Triple Point Social Housing REIT Rent Collection, NAV and Dividend Declaration (3146E)
November 05 2020 - 2:00AM
UK Regulatory
TIDMSOHO
RNS Number : 3146E
Triple Point Social Housing REIT
05 November 2020
5 November 2020
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the
"Group")
RENT COLLECTION
NET ASSET VALUE AND DIVIDEND DECLARATION
The Board of Triple Point Social Housing REIT plc (ticker: SOHO)
announces an update on rental receipts, a dividend declaration and
the Company's unaudited Net Asset Value ("NAV") as at 30 September
2020.
-- 100% of Q3 2020 rent due was received and ongoing rental
receipts remain timely and in line with expectations and prior year
experience.
-- Interim dividend has been declared in respect of the period
from 1 July to 30 September 2020 of 1.295 pence per Ordinary
Share.
-- NAV as at 30 September 2020 was 106.12 pence per Ordinary
Share, an increase of 0.74% compared to 30 June 2020.
Rental Collection
The Group's ongoing receipt of rents remains timely, unaffected
by COVID-19, and in line with expectations and prior year
experience. As such 100% of rent due for Q3 2020 has been
received.
Net Asset Value as at 30 September 2020
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 30 September 2020, 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 30 Sep As at 30 Jun % change
2020 2020
(unaudited) (unaudited)
------------- ------------- ---------
NAV per Ordinary Share
(pence) 106.12 105.34 +0.74%
------------- ------------- ---------
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 an arm's length basis,
and attracts lower purchaser costs of 2.3%. The Portfolio NAV per
Ordinary Share as at 30 September 2020 was 117.60 pence.
Dividend Declaration
The Board has declared an interim dividend in respect of the
period from 1 July to 30 September 2020 of 1.295 pence per Ordinary
Share, payable on or around 18 December 2020 to holders of Ordinary
Shares on the register on 13 November 2020. The ex-dividend date
will be 12 November 2020.
1.1655 pence of this dividend will be paid as a Property Income
Distribution ("PID") in respect of the Company's tax exempt
property rental business and 0.1295 pence will be paid as an
ordinary UK dividend ("non-PID").
The Company is targeting an aggregate dividend of 5.18 pence per
Ordinary Share in respect of the financial year ending 31 December
2020(1) .
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)
Ben Beaton
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
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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END
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