Social Housing Reit Share Discussion Threads

[mark5man] 09/9/2024 08:15

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

[williamcooper104] 06/9/2024 11:52

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

[return_of_the_apeman] 06/9/2024 11:46

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

[aishah] 06/9/2024 09:51

How confident are investors in the reported NAV after the DG19 debacle?

[williamcooper104] 06/9/2024 09:22

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

[return_of_the_apeman] 06/9/2024 09:08

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

[loglorry1] 06/9/2024 08:39

I second that WC104. I don't think TP have any hope of running a green grocer now.

[williamcooper104] 06/9/2024 08:03

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

[woodhawk] 30/8/2024 17:38

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.

[riskvsreward] 30/8/2024 16:35

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.

[williamcooper104] 30/8/2024 16:13

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

[grahamg8] 30/8/2024 15:58

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.

[williamcooper104] 29/8/2024 13:42

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

[badtime] 29/8/2024 10:14

This has been firming nicely recently

[hindsight] 21/8/2024 14:20

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.

[ih_708114] 21/8/2024 13:21

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.

[loglorry1] 20/8/2024 08:31

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.

[wskill] 20/8/2024 08:26

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 .

[return_of_the_apeman] 20/8/2024 07:39

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."

[williamcooper104] 20/8/2024 07:32

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 )

[pdt] 20/8/2024 07:13

Excellent news, removes some uncertainty and fully covers the dividend. Still has My Space to resolve. I have added to my holding this morning.

[cwa1] 20/8/2024 06:51

Decent news...I hope :-)

20 August 2024



Triple Point Social Housing REIT plc

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

​

Lease Transfer

​

Further to the "Portfolio Sale and Lease Transfer" announcement made on 3 May 2024, the Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce the transfer of all 38 properties previously leased to Parasol (representing 8.2% of the Company's Gross Asset Value and 9.7% of the rent roll as at 31 March 2024) to Westmoreland Housing Association ("Westmoreland").

The transfer completed on 19 August and, up to the point of transfer, Parasol continued to pay rent in accordance with the existing creditor's agreement, being 60% of full lease rent. Following the completion of the transfer, we expect rent collection to increase to between 75% to 85% of existing FRI lease rent during an initial stabilisation period (expected to last approximately 12 months), and thereafter up to at least 90% of existing FRI lease rent. In turn, this will help ensure that dividends paid by the Company are fully covered.

The transfer is the culmination of an extensive four-month process focused on prioritising the welfare of residents, enabling proactive engagement with the Regulator by both Parasol and Westmoreland, and ensuring the transfer was undertaken in a way that maximised rental income. As well as increasing rent collection, the Board is confident that Westmoreland will provide good services to residents in the Group's properties.

Westmoreland manages 950 specialised supported housing homes. The current management team was appointed in 2020 and has successfully restructured Westmoreland, delivering four years of annual surplus and growing turnover in a sustainable way to over £15 million per annum whilst steadily increasing Westmoreland's cash position.

Chris Phillips, Chair of Triple Point Social Housing REIT, commented:

"Having successfully completed the transfer of properties, we look forward to working closely with Westmoreland to ensure that rent collection is increased and good services continue to be delivered to the properties' residents."

ENDS.

[ih_708114] 26/7/2024 09:32

I presume you work at TPIM Woodhawk.
Performance is all that matters and we need performance. Two years of underperformance cannot be sustainable at TPIM.

[woodhawk] 25/7/2024 15:27

Fieldreporter,

On your school holidays are you?

Your first post on these boards is your last as far as I'm concerned - filtered.

[ih_708114] 25/7/2024 15:00

Triple Point Investment Management is loathed by all and has one of the worst performance records in the city if not the world. Their performance across their entire portfolio is appalling.
I'd be embarrassed to turn up for work for fear of catcalling if I worked there.