Business
Acquisitions, Rent Collection and Dividend Cover
Acquisitions, Rent Collection and Dividend Cover.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n \n \n RNS Number : 2892V\n Triple Point Social Housing REIT\n 06 August 2020\n \n \n \n \n 6 August 2020\n \n \n Triple Point Social Housing REIT plc\n \n \n (the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n UPDATE ON ACQUISITIONS, RENT COLLECTION AND DIVIDEND COVER\n \n \n The Board of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce the following updates:\n \n \n \n \n \n ·\n The Group completed the acquisition of a further 16 properties (comprising 70 individual units) for an aggregate consideration of approximately £9.6 million (excluding acquisition costs) \n \n \n \n \n \n · \n As at 5 August 2020, 100% of rent due for June 2020 was received and 97% of the rent due for July 2020 had also been received, with the balance expected to be received within the next two weeks\n \n \n \n \n \n · \n The Company now has a look-through dividend cover of over 100%, as measured on an EPRA earnings run-rate basis1\n \n \n \n \n \n Acquisitions Update \n \n \n \n \n \n The Group has completed the acquisition of 16 properties, comprising 70 individual units in total, for an aggregate consideration of approximately £9.6 million (excluding acquisition costs). The properties are located in the West Midlands (64 units), the East of England (4 units) and Yorkshire (2 units).\n \n \n \n \n \n The Group has entered into new FRI leases in respect of each of the properties acquired for periods of between 20 and 40 years. The leases are with specialist care providers or housing associations regulated by the Regulator of Social Housing, including Blue Square Residential, Inclusion Housing, Keys Group and Sandwell Community Caring Trust.\n \n \n \n \n \n The rents received under these leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index. \n \n \n \n \n \n The properties comprise specialist, high quality homes for individuals with mental health and other support and care needs. \n \n \n \n \n \n The properties generate net initial yields in line with the Company's existing portfolio.\n \n \n \n \n \n Rental Collection and Dividend Cover\n \n \n \n \n \n The Group continues to receive rents on a timely basis and in line with both expectations and the experience in ...