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 . |
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." |
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 ) |
Excellent news, removes some uncertainty and fully covers the dividend. Still has My Space to resolve. I have added to my holding this morning. |
 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. |
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. |
Fieldreporter,
On your school holidays are you?
Your first post on these boards is your last as far as I'm concerned - filtered. |
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. |
Whereas if you change control and keep the debt then you've just gained an asset worth about £40m (delta between cost of debt v what new debt would cost discounted back at the new cost of debt over the average life of 9 years) That's about 10p per share Of course we won't get paid out that But if we get any takeover below EPRA NAV it's worth remembering that the true NAV is considerably higher than EPRA |
The debt is interesting WACD c9 years fixed at 2.74%, secured/non-recourse, all funded by MetLife - so looks like a private placement, but it has a public credit rating which is unusual for that type of debt Why does it matter Public, rated debt often allows change of control so long as you don't subsequently impair the rating Whereas bank/private debt often simply prohibits change of control so the debt all has to be repaid on a take over |
One of the reasons I've gone so heavily into SOHO ( I think it's the cheapest of all the REITs out there) is down to the time that has passed since HOME was unveiled as a fraud.Auditors will have been crawling all over SOHO and related REITs, and any dirt would have been uncovered by now.Triple Point have been useless, but I don't believe they have been fraudulent. |
It's a bit of that, it's that they need to restructure some leases and it's Tripple Point The contamination from HOME should be gone but I suspect still lingers - it's clearly not HOME |
As far as I'm concerned, almost all of my portfolio is trading at extremely low valuations! Great for dividend hunters - I'm still stashing away great yields at these sort of levels all across the market. I suspect that in due course this will - in retrospect (of course) - be seen as a great time for investors. |
What are peoples thoughts on why this trades so far below nav, is it purely home reit pollution? |
"We need to get rid of Tripple Point"
Agree, but could be argued this is one of their lesser disasters |
Ebox is a cleaner portfolio We need a good bit of asset management here else leaving it on the table for whoever bids for the REIT Even if a sale is the best way forward (I'd rather hold) far better it's after cleaning up the problem tenants/re-cutting leases |
The demand is still hot so they'll let it My concern is their assumed build costs look light and need further comfort that they can actually build - mainly power requirements |
This isn't the thread for it Oxford Tech Park is excellent; the London offices (sorry labs ;) - not so good |
SpectoAcc,
You're right about LABS spiking and then falling back but I don't think I was conned about clearing the seller.
The market maker operating for the seller had been killing that stock for months, dribbling the stock out so it fell every week.
When I organised a group to take him out at 33.7p, the selling did disappear and the stock stopped dropping every week. I think a few in the group must have flipped the stock (as is their right) but at least LABS has established a floor now. I also think the market maker might have held a couple of million shares back for himself, knowing the overhang was gone. I didn't sell any.
With SOHO, I took virtually all the stock myself at 57p and won't be selling any as I'm looking for much higher as a long term investment. As we've seen with EBOX, you can never know when a bidder approaches the company, and it's not as if we're not getting paid well to wait with a 9.5% divi.
I see the price in SOHO has spiked a little after my tweet today. The seller had been very strict about not supplying any stock below 57p (where I've been buying for some time) so wasn't killing it as was the case with LABS. When I first started buying SOHO, it was 61p but I've had 1.365p div since then, so i guess that translates to the "spike" price today.
I think both shares will do very well but I'm probably more concerned about the risk with LABS if they can't easily let out Oxford Technology Park when complete. |
Labs, seriously |
Lol fair point. |
Let's not forget that in the not exactly brilliant world of UK investment trusts Tripple Point are clearly the most incompetent - I accept they aren't fraudsters so in the assisted living space there's worse But not being a fraudster shouldn't be sufficient qualification |
Yeah - I'm still mulling a position in LABS - best to buy when the spike fades |
Tracey Fletcher-Ray is the senior independent Non Exec at Tripple Point I wrote to her a few weeks ago with my concerns that this is a sitting duck for a cheap takeover and thus the external manager needs to be changed (they've lost TENT and are losing DGI9) Atrato (manger of SUPR) have a social/assisted housing platform, key thing is that we get somebody in with both experience and market confidence The alternative to a PE takeover (cheaply of course) is a wind down - but of course we all need somewhere to put the profits of our other wind ups into - and this should be an excellent place for that |
We need to get rid of Tripple Point else this will go cheaply to PE |
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