Triple Point boasts rent collection rise

Triple Point Social Housing REIT has boosted rent collection across its portfolio to more than 93% in the six months ended 30 June. The volume of rent collected is up from 90.2% at the end of 2023 and reflects a consistent performance from 25 out of 27 of the group’s lessees, said Triple Point. Just two lessees – Parasol and My Space – have rent arrears and since the year end Triple Point has transferred all 38 properties leased to Parasol to Westmoreland and is in talks with My Space about how best it can transfer all or some of its 34 properties to other registered providers. The value of the group’s portfolio dipped over the six-month period from £678.4m at the end of 2023 to £652.7m at 30 June 2024, largely due to around £22m of assets being held for sale. On a like-for-like basis, values were down by 0.5%, with strong rental growth being offset by outward yield movement. EPRA earnings increased by 31% to £11.4m during the period, up from £8.7m in H1 2023. Triple Point said the uplift was a result of index-linked rental uplifts during the period and managing its cost base to mitigate the challenges posed by relatively high levels of inflation.  Chairman Chris Phillips said: “The company’s portfolio has continued to demonstrate operational and financial resilience and the group has benefited from strong rental growth that has increased income. “The group will continue to benefit from having exclusively long-term fixed-priced debt and we look forward to building on the progress made in the first half of the year, particularly in relation to the increase in rent collection and the corresponding increase in dividend cover.”