REG - Triple Point Soc.Hsg - Rent Collection and Portfolio Sale Update

Triple Point Social Housing REITAnnouncement

10/06/2024 07:00

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RNS Number : 7028R  Triple Point Social Housing REIT  10 June 2024

10 June 2024

 

Triple Point Social Housing REIT plc

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

Rent Collection and Portfolio Sale Update

 

Further to the "Portfolio Sale and Lease Transfer" announcement made on 3 May
2024, the Board of Triple Point Social Housing REIT plc and Triple Point
Investment Management LLP ("Triple Point" or the "Investment Manager") today
provide an update on rent collection, a potential portfolio sale and progress
made with tenants, My Space and Parasol.

Increasing rent collection and strong rental growth continues

The Company's portfolio delivered resilient performance in the first three
months of the year to 31 March 2024. Rent collection increased to 93.3% (Dec
23: 90.2%), and 25 out of the Company's 27 lessees continued to demonstrate no
material rental arrears.

Increased rent collection has been complemented by continued rental growth. As
at 30 April, 61.6% of the Group's leases had put through their 2024 annual
rent increase at a weighted average uplift of 6.1%.

Update on portfolio sale

The Company has agreed heads of terms in relation to a portfolio sale with an
aggregate value in excess of £20 million. The portfolio sale is
representative of the Company's wider portfolio and contains a range of both
new build and adapted properties as well as self-contained and shared homes.
EPC ratings of the properties range from B to D. We expect the portfolio sale
to complete prior to the publication of the Company's interim results for the
sixth month period to 30 June 2024, which will be published in September.

Update on Parasol and My Space

Parasol

The Investment Manager has commenced a process of transferring all of the
Group's properties currently leased to Parasol to Westmoreland, representing
9.6% of rent roll. The transfer process remains on track to complete before
the reporting of the Company's interim results in September.

Following completion of the lease transfer process, an update on forward
looking rent collection will be provided and, in the interim, Parasol
continues to pay rent in accordance with the existing creditor's agreement.

My Space

The Investment Manager continues to engage with My Space's senior management
team on their turn-around plan. The Company notes that four new independent
Board members have been put in place with housing, audit, compliance and
procurement expertise and that rent collection is expected to increase over
the course of the year. If an acceptable long-term position cannot be reached
with My Space, which represents 8.1% of rent roll, then, as with Parasol, the
Investment Manager will move leases to one or more alternative Registered
Providers.

 

 

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                                                                                        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/) .

 

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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