Triple Point Social Hous... Share Discussion Threads

[cruelladeville] 26/1/2023 18:54

Understood. I can't decide if this share is a total bargain or a slow motion disaster!

[hybrasil] 26/1/2023 17:08

You are right as to the covenants.

It’s just generally an awful sign in property type companies.
Look at inland for example

[cruelladeville] 26/1/2023 13:37

Agreed. But debt covenants are written against NAV, not market capitalisation. AFAIK, anyway. So, there's not an issue there.

[hybrasil] 26/1/2023 11:02

Net debt now exceeds market cap.

Not good in a property co

[cruelladeville] 26/1/2023 10:19

Silence from SOHO is a bit concerning. But what can they say? This is either the next scandal or a screaming buy. No idea which.

[hybrasil] 26/1/2023 06:29

Foxtrot Oscar - fidelis

[hindsight] 25/1/2023 19:05

The surprisingly low borrow fee rate is putting me off taking a long punt here

[hybrasil] 25/1/2023 18:44

Winning

I’d say this is bargepole territory.
Everything about this sector seems anything but transparent.

If the home problems are replicated here I think you throw all the paperwork (and navs with it) out the window

[chucko1] 25/1/2023 16:14

I would also allow this afternoon's to wear off!

[winnings1] 25/1/2023 15:51

Blundering once more, should have said : Property v;aue MINUS net debt. No drinks tonight.

[winnings1] 25/1/2023 15:20

Sorry abut posting the same message three times, I just did not see it appear on the list, hence I wrote it again..and again. Sorry.

[winnings1] 25/1/2023 15:16

At current low share price of 50p, SOHO's Market Cap is now at less than half the value of the Company's Net Assets (the property value plus net debt).

[winnings1] 25/1/2023 14:56

Value of the Company with the shares at around 50p today is now at less than helf the value of the Company's Net Assets (value of property plus net debt).
The hares look a screeming buy to me. So where am I wrong?

[winnings1] 25/1/2023 14:51

SOHO - Value of shares (50p today) now less than half the value of rhw company's Net Assets (value of the property plus net debt).

[cruelladeville] 25/1/2023 10:23

Expecting any read across here from the awful situation at HOME that was RNSd this morning?

[cruelladeville] 20/1/2023 10:15

A 38% loan to value is in the normal range for a REIT. It might get higher though if there's NAV reductions, which I think is very likely.

[dlp6666] 20/1/2023 09:57

Debt ratio/gross gearing is showing as c.38%.

Is that good or bad?

[ny boy] 20/1/2023 08:52

Has this been loaded with debt since the float, share price chart says it all I guess

[alanpro1] 20/1/2023 08:48

Is actually quite a positive article. "In this column's view at the heart of the matter is the arcane?sounding question of whether the ultimate tenants of Triple Point's properties, the individuals who need care, qualify as "specialised supported housing" tenants, which allows a higher level of housing benefit to be paid. This ultimately supports the rent paid to the trust and its ability to pay its dividend – and the valuation of its assets.The regulator has decided that most of My Space's tenants do not meet the definition of specialised supported housing; the key question is whether the same applies to Triple Point's other tenants. The trust's Max Shenkman tells Questor he believes it does not. On this basis its income should be largely secure (My Space accounts for 7.5pc of its assets, while a replacement tenant could be found). And the discount prices in an awful lot of bad news. Hold"Also note the chairman of CSH the other day said:"we remain confident that all our properties, including those with MySpace, meet the definition of Specialised Supported Housing. This is based on our knowledge of the high level of care provided, which is independently verified and meets the required definition for SSH."I'm here for the dividend, if people chose to sell at all time lows, so be it.

[jaskk1] 20/1/2023 07:31

Article in the Telegraph yesterday about social housing REITs being non compliant and in many cases run fraudulently. Scratchy beneath the surface and SOHO have been asleep at the wheel with some of the providers they deal with, not just my space. Not good and I have lost a fair amount here, but no longer trust the BOD and in a high ( normal ) interest rate environment, that’s a concern.

[hybrasil] 19/1/2023 13:27

Is there something sinister here. Exactly who is behind all this rubbish?
Edit

Has a look at the annual report

It says £590m invested since IPO. Something is very odd here

[cruelladeville] 17/1/2023 16:36

I am in too deep here. If I were looking to buy I think the entire social housing sector is presently very close to toxic. With both the Civitas and now the HOME situation I think you should wait and see.