(Alliance News) - Triple Point Social Housing REIT PLC on Friday reported a significant increase in annual profits, and expects to maintain its rental income growth into 2024.

Triple Point is a London-based real estate investment trust, with a portfolio focused on social and supported housing in the UK.

In 2023, Triple Point's pretax profit rose 41% to GBP35.0 million from GBP24.9 million in 2022.

The company's total income dipped 0.3% to GBP35.2 million from GBP35.3 million a year prior, but total rental income increased 5.1% to GBP41.0 million from GBP39.0 million last year.

As at December 31, Triple Point's portfolio was valued at GBP678.4 million, down 1.4% from GBP669.1 million at the end of 2022. This represents an uplift of 14% from the GBP594.9 million of funds invested over 2023.

EPRA earnings per share were up 2.9% to 4.92 pence from 4.78p a year before.

Triple Point met its full-year dividend target of 5.46p, unchanged from 2022, while its final dividend of was 1.37p for both years.

Christopher Phillips, Chair of Triple Point, said: "We are pleased to report a resilient set of results for 2023, despite challenging macro-economic conditions. The group delivered strong rental growth, which along with the continued growth in demand for specialised supported housing, helped to preserve the value of the group's well diversified property portfolio over the last 12 months."

Looking to 2024, Triple Point expects to maintain its rental growth momentum from 2023.

"Looking ahead, we take comfort from the robust fundamentals of the sector which, together with our inflation protection and fully fixed debt, positions the group to continue to deliver shareholder value through the fulfilment of our long term strategy while providing good homes to people with care and support needs throughout the UK," Phillips added.

Shares in Triple Point were up 1.8% at 59.35 pence each in London on Friday morning.

By Hugh Cameron, Alliance News reporter

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