NAV, Consulta a Accionistas, Declaración de Dividendos
13 November 2023
Vivienda Social Triple Point REIT plc
(el "Empresa"o, junto con sus subsidiarias, el"Grupo procesos")
NET ASSET VALUE, UPDATE ON SHAREHOLDER CONSULTATION AND DIVIDEND DECLARATION
The Board of Triple Point Social Housing REIT plc (the "Junta Directiva ") (ticker: SOHO) is pleased to announce the Company's unaudited Net Asset Value ("NAV") as at 30 September 2023, an update following consultation with the Company's shareholders, and the declaration of the Group's third quarterly interim dividend.
Valor liquidativo a 30 de septiembre de 2023
The unaudited NAV reflects an independent RICS "Red Book" valuation of the Company's portfolio (including all property acquisitions completed) as at 30 September 2023, prepared by Jones Lang LaSalle Limited, on an individual asset basis (as required by IFRS).
NAV | |||
| Al 30 de septiembre de 2023 (No auditado) | Al 30 de junio de 2023 (No auditado) | % cambio |
Valor liquidativo por acción ordinaria (peniques)* | 108.88p | 111.31p | (2.2)% |
* As at 30 September 2023, the EPRA NTA and IFRS NAV for the Company were the same.
Income less expenses had a net positive 0.05p per share impact on the NAV. The reduction in NAV was a result of a £9.8 million (or 2.48p per share) decrease in the value of the Group's property portfolio. The blended portfolio Net Initial Yield moved out by 16 bps during the quarter to 5.84% as at 30 September 2023, reflecting wider market conditions and adjustments attributable to properties leased to My Space and Parasol Homes. In addition, the Board notes that at least 65% of the Group's 2024 annual rent increases will be linked to the September 2023 Consumer Price Index figure of 6.7%.
Update following Shareholder Consultation
The Board and Triple Point Investment Management LLP ("Triple punto" o la "Manager ") have consulted with a number of the Company's shareholders, representing c.21% of the share register, in accordance with Provision 5.2.4 of the AIC Code of Corporate Governance. The Board and the Manager each acknowledge shareholder concerns regarding the performance of the Company's shares and remain committed, in consultation with the Group's strategic advisers, to addressing the persistent discount to EPRA Net Tangible Assets ("NTA").
Alongside these active considerations, the Board and the Manager continue to focus on the underlying performance of the Group.
· The majority of the Group's portfolio continues to perform in line with expectations with 25 out of 27 Approved Providers demonstrating no material arrears. As reported in the Group's interim report for the six months ended 30 June 2023, a creditor agreement is in place with Parasol and Parasol is paying all monthly rent due under the agreement. The Manager is working towards agreeing a creditor's agreement with My Space which is expected to be in place by the end of Q1 2024. Simultaneously the Manager is working with My Space to move certain properties to alternative Registered Providers. The Board and the Manager remain focused on the long-term performance of these two lessees.
· As expected, dividend cover improved in Q3 2023 and the dividend for the quarter was fully covered on an adjusted earnings basis. We anticipate this improved dividend cover to continue over the remainder of the financial year.
The Group has a total cash balance of £31.0 million of which £5.1 million is in restricted bank accounts and a further £14.4 million is held back for working capital purposes, leaving net available cash of £11.5 million. Therefore, were the Company to undertake a further return of capital with an equal corresponding paydown of the Group's debt, any such distribution to shareholders would be limited to c. £ 5.75 millones.
Given current economic conditions and the limited amount of capital that the Company would currently be able to return to shareholders without increasing its gross leverage, the Board has decided that any further return of capital is dependent on significant additional liquidity being delivered through property sales.
Following the portfolio sale (announced by the Company on 1 September 2023) which was principally in line with book value, the Board and Manager will continue to consider further disposal opportunities. However, this is subject to market conditions being supportive of maximising shareholder value and so a further portfolio sale is unlikely to be pursued before the end of this year. The Board remains committed to shareholder engagement and will continue to consult with shareholders as further progress is made.
Declaración de dividendos
The Board has declared an interim dividend in respect of the period from 1 July to 30 September 2023 of 1.365 pence per ordinary share in the capital of the Company, payable on or around 15 December 2023 to holders of such ordinary shares on the register on 1 December 2023. The ex-dividend date will be 30 November 2023.
The dividend will be paid as a Property Income Distribution.
This dividend is in line with the Company's target annual dividend of 5.46 pence per ordinary share in respect of the financial year ending 31 December 2023.
Termina.
PARA MÁS INFORMACIÓN SOBRE LA COMPAÑÍA, CONTACTE:
Gestión de inversiones de punto triple LLP (Gestor de inversiones) | Tel: 020 7201 8989 |
Max Shenkmann | |
Isobel Gunn-Marrón | |
Akur Capital (Asesor financiero conjunto) | Tel: 020 7493 3631 |
Tom Frost | |
antonio richardson | |
Sargento Siobhan | |
Stifel (Asesor Financiero Conjunto y Corporativo Broker) | Tel: 020 7710 7600 |
Mark Young | |
Rajpal Padam | |
madison kominski | |
Brunswick Group (asesor de relaciones públicas financieras) | Tel: 020 7404 5959 |
nina coad | |
Diana Vaughn | |
mara james |
El LEI de la empresa es 213800BERVBS2HFTBC58.
Puede encontrar más información sobre la Compañía en su sitio web en www.triplepointreit.com.
NOTAS:
La Compañía invierte principalmente en activos de viviendas sociales recientemente desarrollados en el Reino Unido, con un enfoque particular en viviendas protegidas. La mayoría de los activos dentro de la cartera están sujetos a contratos de arrendamiento a largo plazo, totalmente reparados y asegurados ("FRI") vinculados a la inflación con proveedores aprobados (que son asociaciones de vivienda, autoridades locales u otras organizaciones reguladas que reciben pagos directos de los proveedores locales). gobierno). La cartera comprende inversiones en propiedades que ya están sujetas a un contrato de arrendamiento con un proveedor autorizado, así como la financiación a plazo de desarrollos prealquilados, pero no incluye ningún desarrollo directo o desarrollo especulativo.
La Compañía fue admitida a cotizar en el Segmento de Fondos Especializados del Mercado Principal de la Bolsa de Valores de Londres el 8 de agosto de 2017 y fue admitida en el segmento premium de la Lista Oficial de la Autoridad de Conducta Financiera y migró a cotizar en el segmento premium de la Mercado principal el 27 de marzo de 2018. La Compañía opera como un Fondo de Inversión en Bienes Raíces del Reino Unido ("REIT") y forma parte del índice FTSE EPRA/NAREIT.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.