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Triple Point Social Housing REIT (LSE: SOHO)

Last close As at 02/07/2024

GBP0.57

— 0.00 (0.00%)

Market capitalisation

GBP227m

Triple Point Social Housing REIT (SOHO) invests in primarily newly built and newly renovated social housing assets in the UK, with a particular focus on supported housing. SOHO aims to provide a stable, long-term inflation-linked income with the potential for capital growth.

Specialised social housing is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals. Most providers/lessees are responding positively to regulatory activity by enhancing operational performance, financial strength and governance structures, all positive for sector sustainability.

Latest Insights

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Real Estate | Update

Triple Point Social Housing REIT — Strong rent growth and improving rent collection

Real Estate | Update

Triple Point Social Housing REIT — Financial and operational progress

Financials | Update

Triple Point Social Housing REIT — Q323 DPS was fully covered

Real Estate | Update

Triple Point Social Housing REIT — Robust base and capital deployment options
Triple Point Social Housing REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Ben Beaton

    Managing partner

  • Gregory Banner

    Investment manager

  • Isobel Gunn-Brown

    CFO

  • James Cranmer

    Managing partner

Balance Sheet

Forecast net debt (£m)

231.4

Forecast gearing ratio (%)

57850

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.2) (3.0) 15.7
Relative (1.0) (6.4) 4.5
52 week high/low 64.9p/48.0p

Financials

A Q124 update confirms continuing strong inflation-linked rental growth and improving rent collection (93.3% vs 90.2% in December). Triple Point’s (SOHO’s) FY24 DPS target is however unchanged at 5.46p as the board considers the impact of recently announced asset sale plans and the transfer of properties from one of its two struggling tenants, Parasol, to a new tenant, Westmoreland. SOHO continues to engage with MySpace where it has been seeking to agree a creditor agreement. Q124 DPS was 1.06x covered by EPRA earnings. Rental growth more than offset yield widening and NAV/share increased 0.3% to 114.2p. Heads of terms have been signed on the sale of a more than £20m portfolio, to fund share repurchases, while also maintaining a suitable level of leverage. While accretive to earnings and NAV, this may create a short-term earnings drag until the proceeds are deployed.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 37.4 27.5 19.3 4.78 11.9 8.9
2023A 39.8 27.0 19.5 4.92 11.6 8.7
2024E 41.4 32.0 24.4 6.20 9.2 7.6
2025E 42.7 33.2 25.6 6.51 8.8 7.0

Research

Update

Real Estate

Triple Point Social Housing REIT — Financial and social returns

Update

Real Estate

Triple Point Social Housing — Positive Q121 return and increased DPS target

Real Estate

Update

Triple Point Social Housing REIT — Enhancing investment flexibility

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