reports
- Martyn King
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...
- Martyn King
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.
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
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.
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...
- Martyn King
Triple Point Social Housing REIT - 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 we expect further progress. Operational initiatives included the roll-out of the new lease clause and launch of the eco-retrofit pilot project.
Edison issues update on Triple Point Social Housing REIT (SOHO): Q323 ...
Edison Investment Research Limited Edison issues update on Triple Point Social Housing REIT (SOHO): Q323 DPS was fully covered 16-Nov-2023 / 08:57 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 16 November 2023 Edison issues update on Triple Point Social Housing REIT (SOHO): Q323 DPS was fully covered With indexed rental growth continuing and rent collection recovering, Triple Point Social Housing REIT’s (SOHO’s) Q323 dividend was fully covered, and we expect this to continue. Meanwhile, while the board continues its focus on cl...
- Martyn King
Triple Point Social Housing REIT - Q323 DPS was fully covered
With indexed rental growth continuing and rent collection recovering, Triple Point Social Housing REIT’s (SOHO’s) Q323 dividend was fully covered, and we expect this to continue. Meanwhile, while the board continues its focus on closing the share price discount to NAV, it has concluded that any further capital return is dependent on significant additional liquidity being generated through property sales.
Triple Point Social Housing REIT: Robust base and capital deployment o...
Edison Investment Research Limited Triple Point Social Housing REIT: Robust base and capital deployment options 28-Sep-2023 / 09:02 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 28 September 2023 Triple Point Social Housing REIT: Robust base and capital deployment options Triple Point Social Housing (SOHO) reported solid H123 results. With borrowing costs fixed, growth in indexed rental income partly offset the impact of credit loss provisions against its two unperforming tenants. Progress is being made in resolving these issue...
- Martyn King
Triple Point Social Housing REIT - Robust base and capital deployment ...
Triple Point Social Housing (SOHO) reported solid H123 results. With borrowing costs fixed, growth in indexed rental income partly offset the impact of credit loss provisions against its two unperforming tenants. Progress is being made in resolving these issues, and as there is no read-across to the wider portfolio, we forecast full dividend cover through FY24. Meanwhile, with the demand for specialised supported housing remaining strong, SOHO has entered a partnership with one of the leading pr...
- Martyn King
Triple Point Social Housing REIT - Strong rental growth mitigating cha...
Triple Point Social Housing REIT’s (SOHO’s) FY22 results were robust. Indexed rent growth compensated for higher debt costs and expected credit losses, and the DPS target was met. Income and dividends have grown each year since listing, while the company has generated strong social returns. We expect progress in FY23 despite a continuation of credit losses, for which SOHO has set out a path to recovery. Sector issues raised by the regulator continue to generate uncertainty despite a positive res...
- Martyn King
Triple Point Social Housing REIT - DPS commitment maintained despite c...
In its trading update, Triple Point Social Housing REIT (SOHO) sets out the path to restoring rent collection from two lessees in arrears. It also underlines the quality of its portfolio, the continuing performance of most lessees and their progress with addressing regulatory concerns. Until resolved, the arrears will have an impact on earnings and valuation, but SOHO remains committed to its FY22 DPS target of 5.46p. We will revise our forecasts when the FY22 results are published in March.
- Martyn King
Triple Point Social Housing REIT - Resilience based on strong fundamen...
In H122, index linked rent increases and acquisitions supported a continuation of consistent positive returns for Triple Point Social Housing REIT (SOHO). Its borrowings are long term and at fixed rates, and provide scope for further external growth. If adopted, a cap on social housing rent increases would compound the inflationary pressures on operator lessee margins but SOHO’s revised investment policy provides it with additional flexibility to manage the effects.
Triple Point Social Housing REIT (SOHO): Well positioned for growth
Triple Point Social Housing REIT (SOHO): Well positioned for growth 05-May-2022 / 07:00 GMT/BST London, UK, 5 May 2022 Triple Point Social Housing REIT (SOHO): Well positioned for growth Triple Point Social Housing REIT (SOHO) delivered a strong performance in FY21 with its portfolio of long lease specialised social housing assets continuing to perform as expected. With predominantly uncapped index-linked rent uplifts and fully fixed borrowing rates it is extremely well positioned in the current inflationary environment, while capital remains available for further accretive...
- Martyn King
Triple Point Social Housing REIT - Well positioned for growth
Triple Point Social Housing REIT (SOHO) delivered a strong performance in FY21 with its portfolio of long lease specialised social housing assets continuing to perform as expected. With predominantly uncapped index-linked rent uplifts and fully fixed borrowing rates it is extremely well positioned in the current inflationary environment, while capital remains available for further accretive acquisitions.
- Martyn King
Triple Point Social Housing REIT - Enhancing investment flexibility
Triple Point Social Housing REIT (SOHO) will propose certain changes to its investment policy and restrictions at the next AGM to be held on 27 May 2022. The changes reflect the evolution of market practice and provide additional flexibility to pursue a strong investment pipeline, on terms compatible with SOHO’s existing return targets. We make no changes to our forecasts ahead of the release of FY21 results, expected in late March.
TRIPLE PNT.SCL.HSG.PLC sees an upgrade to Positive due to a better fun...
The general evaluation of TRIPLE PNT.SCL.HSG.PLC (GB), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 14, 2021, the closin...
- Martyn King
Triple Point Social Housing REIT - Financial and social returns
Triple Point Social Housing REIT (SOHO) delivered strong performance in H121. Its portfolio of long lease specialised social housing assets continues to perform as expected, delivering consistent financial returns and generating strong, externally assessed social value. Although the share price has recently weakened on a revived debate about the sustainability of the lease-based provider model, we forecast no financial impact and expect SOHO to meet its FY21 DPS target (a yield of 5.4%).
- Martyn King
Triple Point Social Housing REIT - Financial and social returns
Triple Point Social Housing REIT (SOHO) delivered strong performance in H121. Its portfolio of long lease specialised social housing assets continues to perform as expected, delivering consistent financial returns and generating strong, externally assessed social value. Although the share price has recently weakened on a revived debate about the sustainability of the lease-based provider model, we forecast no financial impact and expect SOHO to meet its FY21 DPS target (a yield of 5.4%).
- Martyn King
Triple Point Social Housing REIT - Positive Q121 return and increased ...
A quarterly NAV and dividend update from Triple Point Social Housing REIT (SOHO) shows the portfolio remaining resilient, continuing to increase in value with consistent rent collection. The FY21 DPS target is increased 0.4%, in line with CPI, and we forecast full cover by adjusted cash earnings.
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