Triple Point Social Housing REIT Rent Collection, NAV and Dividend Declaration (3146E)

TIDMSOHO

RNS Number : 3146E

Triple Point Social Housing REIT

05 November 2020

5 November 2020

Triple Point Social Housing REIT plc

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

RENT COLLECTION

NET ASSET VALUE AND DIVIDEND DECLARATION

The Board of Triple Point Social Housing REIT plc (ticker: SOHO) announces an update on rental receipts, a dividend declaration and the Company's unaudited Net Asset Value ("NAV") as at 30 September 2020.

-- 100% of Q3 2020 rent due was received and ongoing rental receipts remain timely and in line with expectations and prior year experience.

-- Interim dividend has been declared in respect of the period from 1 July to 30 September 2020 of 1.295 pence per Ordinary Share.

-- NAV as at 30 September 2020 was 106.12 pence per Ordinary Share, an increase of 0.74% compared to 30 June 2020.

Rental Collection

The Group's ongoing receipt of rents remains timely, unaffected by COVID-19, and in line with expectations and prior year experience. As such 100% of rent due for Q3 2020 has been received.

Net Asset Value as at 30 September 2020

The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed and the prevailing value of forward funded commitments) as at 30 September 2020, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

The Group's portfolio has remained resilient to the disruption caused by COVID-19 and has continued to increase in value. This reflects the Group's ongoing consistent rent collection and the essential nature of the accommodation it provides to vulnerable adults.

 
 Net Asset Value 
                           As at 30 Sep   As at 30 Jun   % change 
                            2020           2020 
                            (unaudited)    (unaudited) 
                          -------------  -------------  --------- 
 NAV per Ordinary Share 
  (pence)                  106.12         105.34         +0.74% 
                          -------------  -------------  --------- 
 

For information purposes only, JLL also undertook a valuation of the Company's assets on a portfolio basis (a "Portfolio NAV") which assumes that the assets are held in a single company holding structure which is sold to a third party on an arm's length basis, and attracts lower purchaser costs of 2.3%. The Portfolio NAV per Ordinary Share as at 30 September 2020 was 117.60 pence.

Dividend Declaration

The Board has declared an interim dividend in respect of the period from 1 July to 30 September 2020 of 1.295 pence per Ordinary Share, payable on or around 18 December 2020 to holders of Ordinary Shares on the register on 13 November 2020. The ex-dividend date will be 12 November 2020.

1.1655 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 0.1295 pence will be paid as an ordinary UK dividend ("non-PID").

The Company is targeting an aggregate dividend of 5.18 pence per Ordinary Share in respect of the financial year ending 31 December 2020(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) 
 Ben Beaton 
 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 assets within the portfolio are subject to inflation-linked, long-term (typically from 20 years to 30 years), 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 an FRI 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 was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.

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November 05, 2020 02:00 ET (07:00 GMT)