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Triple Point Social Housing REIT sees valuation uplift of 7.7% for H1 2021

SOHO’s operating profit over the first six months of the year rose to £13.3m

Triple Point Social Housing REIT (LON:SOHO) has released its results for the first-half of its current financial year.

SOHO’s portfolio of properties was independently valued at £596.3m on an IFRS basis, reflecting a valuation uplift of 7.7% against the total invested fund of £553.6m.

The REIT’s operating profit over the first six months of the year rose to £13.3m, up from £11.8m the year before. SOHO’s total annualised rental income stands at £33.4m, while it received 100% of rent due and paid all target dividends since IPO.

In addition to its ‘resilient’ performance during the pandemic, SOHO announced other developments.

In August 2021, SOHO received an Investment Grade rating of ‘A-‘ (Stable Outlook) from Fitch with a rating of ‘A’ for its recently issued debt. “This reflects the strength of SOHO’s business model and highlights the resilient fundamentals of the sector,” SOHO said.

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At the same time, SOHO announced that it had secured long-term, fixed-rate loan notes worth £195m. The loan notes have enabled SOHO to re-finance its short-term, floating-rate revolving credit facility, while providing SOHO with another £65 million to deploy into further high-quality social housing investments.This is SOHO’s first debt facility directly linked to SOHO’s sustainability targets.

Max Shenkman, Head of Investment at Triple Point Social Housing REIT plc, commented: “We are delighted that Triple Point Social Housing REIT Plc’s strong ongoing performance has been reflected in its Investment Grade Rating and that we have secured a long-term, fixed-rate loan which is being used to re-finance an existing facility and support our growth to meet much-needed new housing.”

“We are also delighted to be leading the market with our retrofit programme to combat climate change, improve living comfort, reduce fuel poverty, and stay ahead of regulations, all of which we expect in time to be reflected in property valuations.”

Triple Point Social Housing REIT was one of three organisations that presented investment opportunities at February’s UK Investor Magazine Virtual Investor Conference

The trust’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. The REIT supplies homes adapted to the needs of vulnerable adults who require long-term care and support. Triple Point Social Housing generates a long-term investment stream for investors from tenants whose rent is ultimately paid by the government. 

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