Triple Point Social Hous... Share Discussion Threads

[cwa1] 09/8/2021 15:14

Hi bt, thanks for that. Though slightly ironic as I've just offloaded a chunk today at 112p+(it became quite a decent holding in the end). Rationale: A) it's on a decent premium to NAV now, B) It is obviously yielding less pro rata now with the higher SP, C) Who know when the next tap will come? and D) I'm slightly nervy about markets and want to have a bit of cash if there's a dip...

I've kept some in case I've misjudged it!

Now, watch them fly ;-)

[badtime] 09/8/2021 13:23

None ...but that buy by CWA at 102 looks a nice one ...even my top up at 105 is look g reasonable

[1olddog] 05/8/2021 19:23

Big jump up today. Can’t find the reason for it though. Any thoughts?

[badtime] 26/7/2021 16:21

Unfortunately I topped up last week

[cwa1] 26/7/2021 11:58

Taken a few at 102'ish, seems to be plenty of stock going through the book.

Slight discount to NAV, 5% inflation protected yield. 100% rental collection IIRC.

Had a bit of cash looking for a home and this seems a sensible, low'ish risk, parking place that pays me whilst I wait. Fingers crossed anyway

[badtime] 17/5/2021 17:32

Like you I hold both and also added here today

[davebowler] 17/5/2021 11:21

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%

[pdt] 17/5/2021 09:32

I added today. Trading at a small discount to NAV, collected 100% of rents and inflation protected 5% Divi yield. Compares well to Civitas which trades at a small premium and slightly lower Divi yield. I hold both.

With increasing concerns about the return of inflation these type of stocks should gain interest.

[davebowler] 17/5/2021 09:18

Liberum;
Small dividend increase for 2021

Mkt Cap £424m | Share price 105.2p | Prem/(disc) -1.3% | Div yield 4.9%

Event

Triple Point Social Housing REIT has increased its dividend target for FY 2021 to 5.20p (FY 2020: 5.18p), representing an increase of 0.4% (in line with February 2021 CPI growth).

NAV per share at 31 March 2021 was 106.55p, reflecting a quarterly NAV total return of 1.3% (5.7% over the last 12 months). The manager has reported consistent rent collection in the period.

Liberum view

The company has typically set the dividend target on the basis of the February CPI data. Dividend cover in 2020 was 0.89x and was impacted by slightly slower deployment than expected as housing associations delayed taking on new leases. The run-rate dividend was recently reported as 0.98x including contracted income from forward funding commitments. This should improve as the manager has reported a £150m pipeline of investment opportunities which would deploy its remaining cash of £38m and the undrawn £30m available under the revolving credit facility.

[davebowler] 11/5/2021 11:07

Encouraging info on Civitas from Liberum;
Mkt Cap £728m | Share price 116.8p | Prem/(disc) 7.8% | Div yield 4.8%

Event

Civitas Social Housing's NAV per share at 31 March 2021 was 108.3p, representing a NAV total return of 1.4% in Q1 2021. Income remains the principal driver of returns. There was a slight uplift from indexation of leases in the period which was partly offset by capex on some of the properties. The net initial yield of the portfolio has reduced slightly to 5.24% (5.26% at December 2020).

CSH has maintained a high level of rent collection. 99% of rents have been received for Q1 2021 with the remainder expected shortly. This has resulted in strong cash generation and 100% dividend cover on a run-rate basis. Dividends of 5.4p have been declared for the 12 months to March 2021 (in line with guidance) and the company has increased the target for FY 2022 by 2.8% to 5.55p.


We expect further improvements in the dividend cover following the agreement of an £84.5m debt facility with M&G in the period. £11m has been drawn from this facility to date to fund the acquisition of 15 supported living and care facilities in South Wales. Civitas is also in discussions with a number of local authorities and charities to provide long-term accommodation for people suffering from homelessness. This will help to broaden its range of counterparties. Following the recent investment grade rating from Fitch, Civitas is working with its lenders to reduce its cost of funding whilst also increasing flexibility.

The number of incidences of Covid-19 amongst staff and tenants has remained at low levels. Several factors have contributed to this, including the configuration of many of the properties as self-contained apartments and the personalised care provision. The vaccine programme has been widely rolled out to both residents and staff.

Liberum view

The target dividend increase for FY 2022 is well ahead of the latest CPI measure of 1.0% at 31 March 2021. The uplift is also 1.3% ahead of our 5.48p dividend forecast for FY 2022. We expect full dividend cover on the increased payout. The agreement of the M&G debt facility provides capital to fund part of the investment pipeline and will bring the LTV ratio towards the 35% target.

Operationally, the portfolio has performed well throughout the pandemic. The properties provide essential care services and vital accommodation for vulnerable people and we note comments from the manager regarding the consistent increase in demand for suitable, adapted housing. The closure of long-stay hospitals is one of a number of factors driving demand for specialist supported housing. The latest figures from NHS England show a further 3.5% decline in available beds for people with mental illness and learning disabilities over the last four quarters.


The recent investment grade rating obtained from Fitch is an important milestone for the company. This is the first credit rating in the specialist supported housing sector and is a validation of both the company and the sector. The A rating is in line with Assura and the larger housing associations in the social housing sector. It should provide scope for debt cost savings and improvements in EPRA EPS over time.

[cwa1] 25/3/2021 09:54

Edison research. Usual caveats: paid for, may need to register, etc...

[badtime] 12/11/2020 13:31

Ex div today

[badtime] 09/11/2020 14:24

Even more do now

[badtime] 05/11/2020 14:24

Now you start thinking u should have taken up more than just the basic entitlement lol

[cwa1] 05/11/2020 14:14

Reasonable response to today's announcement...eventually...

[cwa1] 05/11/2020 07:31

Very solid and satisfactory update this morning IMO:-

[income investor] 21/10/2020 11:30

Company announced today it had raised £55m through open offer, placing and subscription offer. On 30 September it said it was targeting an equity raise of £70m. Shareholders under the open offer took up approx 25% of the shares available to them. With the share price hovering around the offer price, there wasn't much to go for. I did take up my basic entitlement under the open offer, but glad I didn't apply for any excess.

[badtime] 13/10/2020 20:58

....and then closes back at offer.....once rights out the way u do wonder if this dilution will push it closer to 100p

[cwa1] 13/10/2020 11:19

Well, gone below the offer price by quite a bit now. Have pulled my order and pondering whether to buy direct in the market now, or just to leave it.

Still happy with the company fundamentally though.

[badtime] 07/10/2020 22:42

Lol...I was quite happy to take the one for six....but not bothering about more

[cwa1] 07/10/2020 15:14

Won't be long before it is cheaper to buy them in the market...

[cwa1] 06/10/2020 10:38

Planning to take up my rights at 106 unless anything dramatic happens share price wise in the next few days

[davebowler] 06/10/2020 09:19

Existing shareholders can buy more shares for £1.06