REG - Triple Point Soc.Hsg - NAV, Dividend Guidance and Dividend Declaration

Triple Point Social Housing REITAnnouncement

17/05/2024 07:00

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RNS Number : 8134O  Triple Point Social Housing REIT  17 May 2024

17 May 2024

 

Triple Point Social Housing REIT plc

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

NET ASSET VALUE, 2024 DIVIDEND GUIDANCE AND DIVIDEND DECLARATION

 

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce the Company's unaudited Net Asset Value ("NAV") as at
31 March 2024, dividend guidance for the financial year ending 31 December
2024 and the declaration of the first quarterly interim dividend.

 

NAV as at 31 March 2024

 

The unaudited NAV reflects an independent RICS "Red Book" valuation of the
Company's portfolio (including all property acquisitions completed) as at 31
March 2024, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual
asset basis (as required by IFRS).

 

 NAV
                                  As at 31 Mar 2024  As at 31 Dec 2023  % change

                                  (unaudited)        (audited)
 NAV per Ordinary Share (pence)*  114.15p            113.76p            +0.3%

 

* As at 31 March 2024, the EPRA NTA and IFRS NAV for the Company were the
same.

 

Income less expenses had a net positive 0.08p per share impact on the NAV,
whilst the £1.2 million increase in the value of the Group's property
portfolio increased the NAV by 0.31p per share. While the blended portfolio
net initial yield moved out by 19bps, reflecting current market conditions,
this has been more than offset by annual rent increases in the first quarter
that were linked to the September 2023 Consumer Price Index figure of 6.7%.

 

2024 Dividend Guidance

 

While rent collection in the first three months of 2024 has increased relative
to 2023, the Board has decided to keep the dividend target flat to preserve
dividend cover whilst the Investment Manager concludes the transfer of 38
properties from Parasol to Westmoreland and proceeds with the proposed sale of
a portfolio of properties (as per the Company's Portfolio Sale and Lease
Transfer announcement of 3 May 2024). As a result, the Company is targeting an
aggregate dividend of 5.46 pence per Ordinary Share for the financial year
ending 31 December 2024(1).

 

Dividend Declaration

 

The Board has declared an interim dividend in respect of the period from 1
January to 31 March 2024 of 1.365 pence per Ordinary Share, payable on or
around 28 June 2024 to holders of Ordinary Shares on the register on 31 May
2024. The ex-dividend date will be 30 May 2024.

 

The dividend will be paid as a Property Income Distribution ("PID").

 

 

 

ENDS.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 Triple Point Investment Management LLP                 Tel: 020 7201 8989

 (Investment Manager)
 Max Shenkman
 Isobel Gunn-Brown

 Akur Capital (Joint Financial Adviser)                 Tel: 020 7493 3631
 Tom Frost
 Anthony Richardson
 Siobhan Sergeant

 Stifel (Joint Financial Adviser and Corporate Broker)  Tel: 020 7710 7600
 Mark Young
 Rajpal Padam
 Madison Kominski

 Brunswick Group (Financial PR Adviser)                 Tel: 020 7404 5959
 Nina Coad
 Robin Wrench
 Mara James

 

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website at
www.triplepointreit.com (http://www.triplepointreit.com/) .

 

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.

 

 

NOTES:

 

The Company invests in primarily newly developed social housing assets in the
UK, with a particular focus on supported housing. The majority of the assets
within the portfolio are subject to inflation-linked, long-term, 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 a lease with an Approved
Provider, as well as forward funding of pre-let developments but does not
include any direct development or speculative development.

 

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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