NET ASSET VALUE AS AT 30 SEPTEMBER 2018
15 November 2018
Triple Point Social Housing REIT plc
(the "Company" or, together with its subsidiaries, the "Group")
NET ASSET VALUE AS AT 30 SEPTEMBER 2018
The Board of Triple Point Social Housing REIT plc (ticker: SOHO) announces the Company's unaudited Net Asset Value ("NAV") as at 30 September 2018.
The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed and the prevailing value of forward funded commitments) as at 30 September 2018, prepared by Jones Lang LaSalle Limited, on an individual asset basis (as required by IFRS).
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IFRS and EPRA Net Asset Values* |
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As at 30 Sep 2018 (unaudited) |
As at 30 Jun 2018 (unaudited) |
% change |
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NAV per Ordinary Share (pence) |
100.47 |
101.61 |
- 1.1% |
* As at 30 September 2018, the IFRS and EPRA NAVs for the Company were the same.
In light of the recent equity issue undertaken by the Company which raised £108.15 million and completed in October 2018 (the "Issue"), the Board decided that the new Ordinary Shares issued pursuant to the Issue should not be entitled to the Q3 dividend of 1.25p per Ordinary Share in respect of the quarter to 30 September 2018 (the "Q3 Dividend"). Accordingly, the Q3 Dividend was declared early, on 19 September 2018 with a record date of 28 September 2018. Had the Q3 Dividend not been declared early, the NAV per Ordinary Share as at 30 September 2018 would have been 101.72p.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
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Triple Point Investment Management LLP (Delegated Investment Manager) |
(via Newgate below) |
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James Cranmer |
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Ben Beaton |
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Max Shenkman |
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Justin Hubble |
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Akur Limited (Joint Financial Adviser) |
Tel: 020 7493 3631 |
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Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Canaccord Genuity Limited (Joint Financial Adviser and Corporate Broker) |
Tel: 020 7523 8000 |
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Lucy Lewis |
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Denis Flanagan |
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Andrew Zychowski |
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Newgate (PR Adviser) |
Tel: 020 7680 6550 |
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James Benjamin |
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Anna Geffert |
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The Company's LEI is 213800BERVBS2HFTBC58.
Further information on the Company can be found on its website at www.triplepointreit.com.
NOTES:
The Company invests in primarily newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), Fully Repairing and Insuring ("FRI") leases with Approved Providers (being Housing Associations, Local Authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to an FRI lease with an Approved Provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.
There is increasing political and financial pressure on Housing Associations to increase their housing delivery and this is creating opportunities for private sector investors to participate in the market. The Group's ability to provide forward financing for new developments not only enables the Company to secure fit for purpose, modern assets for its portfolio but also addresses the chronic undersupply of suitable supported housing properties in the UK at sustainable rents as well as delivering returns to investors.
Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager).
The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 8 August 2017 and was admitted to the premium segment of the Official List of the Financial Conduct Authority and migrated to trading on the premium segment of the Main Market on 27 March 2018. The Company operates as a UK Real Estate Investment Trust ("REIT") and is a constituent of the FTSE EPRA/NAREIT index.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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