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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Triple Point Social Housing Reit Plc | SOHO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.20 | -0.33% | 60.80 | 16:28:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 60.00 | 60.00 | 61.10 | 60.80 | 61.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 14/9/2023 08:27 by cwa1 Found it to save you posting:-Ticker: SONG Share price at close: 93p Update: Triple Point Social Housing This is another trust to have seen its most direct rival fall to a bid, in this case for Civitas Social Housing at 80p a share, a premium of 44pc to the previous share price. The takeover of Civitas has already been completed and the shares no longer trade on the stock market. The offer price represented a 26.7pc discount to the trust’s NAV at the time. If we apply the same discount to Triple Point Social Housing’s NAV of 111.31p we arrive at a share price of 81.6p. The current share price is only 55.7p and the gap between the two figures is doubtless due in part to the long-running series of interventions by regulators in the social housing arena and the consequent reputational damage done to the trusts. Meanwhile Triple Point continues to pay its generous dividend at a targeted level of 5.46p this year, which represents a yield of 9.8pc, so investors are being well rewarded while they wait for improvement in the share price, whether from a bid or otherwise. Questor says: hold Ticker: SOHO Share price at close: 55.7p |
Posted at 07/9/2023 14:24 by indalo I'm reassured by the update;- would be good to see them move some properties to alternative approved providers on like-for-like rental terms to demonstrate that there is demand and that it can be done. - I think the inflation linked rents more than offsets the current negative divi' cover and refinance risk (which is ten years away - and who knows, rates may be back to 3% by then anyway!) - Structural demand remains strong. - CSH buyout underlines investor appetite for social housing. - Share buyback would be odd if they plan to clip the divi. My best guess now is that the divi will be maintained next year, or potentially increased a little if the troublesome providers are resolved (one way or another). Oh, and I'm enjoying the 2.5% quarterly dividends! I feel that the income and prospects easily outweigh the risks here. |
Posted at 01/9/2023 08:17 by wskill 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. |
Posted at 23/6/2023 13:07 by moth1 What am I missing here. PLUSES -Over 50% discount to asset value-Low leverage level -Over 11% yield-Cheap debt with plus 10 year average term-Similar business model, Civitas, just sold to CK, one of HKs oldest,largest and cleverest property groups for a bargain price of 80p. CK have other investments in UK social housing so will understand the space.-Civitas institutional investors will be looking for a home for their social housing exposure. Soho is the only choice-Professional management with Triple Point.High Yield will enable an acquirer to easily part finance with long term debt.MINUSES -Credit worthiness of some of the operators -Political risk of business modelMitigated by the analysis that CK group must have undertaken before they committed hundreds of millions to the Civitas acquisition. |
Posted at 15/6/2023 20:58 by m_kerr this is one of the cases that IMV you can look through the tenant risk and recognise that the underlying residential real estate is valuable and saleable independent of the covenant. that is not the case of many other subsectors, like offices, for instance.alot of investors would no doubt have considered this government income, when the reality is a little different. there is risk to the income streams here, but the share price no longer ascribes any premium for government income. long term direct government leases are about 5% NIY, but this valuation ascribes a 8.2% NIY. so it's another case where the known risks are already in the share price (and more) IMV. |
Posted at 30/5/2022 16:47 by rik shaw See page 43 of the 2021 Annual Report'Rents under the leases are indexed against either CPI (92.6%) or RPI (7.4%), which provides investors with the comfort that the rental income will increase in line with inflation. Some leases have an index ‘premium’ which the standard rental increase is based upon CPI or RPI plus a further percentage point, reflecting top-ups by local authorities. These account for 7.9% of the Group’s leases. ' |
Posted at 17/5/2021 11:21 by davebowler Marten and Co-The leading UK social housing investor, Civitas Social Housing (CSH), is on a firm footing as it steps up its growth plans. It has the investment firepower to grow its portfolio after securing new debt facilities. Significantly, it has also attained an investment grade credit rating that not only gives it access to the bond market and cheaper debt, but provides a big vote of confidence for the lease-based model in the social housing sector. Strong operational performance, including a rent collection rate that was unaffected by the pandemic, coupled with the planned growth of the portfolio, has given the board the confidence to raise its dividend target for the year to March 2022 above inflation forecasts. SECTOR: PROPERTY – UK RESIDENTIAL TICKER: CSH LN BASE CURRENCY: GBP(PENCE) PRICE: 116.4P NAV: 108.3P PREMIUM/(DISCOUNT): 7.5% YIELD: 4.6% |
Posted at 05/1/2018 09:50 by davebowler 4 January 2018Triple Point Social Housing REIT plc (the "Company" or, together with its subsidiaries, the "Group") INVESTMENT UPDATE TO 31 DECEMBER 2017 The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to provide the following update on its investment activity for the period from IPO on 8 August 2017 to 31 December 2017. The Company made a number of investments and in doing so has created a portfolio of regulated supported housing assets:1 Funds invested (excluding purchase costs) £130.1 million Number of properties 115 Number of leases with Approved Providers* 65 Approved Providers with whom the Company has leases 11 *The portfolio is 100% let or pre-let. Some leases cover multiple properties. The portfolio is also geographically diverse, currently spread across the following regions of England: North West 38.7% North East 18.7% West Midlands 14.6% East Midlands 8.8% Yorkshire 7.8% South 4.9% South East 3.8% London 2.6% Percentages based on funds invested (excluding purchase costs). The Company's delegated investment manager, Triple Point Investment Management LLP ("Triple Point"), has developed partnership programmes with a number of specialist vendors in the sector. Through these relationships, Triple Point has secured an attractive near-term off-market pipeline of more than 105 additional properties worth over £145 million that are allocated to the Company, on which it expects to contract over the next four months. In addition, Triple Point continues to evaluate potential portfolio acquisitions and forward funding opportunities through its network of contacts, which primarily spans Registered Providers and developers, as well as investors working in the sector. Chris Phillips, Chairman of the Company, commented: "The Company has made an encouraging start, deploying £130.1 million of the IPO proceeds to date in assets which afford both high quality accommodation to some of the most vulnerable people in our society and the opportunity for long-term value creation to the Company's shareholders. The Company will pay a dividend of 1p per share in respect of the period to 31 December 2017, and remains on track to deliver a 5p per share dividend in respect of its first full financial year to 31 December 2018.2" |
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