOME really is it's own unique horror show And that CSHs independent directors should never have agreed the sale Have seen that rug pull before - buy a position in the external manager to then get a cheap buy out of the fund

[williamcooper104] 01/9/2023 07:40

Just joined you - only a little top up

[chucko1] 01/9/2023 07:29

It seems there is a large and partly automated seller as there has been the past days. Clearly they are bigger than I, and clearly rather more needy than I.

[chucko1] 01/9/2023 07:25

I am quite surprised. I seem to be the only market buyer!!

[spectoacc] 01/9/2023 07:22

Disappointing reaction, happy to hold.

[wskill] 01/9/2023 07:17

Yes after the HOME debacle all providers were tarred with the same brush a great pity we lost CSH so cheaply. SOHO have now provided us investors with the proof that there is no chance of another HOME type fraud here.

[chucko1] 01/9/2023 07:03

Most likely, this should be seen for what it is - a validation of the proximity of the valuation of the entire portfolio to what is claimed (independently assessed).

This helps to support the likelihood of continuation of the pretty well inflation-linked return of some 9.70%. Viewed in these terms, this has very strong return possibilities over the coming years!

[wskill] 01/9/2023 06:52

No it's 10% of the portfolio which has no loans on this was the reason for sale and help provide a valuation of the company which it has done.