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Triple Point Social Housing REIT (LSE: SOHO)

Last close As at 15/04/2024

GBP0.60

▲ −0.80 (−1.32%)

Market capitalisation

GBP237m

Triple Point Social Housing REIT (SOHO) invests in primarily newly built and newly renovated social housing assets in the UK, with a particular focus on supported housing. SOHO aims to provide a stable, long-term inflation-linked income with the potential for capital growth.

Specialised social housing/care-based social housing is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals. Most providers/lessees are responding positively to regulatory activity by enhancing operational performance, financial strength and governance structures, all positive for sector sustainability.

Latest Insights

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Real Estate | Update

Triple Point Social Housing REIT — Financial and operational progress

Financials | Update

Triple Point Social Housing REIT — Q323 DPS was fully covered

Real Estate | Update

Triple Point Social Housing REIT — Robust base and capital deployment options

Real Estate | Outlook

Triple Point Social Housing REIT — Strong rental growth mitigating challenges
Triple Point Social Housing REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Ben Beaton

    Managing partner

  • Gregory Banner

    Investment manager

  • Isobel Gunn-Brown

    CFO

  • James Cranmer

    Managing partner

Balance Sheet

Forecast net debt (£m)

231.4

Forecast gearing ratio (%)

57850

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.7 (2.8) 25.4
Relative (1.0) (6.9) 23.7
52 week high/low 64.9p/45.1p

Financials

FY23 financial performance was robust. EPRA EPS increased 3% but adjusted EPS (now including the impact of lease incentives) was 5% lower and covered the unchanged DPS of 5.46p by 0.85x covered. Benefitting from inflation-linked rental growth and improving rent collection (from 90% in 2023), DPS is once again covered on a run-rate basis as progress continues with the two (of 27) underperforming tenants. Parasol is paying all monthly rents due under its creditor agreement, extended for a further six months and SOHO expects to conclude a creditor agreement with My Space by end-H124. Rental growth and the essential nature of the assets supported property valuations and NAV per share increased 4% to 113.8p. Including DPS paid, the accounting TR was 9.3%, its highest level since listing.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 37.4 27.5 19.3 4.78 12.6 9.4
2023A 39.8 27.0 19.5 4.92 12.2 9.2
2024E 41.4 32.0 24.4 6.20 9.7 8.0
2025E 42.7 33.2 25.6 6.51 9.2 7.4

Research

Triple Point Social Housing REIT_resized

Update

Financials

Triple Point Social Housing REIT — Q323 DPS was fully covered

Update

Real Estate

Triple Point Social Housing REIT — Robust base and capital deployment options

Real Estate

Update

Triple Point Social Housing REIT — Financial and operational progress

Thematics

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