Triple Point Social Housing REIT PLC
LSE:SOHO
Triple Point Social Housing REIT PLC
Triple Point Social Housing Reit Plc is a closed-ended investment company and operates as a real estate investment trust. The firm seeks to address the ongoing housing crisis by investing in the United Kingdom social housing sector, providing sustainable homes, which have been adapted for vulnerable adults with long-term care and support needs, including mental health issues, learning disabilities, or physical and sensory impairment. The Company’s portfolio comprises approximately 458 properties and its counties include North West, West Midlands, East Midlands, Yorkshire, South East, London, North East, South West, East, Scotland and Wales. The Company’s investment manager is Triple Point Investment Management LLP.
Triple Point Social Housing Reit Plc is a closed-ended investment company and operates as a real estate investment trust. The firm seeks to address the ongoing housing crisis by investing in the United Kingdom social housing sector, providing sustainable homes, which have been adapted for vulnerable adults with long-term care and support needs, including mental health issues, learning disabilities, or physical and sensory impairment. The Company’s portfolio comprises approximately 458 properties and its counties include North West, West Midlands, East Midlands, Yorkshire, South East, London, North East, South West, East, Scotland and Wales. The Company’s investment manager is Triple Point Investment Management LLP.
Earnings Growth: Earnings per share rose 22% to 3.3p, driven by higher rent collection and significant cost reductions.
Dividend Increase: The target dividend was raised by 3% to 5.62p per share, now covered 1.2x by earnings.
Cost Efficiency: The EPRA cost ratio fell to 16.5% following a new fee structure and cost review, with management fees down 33%.
Tenant Challenges Addressed: Major progress was made resolving issues with problematic tenants, notably Parasol and My Space, supporting rental income recovery.
Inflation Protection: 100% of rents are inflation-linked and mostly uncapped, providing a strong hedge if inflation stays elevated.
Portfolio Health: 97% of properties are performing well, with a high occupancy rate of 86%, and ongoing divestment of underperforming assets.
Debt Profile: Debt remains attractive, with 8.1 years average maturity at a fixed 2.74% cost and an A- Fitch rating reaffirmed.
