Edison Reports Financial and Operational Advancements for Triple Point Social Housing REIT (SOHO)

On 22 March 2024, Edison Investment Research Limited shared an update on the noteworthy financial and operational progress of Triple Point Social Housing REIT (SOHO) for the fiscal year 23. SOHO demonstrated a strong financial performance, with inflation-linked rental growth and improved rent collection driving coverage for its dividends per share (DPS) on a run-rate basis. Future advancements are anticipated.

Notable operational strategies included the implementation of a new lease clause and the initiation of an eco-retrofit pilot project. These efforts underscore SOHO's commitment to sustainability and efficiency. For fiscal year 23, SOHO's trailing dividend yield stood at 9.3%, with projections indicating DPS growth for fiscal year 24 that is fully covered. Despite a rebound in share price from a low of approximately 42p in April 2023, SOHO's shares are currently trading at nearly a 50% discount to net asset value (NAV), suggesting a potential undervaluation.