Triple Point Social Housing REIT NAV and Dividend Declaration (2745R)

TIDMSOHO

RNS Number : 2745R

Triple Point Social Housing REIT

04 November 2021

4 November 2021

Triple Point Social Housing REIT plc

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

NET ASSET VALUE AND DIVIDEND DECLARATION

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 30 September 2021 and the declaration of an interim dividend in respect of the period from 1 July to 30 September 2021.

Net Asset Value as at 30 September 2021

The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed) as at 30 September 2021, prepared by Jones Lang LaSalle Limited ("JLL"), on an individual asset basis (as required by IFRS).

 
 Net Asset Value 
                           As at          As at          % change 
                            30 Sep 2021    30 Jun 2021 
                            (unaudited)    (audited) 
                          -------------  -------------  --------- 
 NAV per Ordinary Share 
  (pence)*                 106.63p        106.42p        + 0.2 % 
                          -------------  -------------  ---------

* As at 30 September 2021, the EPRA NTA and IFRS NAV 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 30 September 2021 was 117.49 pence.

Dividend Declaration

The Board has declared an interim dividend in respect of the period from 1 July to 30 September 2021 of 1.30 pence per Ordinary Share, payable on or around 17 December 2021 to holders of Ordinary Shares on the register on 12 November 2021. The ex-dividend date will be 11 November 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(**) .

(**) 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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