Triple Point gains on supported housing sector resilience
Triple Point Social Housing REIT has delivered resilient returns to its shareholders over the past year, thanks to continued financial support from the government for those who need housing and care.
The company invests primarily in newly developed social housing assets in the UK, with a particular focus on supported housing. Its net asset value has increased by 1.9% in 2023 to £447.6m.
Triple Point reported pretax profit of £35m up from £24.9m in 2022, thanks to a £15.5m gain from fair value adjustment on investment, almost double the prior year’s £8.3m.
Triple Point Social Housing REIT has delivered resilient returns to its shareholders over the past year, thanks to continued financial support from the government for those who need housing and care.
The company invests primarily in newly developed social housing assets in the UK, with a particular focus on supported housing. Its net asset value has increased by 1.9% in 2023 to £447.6m.
Triple Point reported pretax profit of £35m up from £24.9m in 2022, thanks to a £15.5m gain from fair value adjustment on investment, almost double the prior year’s £8.3m.
Portfolio value stood at £678.4m as of 31 December, reflecting a net initial yield of 5.57% and up from £669.1m the year before.
Rental income also rose slightly year-on-year to £39.8m from £37.3m, underpinned by government support for residents. The firm noted that 90.2% of rent due was collected during the period.
Christopher Phillips, chair of Triple Point, said: “The group delivered strong rental growth, which along with the continued growth in demand for specialised supported housing, helped to preserve the value of the group’s well diversified property portfolio over the last 12 months.
“Looking ahead, we take comfort from the robust fundamentals of the sector which, together with our inflation protection and fully fixed debt, positions the group to continue to deliver shareholder value through the fulfilment of our long-term strategy while providing good homes to people with care and support needs throughout the UK.”
The firm has proposed a dividend in line with its 5.46p per share target.
Triple Point has kept a focus on improving its share price in 2023, with the firm’s share price increasing over 37% from its 2023 low in March. Its stock was trading slightly higher on the morning of the results at 59p a share.
