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Inflation-linked leases boost Triple Point Social Housing REIT

Triple Point Social Housing

Triple Point Social Housing REIT has reported a slight uptick in NAV in 2022 results as the positive impact of its inflation-linked leases offset yield movement caused by rising interest rates.

Highlights include:

  • EPRA Net Tangible Assets per share of 109.06 pence as at 31 December 2022 (2021: 108.27 pence), an increase of 0.7%.
  • Portfolio independently valued at £669.1m (2021: £642.0m)
  • The portfolio’s total annualised contracted rental income was £39.0m as at 31 December 2022 (2021: £35.8m).
  • Operating profit for the year was £35.7m (2021: £35.2m).
  • All debt is long-term (weighted average term of 10.6 years) and fixed priced (weighted average fixed coupon of 2.74%).
  • EPRA earnings was 4.78p per share (2021: 4.82p)
  • The Company has paid or declared dividends totalling 5.46p. The dividend was 0.92covered on an adjusted earnings basis as at 31 December 2022.

Operational highlights

  • Acquired 14 properties (113 units) during the year for a total of £20.3m, bringing the total investment portfolio to 497 properties.
  • 100% of contracted rental income was either CPI or RPI linked, resulting in a weighted average contracted rental growth during the year of 6.7%.
  • 91.8% of rent due was collected during the year, 25 out of the Group’s 27 lessees recorded no material rent arrears.

Rent cap

Post-period end, the company announced it would voluntarily implement a 7% cap on rent reviews on leases in 2023.

Christopher Phillips, chairman, said:

I am pleased to report that we have delivered a stable and consistent set of results. The need for more Specialised Supported Housing in the UK continues to grow and this fact, more than anything, underpins our resilient financial performance. Through continued engagement with our care provider and Approved Provider partners we will seek to optimise the performance of the Group’s properties with a focus on delivering good homes and long-term income to our investors. The Board and the Manager are focused on delivering value to shareholders, and are exploring making accretive share buybacks and the potential sale of a portfolio of the Group’s properties.

SOHO : Inflation-linked leases boosts Triple Point Social Housing REIT

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