Edison Investment Research Limited
London, UK, 1 February 2021
Triple Point Social Housing REIT (SOHO): Initiation - Social impact returning secure income
Triple Point Social Housing REIT (SOHO) has grown its portfolio strongly since IPO, bringing a much-needed new supply of supported housing to market and building its base of secure income. We expect acquisitions, rent indexation and the completion of forward-funded developments to drive further strong earnings growth in FY20 and FY21 and, with rent collection unaffected by the COVID-19 pandemic, further growth in DPS.
The FY20e DPS of 5.18p represents a yield of c 5%, with good prospects for indexed growth. Combined with robust rent collection, this is in our view attractive in a continuing low interest rate environment. The shares trade at around NAV, a little above the average since IPO (c 0.95x) but below the peak (1.07x).
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