Triple Point Social Housing REIT : 2022 Annual Results presentation View document

2022 Annual Results Presentation

March 2023

AGENDA

Highlights

Max Shenkman

Financial Overview

Isobel Gunn-Brown

Operational Overview

Max Shenkman

Impact Overview

Anne-Britt Karunaratne

Outlook

Max Shenkman

Triple Point Social Housing REIT plc - Board

Chris Phillips		Ian Reeves CBE		Tracey Fletcher-Ray		Peter Coward		Paul Oliver
Chairman		Senior Independent Director		Non-Executive Director		Non-Executive Director		Non-Executive Director

Triple Point Investment Management LLP - Presenting Today

Max Shenkman		Isobel Gunn-Brown		Anne-Britt Karunaratne
Partner & Head of Investment		Partner & Chief Financial Officer		Housing Operations Director

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KEY POINTS

Diversified Portfolio		Highly Regulated Lessees		Resilient Valuation

Growing Excess Demand		Inflation Protection		Share Price Discount

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KEY PERFORMANCE INDICATORS

109.06p		£669.1m		5.46p		37.4%
EPRA NTA		Portfolio Valuation		FY22 Target		LTV
per Share		(Dec-21: £642.0m)		Dividend Met		(Dec-21: 37.6%)
(Dec-21: 108.27p)				(FY21: 5.20p)
25.3 years		0.92x		91.8%		5.49%
WAULT		Dividend Cover1		Rent Collection		Valuation Net
(Dec-21: 26.2 years)		(Dec-21: 0.99x)		(Dec-21: 99.8%)		Initial Yield
						(Dec-21: 5.25%)

Notes: (1) Dividend Cover has been calculated on an adjusted earnings basis. Adjusted earnings is EPRA earnings adjusted for non-cash items such as ongoing amortisation of loan arrangement fees.

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VALUATION RESILIENCE

Valuation Resilience Underpinned by Growing Demand and Limited Supply

£800m

5.49%

5.39%

5.25%

5.30%

5.28%

£600m

£400m

£642.0m

£663.4m

£669.6m

£672.2m

£669.1m

£200m

£0m

31-Dec-21

31-Mar-22

30-Jun-22

30-Sep-22

31-Dec-22

Valuation

Blended Valuation NIY

H1 2022

Q3 2022

Q4 2022

Strong rental growth

NIYs adjusted to reflect

Limited market yield

rent arrears for two RPs

softening (10-25bps)

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

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