Triple Point Social Housing REIT : Factsheet Q2 2023 View document

QUARTERLY FACTSHEET

30 June 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	49.00p1
Market Cap	£192.8m1,2
IFRS NAV per share	111.31p1
EPRA NTA per share	111.31p1

KEY DATES

Financial Year End	31 December
Interim	30 June
Q1 2023 Ordinary Share Dividend	30 June 2023
Paid

Q2 2023 Ordinary Share Dividend 29 September 2023 Expected to be Paid

DIRECTORS AND ADVISERS

Board of Directors (Non-Executive)3

Chris Phillips (Chairman)

Ian Reeves CBE

Peter Coward

Tracey Fletcher-Ray

Cecily Davis

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

1.365 pence per Ordinary Share for the period from 1 January to 31 March 2023 paid on 30 June 2023

1.365 pence per Ordinary Share for the period from 1 April to 30 June 2023 expected to be paid on 29 September 2023

SOHO ORDINARY SHARE PRICE

8 August 2017 to 30 June 2023

120

100

80

60

40

20

0
Aug	Dec	Jun	Dec	Jun	Dec	Jun	Dec	Jun	Dec	Jun	Dec	Jun
17	17	18	18	19	19	20	20	21	21	22	23	23

KEY DEVELOPMENTS IN Q2 2023

18 April 2023

24 May 2023

24 May 2023

13 June 2023

Share buyback programme and portfolio property sale

The Board and Investment Manager provided an update regarding the commencement of a share buy back programme and portfolio property sale:

• The Board instructed its broker, Stifel Nicolaus Europe Limited, to purchase on behalf of the Company ordinary shares of the Company pursuant to an initial buyback programme, with a maximum aggregate consideration of up to £5 million.
• The Board and Investment Manager confirmed that, following a competitive adviser selection process, CBRE had been appointed to market a portfolio of the Company's properties.

Net Asset Value

EPRA NTA per Share: 111.54p

Portfolio Valuation: £680.8m

WAULT: 25 years

2023 dividend guidance and 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.

In respect of the financial year ending 31 December 2023, the Company is targeting an aggregate dividend of 5.46 pence per Ordinary Share. 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.

Committee changes

The Board announced changes to the membership and structure of the Board's Committees, effective 23 May 2023 (unless otherwise stated). Changes included:

• The establishment of a Sustainability Committee. Ian Reeves was appointed as Chair of the Sustainability and stepped down as Chair of the Nomination Committee and as a member of the Management Engagement Committee.
• Cecily Davis and Tracey Fletcher-Ray both joined the Sustainability Committee.
• Chris Phillips was appointed as Chair of the Nomination Committee.
• Cecily Davis joined the Nomination Committee and Peter Coward stepped down from the Nomination Committee.
• Paul Oliver confirmed his resignation as a Non-Executive Director of the Board and would step down from the Audit, Nomination and Management Engagement Committees with effect from 30 June 2023.

Completion of initial share buyback programme

The Board and Investment Manager confirmed the completion of the initial share buyback programme of £5 million:

• In aggregate, between 20 April 2023 and 12 June 2023, the Company repurchased 9,322,512 Ordinary shares at an average purchase price of 52.61 pence per share.
• The Board confirmed that it may seek to extend the share buyback programme through a subsequent tranche following receipt of proceeds in relation to a proposed portfolio property sale, subject to market conditions and pricing.

REFERENCES:	QUARTERLY FACTSHEET
1	As at 30 June 2023	Page 01
2	Excludes shares held in treasury 450,000 which do not carry any voting rights
3	Paul Oliver resigned as an Independent Non-Executive Director with effect from 30 June 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

30 June 2023

PORTFOLIO UPDATE

As at 31 March 2023, the Company's portfolio was made up of 497 Supported Housing properties (3,455 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	9.0
7	London	27	8.5
8	South West	29	4.7
9	East	20	4.1
10	Scotland	2	1.0
11	Wales	2	0.5
Total		497	100.0

PORTFOLIO HIGHLIGHTS as at 30 June 2023

10

6

1

3

4

2

119

5 7

8

£675.1m	497	394			27
IFRS Valuation	Properties with 3,455 units	Tenancies	Approved Providers
116		£40.5m	24.8 years	100%
Care Providers	Contracted Rental Income	Weighted Average	Inflation-linked
Unexpired Lease Term

Doncaster	Maidstone	Worcester
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