Triple Point has had a positive year, with demand for social housing increasing during the pandemic.
The social housing REIT has built up its portfolio to £642m on an IFRS basis, up from £571.5m in 2020, reflecting a valuation uplift of 8.7% against total invested funds of £590.4m. Rental income rose from £31.6m to £35.8m, while operating profit for the year ending 31 December 2021 was £35.2m, up from 2020’s £30.2m.
Chair Chris Phillips said: “If the pandemic has taught us anything, it is that the intersections of health, economic and societal factors are more profound than ever. We cannot tackle these issues alone, but we can be a responsible participator in the wider system. By delivering on our investment strategy we seek to make a positive contribution to society while delivering sustainable financial returns for our shareholders.”
The REIT spent £60m over the year buying 44 properties, bring its total investment portfolio to 488 properties. Following the period it added a further eight properties for £10m.
Triple Point said it had a pipeline of more than £100m of live investment opportunities “which will enable us to deploy the group’s remaining cash and debt balances”.
During the year the group took a £195m sustainability-linked loan from MetLife Investment Management clients and Barings.
