SOHO Triple Point Social Housing REIT PLC

Edison issues update on Triple Point Social Housing REIT (SOHO): Strong rent growth and improving rent collection

Edison Investment Research Limited
Edison issues update on Triple Point Social Housing REIT (SOHO): Strong rent growth and improving rent collection

21-May-2024 / 11:07 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 21 Mai 2024

 

Edison issues update on Triple Point Social Housing REIT (SOHO): Strong rent growth and improving rent collection

Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.

The targeted DPS represents a yield of 9% and, despite a share price recovery from a low point of c 42p in April 2023, the shares continue to trade at an almost 50% discount to NAV.

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Reports on Triple Point Social Housing REIT PLC

Martyn King
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Triple Point Social Housing REIT - Fully covered DPS

Q324 DPS was fully covered by adjusted earnings and despite a delay in resolving rent collection with My Space, one of the two recent problem tenants, we expect this to remain the case. My Space has ceased its partial rent payments since June but rent collection on the assets re-tenanted from Parasol to Westmoreland is expected to increase. With a My Space resolution taking longer, our forecasts for FY24 are reduced but are sufficient to cover DPS., while the shares continue to yield more than 9...

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Triple Point Social Housing REIT - Improving rent collection and fully...

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental growth and improving rent collection. Property valuations and NAV per share were lower, but progress with the two problem tenants and falling interest rates suggest this could reverse. Meanwhile, the shares yield more than 8% with the board targeting asset sales and share repurchases to address the discount to NAV.

 PRESS RELEASE

Edison issues update on Triple Point Social Housing REIT (SOHO): Stron...

Edison Investment Research Limited Edison issues update on Triple Point Social Housing REIT (SOHO): Strong rent growth and improving rent collection 21-May-2024 / 11:07 GMT/BST The issuer is solely responsible for the content of this announcement.   London, UK, 21 Mai 2024   Edison issues update on Triple Point Social Housing REIT (SOHO): Strong rent growth and improving rent collection Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board ...

Martyn King
  • Martyn King

Triple Point Social Housing REIT - Strong rent growth and improving re...

Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.

 PRESS RELEASE

Edison issues update on Triple Point Social Housing REIT (SOHO): Finan...

Edison Investment Research Limited Edison issues update on Triple Point Social Housing REIT (SOHO): Financial and operational progress 22-March-2024 / 09:37 GMT/BST The issuer is solely responsible for the content of this announcement.   London, UK, 22 March 2024   Edison issues update on Triple Point Social Housing REIT (SOHO): Financial and operational progress Triple Point Social Housing REIT (SOHO) reported a robust FY23 financial performance. Benefiting from inflation-linked rental growth and improving rent collection, DPS is once again covered on a run-rate basis, and w...

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