Triple Point Social Housing REIT : Interim Results Presentation 2023 View document

2023 Interim Results Presentation

September 2023

AGENDA

Highlights

Max Shenkman

Financial Overview

Isobel Gunn-Brown

Operational Overview

Max Shenkman

Impact Overview

Gregory Banner

Outlook

Max Shenkman

Triple Point Social Housing REIT plc - Board

Chris Phillips		Ian Reeves CBE		Cecily Davis		Peter Coward		Tracey Fletcher-Ray
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		Gregory Banner
Partner & Head of Investment		Partner & Chief Financial Officer		Investment Director

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KEY POINTS

Valuation resilience	All debt long-term and	Majority of lessees performing
underpinned by rental growth	fixed-priced	in line with expectations

Portfolio sale principally in	Long-term partnership	Share buy-back to optimise
line with book value	approach	shareholder value

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KEY PERFORMANCE INDICATORS

111.31p		£675.1m		5.46p		37.5%
EPRA NTA		Portfolio Value		FY23 Dividend Target		LTV
per Share		(Dec-22: £669.1m)		(FY22: 5.46p)		(Dec-22: 37.4%)
(Dec-22: 109.06p)
24.8 years		0.81x		88.1%		5.65%
WAULT		Dividend Cover -		Rent Collection		EPRA Net
(Dec-22: 25.3 years)		adjusted to 0.90x1		(Dec-22: 91.8%)		Initial Yield
		(Dec-22: 0.92x)				(Dec-22: 5.46%)

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. The Expected Credit Loss ("ECL")	4
includes a provision for unpaid rent relating to the prior year 31 December 2022.; excluding this element of the ECL, dividend cover would be 0.90x.

VALUATION RESILIENCE

Valuation Resilience Underpinned by Growing Demand and Limited Supply

IFRS Value

Blended IFRS Valuation NIY

5.69%

£800m

5.25%

5.28%

5.49%

Value

£600m

Portfolio

£400m

£642.0m

£669.6m

£669.1m

£675.1m

£200m

£0m

31-Dec-21

30-Jun-22

31-Dec-22

30-Jun-23

H1 2022

H2 2022

H1 2023

Strong rental growth

Market yield compression (10-

Strong rental growth from Sept-

25bps); NIYs adjusted to reflect

CPI based uplifts offset by

rent arrears for two RPs

further market yield

compression (15-25bps)

6.00%

5.00%	NIY
4.00%	Valuation
3.00%
IFRS
2.00%

1.00% Blended

0.00%

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