Triple Point Social Housing REIT Net Asset Value and Dividend Declaration (2588H)

TIDMSOHO

RNS Number : 2588H

Triple Point Social Housing REIT

23 November 2022

23 November 2022

Triple Point Social Housing REIT plc

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

NET ASSET VALUE AND DIVIDEND DECLARATION

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO) are pleased to announce the Company's unaudited Net Asset Value ("NAV") as at 30 September 2022 and the declaration of an interim dividend.

Net Asset Value as at 30 September 2022

The unaudited NAV reflects an independent RICS "Red Book" valuation of the Group's portfolio (including all property acquisitions completed) as at 30 September 2022, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

 
 Net Asset Value 
                            As at 30        As at 30        % change 
                            Sep 2022        Jun 2022 
                             (unaudited)     (unaudited) 
                          --------------  --------------  ---------- 
 NAV per Ordinary Share 
  (pence)*                 111.58p         111.80p         -0.20 % 
                          --------------  --------------  ---------- 
 

* As at 30 September 2022, the EPRA NTA and IFRS NAV for the Group were the same.

Despite the turbulent market conditions over the three months to 30 September 2022, the Board is pleased to note that the unaudited NAV per Ordinary Share for the quarter remained stable, reflecting the long-term, inflation linked income generated by the Group's properties.

Rental increases for some of the Group's properties drove NAV gains which were offset by a minor softening in valuation yields, attributable to two Approved Providers currently in rent arrears (as noted in the Group's Interim Results for the period to 30 June 2022). The Investment Manager continues to work with these Approved Providers with the aim of restoring rental payments to historical levels and agreeing a payment schedule in respect of rental arrears.

Dividend Declaration

The Board has declared an interim dividend in respect of the period from 1 July to 30 September 2022 of 1.365 pence per Ordinary Share, payable on or around 16 December 2022 to holders of Ordinary Shares on the register on 2 December 2022. The ex-dividend date will be 1 December 2022.

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

This dividend is in line with the Company's target annual dividend of 5.46 pence per Ordinary Share in respect of the financial year ending 31 December 2022.(1)

Note:

(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 
 Triple Point Investment Management       Tel: [phone] 
  LLP 
  (Investment Manager) 
 Max Shenkman 
 Isobel Gunn-Brown 
 
 Akur Capital (Joint Financial Adviser)   Tel: [phone] 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 
 Stifel (Joint Financial Adviser          Tel: [phone] 
  and Corporate Broker) 
 Mark Young 
 Mark Bloomfield 
 Rajpal Padam 
 

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.

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.

The Company is a UK Real Estate Investment Trust ("REIT") listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE EPRA/NAREIT index.

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November 23, 2022 02:00 ET (07:00 GMT)