2022 Annual Results Presentation
March 2023
AGENDA
Highlights
Max Shenkman
Financial Overview
Isobel Gunn-Brown
Operational Overview
Max Shenkman
Impact Overview
Anne-Britt Karunaratne
Outlook
Max Shenkman
Triple Point Social Housing REIT plc - Board
Chris Phillips | Ian Reeves CBE | Tracey Fletcher-Ray | Peter Coward | Paul Oliver | ||||
Chairman | Senior Independent Director | Non-Executive Director | Non-Executive Director | Non-Executive Director | ||||
Triple Point Investment Management LLP - Presenting Today
Max Shenkman | Isobel Gunn-Brown | Anne-Britt Karunaratne | ||
Partner & Head of Investment | Partner & Chief Financial Officer | Housing Operations Director | ||
2
KEY POINTS
Diversified Portfolio | Highly Regulated Lessees | Resilient Valuation | ||
Growing Excess Demand | Inflation Protection | Share Price Discount | ||
3
KEY PERFORMANCE INDICATORS
109.06p | £669.1m | 5.46p | 37.4% | |||
EPRA NTA | Portfolio Valuation | FY22 Target | LTV | |||
per Share | (Dec-21: £642.0m) | Dividend Met | (Dec-21: 37.6%) | |||
(Dec-21: 108.27p) | (FY21: 5.20p) | |||||
25.3 years | 0.92x | 91.8% | 5.49% | |||
WAULT | Dividend Cover1 | Rent Collection | Valuation Net | |||
(Dec-21: 26.2 years) | (Dec-21: 0.99x) | (Dec-21: 99.8%) | Initial Yield | |||
(Dec-21: 5.25%) | ||||||
Notes: (1) Dividend Cover has been calculated on an adjusted earnings basis. Adjusted earnings is EPRA earnings adjusted for non-cash items such as ongoing amortisation of loan arrangement fees. | 4 |
VALUATION RESILIENCE
Valuation Resilience Underpinned by Growing Demand and Limited Supply
£800m | 5.49% | |||||||||||||||||||
5.39% | ||||||||||||||||||||
5.25% | 5.30% | 5.28% | ||||||||||||||||||
£600m | ||||||||||||||||||||
£400m | £642.0m | £663.4m | £669.6m | £672.2m | £669.1m | |||||||||||||||
£200m | ||||||||||||||||||||
£0m | ||||||||||||||||||||
31-Dec-21 | 31-Mar-22 | 30-Jun-22 | 30-Sep-22 | 31-Dec-22 | ||||||||||||||||
Valuation | ||||||||||||||||||||
Blended Valuation NIY | H1 2022 | Q3 2022 | Q4 2022 | |||||||||||||||||
Strong rental growth | NIYs adjusted to reflect | Limited market yield | ||||||||||||||||||
rent arrears for two RPs | softening (10-25bps) | |||||||||||||||||||
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
5
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Disclaimer
Triple Point Social Housing REIT plc published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2023 18:04:07 UTC.