Triple Point Social Housing REIT : Factsheet Q1 2023 View document

QUARTERLY FACTSHEET

31 March 2023

Triple Point Social Housing REIT plc - (the "Company" or "SOHO") invests in social housing assets in the UK, with a particular focus on Specialised Supported Housing.

INVESTMENT FEATURES

• Investment in a diversified portfolio of Social Housing with a focus on Specialised Supported Housing
• Typically inflation-linked,long-term leases with Approved Providers
  ("AP")
• APs are typically Housing Associations or Local Authorities or other regulated organisations in receipt of direct payment from local government
• SOHO has 100% ownership of property

• Properties are typically leased under long-term Full Repairing and Insuring ("FRI") leases and house vulnerable individuals who have their rent funded by central government
• Care is provided by CQC registered care providers who contract directly with the Local Authority
• Forward funding in order to access prime Social Housing stock being developed (provided an agreement for lease is in place and a coupon is receivable during construction) is capped at 20% of NAV at the time of entering into any new forward funding arrangement

COMPANY INFORMATION

LEI	213B00BERVBS2HFTBC58
Ticker	SOHO
ISIN	GB00BF0P7H59

KEY STATISTICS

Share Price	42.70p1
Market Cap	£172.0m1,2
IFRS NAV per share	111.54p1
EPRA NTA per share	111.54p1

KEY DATES

Financial Year End	31 December
Interim	30 June
Q4 2022 Ordinary Share Dividend	31 March 2023
Paid
Q1 2023 Ordinary Share Dividend	30 June 2023
Expected to be Paid

DIRECTORS AND ADVISERS

Board of Directors (Non-Executive)

Chris Phillips (Chairman)

Ian Reeves CBE

Paul Oliver

Peter Coward

Tracey Fletcher-Ray

Cecily Davis3

Investment Manager

Triple Point Investment Management LLP

Joint Financial Adviser

Akur Limited

Joint Financial Adviser and Corporate Broker

Stifel Nicolaus Europe Limited

Legal Adviser to the Company

Taylor Wessing LLP

Auditor and Reporting Accountant

BDO LLP

DIVIDEND PER ORDINARY SHARE

5.46p (TARGET DIVIDEND IN RESPECT OF THE FINANCIAL YEAR)4

The Board has decided to keep the target dividend flat in order to preserve dividend cover for the year ending 31 December 2023 whilst the Investment Manager focuses on addressing the rent arrears.

The first interim dividend of 1.365 pence per Ordinary Share for the period from 1 January to 31 March 2023 is expected to be paid on 30 June 2023.

SOHO ORDINARY SHARE PRICE

8 August 2017 to 31 March 2023

120

100

80

60

40

20

0

Dec	Jun	Dec	Jun	Dec	June	Dec	June	Dec	June	Dec	Mar
17	18	18	19	19	20	20	21	21	22	22	23

KEY DEVELOPMENTS IN Q1 2023

3 Februray 2023

Trading Update

The Board and Investment Manager provided a Trading Update which included:

• For the financial year ending 31 December 2023, the
  Group will prudently apply a temporary one-year cap of 7% to its leases to Registered Providers.
• The Manager continues to actively engage with two of the Group's 27 lessees - My Space and Parasol Homes - in relation to rent arrears.
• The Company will seek to introduce a new risk sharing clause into its existing leases during Q2 2023 following ongoing consultation with stakeholders, including the Regulator of Social Housing. The implementation of the clause is intended to enhance the Group's Registered Provider lessees' compliance with the Regulator of Social Housing's standards.
• The Board and Manager are exploring making accretive share buybacks outside of a close period and the potential sale of a portfolio of the Group's properties.

2 March 2023

Dividend

Declaration

The Company declared an interim dividend of 1.365 pence per Ordinary Share for the period from 1 October to 31 December 2022.

Dividends paid in respect of the year ending 31 December 2022 totalled 5.46 pence per Ordinary Share in line with the Company's target.

3 March 2023

Results for the year ended

31 December 2022

EPRA NTA per Share

109.06p

Portfolio Valuation

£669.1m

WAULT

25.3 years

20 March 2023

Directorate

Change

The Board of Directors announced the appointment of Cecily Davis to the Board as an Independent Non-Executive Director with effect from 23 May 2023

REFERENCES:	QUARTERLY FACTSHEET
1	As at 31 March 2023	Page 01
2	Excludes shares held in treasury 450,000 which do not carry any voting rights
3	Appointed as an Independent Non-Executive Director with effect from 23 May 2023
4	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

QUARTERLY FACTSHEET

31 March 2023

PORTFOLIO UPDATE

As at 31 March 2023, the Company's portfolio was made up of 497 Supported Housing properties (3,454 units) across the UK, acquired for an aggregate consideration of £581.7m (excluding purchase costs). These assets are leased to a variety of APs with a focus on Supported Housing for vulnerable adults with care and support needs.

PORTFOLIO SUMMARY

Key	Region	Properties	% of funds
			invested5
1	North West	99	19.8
2	West Midlands	84	16.3
3	Yorkshire	64	14.8
4	East Midlands	58	11.9
5	South East	62	9.4
6	North East	50	8.9
7	London	27	8.5
8	South West	29	4.7
9	East	20	4.1
10	Scotland	2	1.0
11	Wales	2	0.6
Total		497	100.0

PORTFOLIO HIGHLIGHTS as at 31 March 2023

10

6

1

3

4

2

119

5 7

8

£680.8m	497	395			28
IFRS Valuation	Properties with 3,454 units	Tenancies	Approved Providers
123		£39.2m	25.0 years	100%
Care Providers	Contracted Rental Income	Weighted Average	Inflation-linked
Unexpired Lease Term

Chatham	Southampton	Nelson
CONTACT		Triple Point Social Housing REIT plc
Max Shenkman		1 King William Street	[phone]
Partner, Triple Point Investment Management LLP	London	www.triplepointreit.com
[e-mail]		EC4N 7AF

Disclaimer: Approved for issue in accordance with section 21 of the Financial Services and Markets Act 2000 by Triple Point Investment Management LLP, authorised and regulated by the Financial Conduct Authority (FCA). This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. The document is intended for information purposes only and does not constitute investment advice. It is important to remember that past performance is not a guide to future performance. Furthermore, the value of any investment or the income deriving from them may go down as well as up and you may not get back the full amount invested. If you are in any doubt about the contents of this document or the investment to which it relates, you should consult a person that specialises and is authorised by the FCA to advice on this type of investment.

REFERENCES:	QUARTERLY FACTSHEET
5 Funds invested exclude purchase costs	Page 02