Triple Point Social Housing REIT NAV, Dividend Declaration & 2022 Dividend Guidance (1589N)
May 30 2022 - 2:01AM
UK Regulatory
TIDMSOHO
RNS Number : 1589N
Triple Point Social Housing REIT
30 May 2022
30 May 2022
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
NET ASSET VALUE, DIVIDEND DECLARATION AND 2022 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 2022, the declaration of an
interim dividend and our 2022 dividend guidance for the financial
year ending 31 December 2022.
Net Asset Value as at 31 March 2022
The unaudited NAV reflects an independent RICS "Red Book"
valuation of the Company's portfolio (including all property
acquisitions completed) as at 31 March 2022, prepared by Jones Lang
LaSalle Limited ("JLL"), on an individual asset basis (as required
by IFRS).
Net Asset Value
As at 31 As at 31 % change
Mar 2022 Dec 2021
(unaudited) (audited)
-------------- ------------ ----------
NAV per Ordinary Share
(pence)* 110.70p 108.27p + 2.2 %
-------------- ------------ ----------
* As at 31 March 2022, 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 per cent. The Portfolio NAV
per Ordinary Share as at 31 March 2022 was 123.09 pence.
Dividend Declaration
The Board has declared an interim dividend in respect of the
period from 1 January to 31 March 2022 of 1.365 pence per Ordinary
Share, payable on or around 24 June 2022 to holders of Ordinary
Shares on the register on 10 June 2022. The ex-dividend date will
be 9 June 2022.
The dividend will be paid as a Property Income Distribution
("PID").
2022 Dividend Guidance
In respect of the financial year ending 31 December 2022, the
Company is targeting an aggregate dividend of 5.46 pence per
Ordinary Share(1) . This represents an increase of 5.0 per cent on
the 5.20 pence per share paid in respect of the financial year
ended 31 December 2021.
This increase is in line with the inflation-linked rent reviews
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
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
majority of the assets within the portfolio are subject to
inflation-linked, long-term, 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 a 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 is a UK Real Estate Investment Trust ("REIT") listed
on the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE EPRA/NAREIT
index.
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