Business
NAV, 2023 DIVIDEND GUIDANCE & DIVIDEND DECLARATION
NAV, 2023 DIVIDEND GUIDANCE & DIVIDEND DECLARATION.
About this update from Social Housing Reit Plc
[{"type":"text","content":"\n\n24 May 2023\nTriple Point Social Housing REIT plc\n(the \"Company\" or, together with its subsidiaries, the \"Group\")\nNET ASSET VALUE, 2023 DIVIDEND GUIDANCE AND DIVIDEND DECLARATION\n \nThe Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO) is pleased to announce the Company's unaudited Net Asset Value (\"NAV\") as at 31 March 2023, dividend guidance for the financial year ending 31 December 2023 and the declaration of the first quarterly interim dividend.\n \nNAV as at 31 March 2023\n \nThe unaudited NAV reflects an independent RICS \"Red Book\" valuation of the Company's portfolio (including all property acquisitions completed) as at 31 March 2023, prepared by Jones Lang LaSalle Limited (\"JLL\"), on an individual asset basis (as required by IFRS).\n \n\n\n\nNAV\n\n\n\n\n \n\n\nAs at 31 Mar 2023\n(unaudited)\n\n\nAs at 31 Dec 2022\n(audited)\n\n\n% change\n\n\n\n\nNAV per Ordinary Share (pence)*\n\n\n111.54p\n\n\n109.06p\n\n\n+2.3%\n\n\n\n \n* As at 31 March 2023, the EPRA NTA and IFRS NAV for the Company were the same.\n \nDespite challenging market conditions over the three months to 31 March 2023, the Board is pleased that the unaudited NAV per Ordinary Share has increased due to rental growth in the portfolio. The positive impact of rental growth on the valuation of the Group's properties was partially offset by a slight outward movement in valuation yields across the portfolio, reflecting wider market conditions, and further outwards yield adjustments attributable to properties leased to Parasol Homes.\n \nAs noted in the Group's latest Annual Results, the Investment Manager has been working with both Parasol Homes and My Space (the two Approved Providers in material rent arrears) to increase rental payments. We expect payments from both Approved Providers to increase over the course of the year. The Group is continuing to progress with the transfer of its leases away from My Space but notes that this may not be required if My Space were to agree a business combination or merger with another Registered Provider. \n \n2023 Dividend Guidance\n \nIn respect of the financial year ending 31 December 2023, the Company is targeting an aggregate dividend of 5.46 pence per Ordinary Share1. The Board has decided to keep the target divid...