Triple Point Social Housing REIT NAV, Dividend Declaration & 2021 Dividend Guidance (7534Y)
May 17 2021 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 7534Y
Triple Point Social Housing REIT
17 May 2021
17 May 2021
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
NAV AS AT 31 MARCH 2021
DIVIDEND DECLARATION AND 2021 DIVIDEND GUIDANCE
The Board of Directors of Triple Point Social Housing REIT plc
(ticker: SOHO) are pleased to announce the Company's unaudited Net
Asset Value ("NAV") as at 31 March 2021, the declaration of an
interim dividend and dividend guidance for the financial year
ending 31 December 2021.
Net Asset Value as at 31 March 2021
The unaudited NAV reflects an independent RICS "Red Book"
valuation of the Company's portfolio (including all property
acquisitions completed and the prevailing value of forward funded
commitments) as at 31 March 2021, prepared by Jones Lang LaSalle
Limited ("JLL"), on an individual asset basis (as required by
IFRS).
The Group's portfolio has remained resilient to the disruption
caused by COVID-19 and has continued to increase in value. This
reflects the Group's ongoing consistent rent collection and the
essential nature of the accommodation it provides to vulnerable
adults.
Net Asset Value
As at 31 Mar As at 30 Dec % change
2021 2020
(unaudited) (audited)
------------- ------------- ---------
NAV per Ordinary Share
(pence)* 106.55p 106.42p +0.12%
------------- ------------- ---------
* As at 31 March 2021, the IFRS NAV and EPRA NTA for the Company
were the same.
For information purposes only, JLL also undertook a valuation of
the Company's assets on a portfolio basis (a "Portfolio NAV") which
assumes that the assets are held in a single company holding
structure which is sold to a third party on arm's length terms, and
attracts lower purchaser's costs of 2.3%. The Portfolio NAV per
Ordinary Share as at 31 March 2021 was 117.06 pence.
Dividend Declaration and 2021 Dividend Guidance
The Board has declared an interim dividend in respect of the
period from 1 January to 31 March 2021 of 1.30 pence per Ordinary
Share, payable on or around 25 June 2021 to holders of Ordinary
Shares on the register on 28 May 2021. The ex-dividend date will be
27 May 2021.
The dividend will be paid as a Property Income Distribution
("PID").
The Company is targeting an aggregate dividend of 5.20 pence per
Ordinary Share in respect of the financial year ending 31 December
2021(1) , an increase of 0.4 per cent on the 5.18 pence per share
paid in respect of 2020. This increase is in line with February
2021 Consumer Price Index growth and reflects the Company's
strategy of paying a progressive dividend.
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.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Max Shenkman
Isobel Gunn-Brown
Freddie Cowper-Coles
Akur Capital (Joint Financial Adviser) Tel: 020 7493 3631
Tom Frost
Anthony Richardson
Siobhan Sergeant
Stifel (Joint Financial Adviser Tel: 020 7710 7600
and Corporate Broker)
Mark Young
Mark Bloomfield
Rajpal Padam
The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website
at 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
assets within the portfolio are subject to inflation-linked,
long-term (typically from 20 years to 30 years), 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
an FRI lease with an Approved Provider, as well as forward funding
of pre-let developments but does not include any direct development
or speculative development.
There is increasing political pressure and social need to
increase housing supply across the UK which is creating
opportunities for private sector investors to help deliver this
housing. The Group's ability to provide forward funding for new
developments not only enables the Company to secure fit for
purpose, modern assets for its portfolio but also addresses the
chronic undersupply of suitable supported housing properties in the
UK at sustainable rents as well as delivering returns to
investors.
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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