Triple Point Social Housing REIT acquires 58 new properties as profits rise

Triple Point Social Housing REIT will pay a dividend 5.18p per share

Triple Point Social Housing REIT (LON:SOHO) recorded an operating profit in 2020 of £30.2 million, up from £26.9 million the year before.

The profit came in addition to the company acquiring 58 properties (400 units) during the year at a total investment cost of £78.9 million. The trust’s total investment portfolio now stands at 445 properties.

The organisation’s portfolio was independently valued at £571.5 million on an IFRS basis, up from £471.6 million in 2019. This represents a valuation uplift of 7.7% against total invested funds of £530.7 million, according to the company’s financial statement released on Friday.

100% of rental income due and payable for the period ended 31 December 2020, and due and payable at 28 February 2021 has been collected.

Triple Point Social Housing REIT will pay a dividend on 26 March 2021 of 5.18p per share. This is around the same level as the previous two years.

On early morning trading the REIT’s share price is up by 0.47% to 107.5p per share

Max Shenkman, head of investment at Triple Point Social Housing REIT, commented on the results:

“Despite the challenges of 2020, Triple Point Social Housing REIT had another year of strong performance, demonstrating that investments that have a positive social impact are often the most resilient – especially in times of difficulty. Our stakeholders rose to the challenge to continue the delivery of high-quality housing, the need for which is as great – if not greater – than ever before.”

“The fundamentals of our sector remain strong, and we look forward to what we can achieve in 2021 by working hard to deliver the housing that is so desperately needed across the length and breadth of our country.”

The trust was one of three organisations that presented investment opportunities at February’s UK Investor Magazine Virtual Investor Conference

The REIT’s aim is to allow investors to get a solid long-term return while having a positive impact on society. Their mission is geared towards addressing the ongoing housing crisis by investing in the UK social housing sector.

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