6th Sep 2019 10:17
(Alliance News) - Triple Point Social Housing REIT PLC said Friday its net asset value per share and rental income rose in the first half of 2019, as the value of its portfolio more than doubled year-on-year.
In a separate announcement, the real estate investment trust said it has acquired six supported housing properties for GBP7.2 million.
The six properties comprise 47 units in total, and are located in Yorkshire, the East Midlands, South, North West and North East of England.
For all the acquired properties, Triple Point has entered into full repair and insurance leases for periods of between 20 and 25 years with specialist housing associations including Falcon Housing Association, Hilldale Association and Inclusion Housing.
For the six months to June 30, Triple Point reported pretax profit of GBP9.9 million, up 65% from GBP6.0 million, lifted by a higher gain on the fair value adjustment on investment to GBP4.6 million from GBP3.3 million.
Rental income nearly doubled to GBP9.3 million from GBP4.7 million, as the trust's portfolio value as at June 30 more than doubled year-on-year to GBP423.2 million from GBP203.4 million.
On an IFRS basis, the portfolio value stood at GBP385.9 million, more than doubled from GBP190.0 million the prior year.
Triple Point's net asset value at the end of June stood at 103.96 per share, up 2.3% from 101.61p the same date the year before, and a 0.3% rise from 103.65p at the end of December.
Triple Point declared a dividend of 2.54 pence per share, up 1.6% from 2.50p the year before.
"Looking back over the past six months, and forward over the next six months, there is much to be pleased about. As expected, our existing portfolio has performed well and we have continued to deploy funds into high-quality assets leased to approved providers which continue to strengthen as a result of ongoing regulatory engagement," said Chair Chris Phillips.
"For all these reasons, and despite movements in the company's share price, our continued operational performance makes us look to the future with optimism," Phillips added.
Shares in Triple Point Social Housing were down 0.7% at 84.80 pence on Friday.
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