01 August 2024
Triple Point Social Housing
REIT plc
(the "Company" or,
together with its subsidiaries, the "Group")
Investment Grade Credit Rating Reaffirmed
The Board of Directors of Triple
Point Social Housing REIT plc (ticker: SOHO) is pleased to announce
that Fitch Ratings Limited ("Fitch") has reaffirmed the Company's
existing Investment Grade, long-term Issuer Default Rating (IDR) of
'A-' and a senior secured rating of 'A' for the Group's existing
loan notes. Fitch published its first rating on the Company in
August 2021 with the same Investment Grade distinctions.
The outlook has been revised from
stable to negative to reflect prolonged rent arrears from two
Registered Providers, and the risk that the independent review of
the investment management arrangements could result in a change of
investment manager. Fitch note that the Group's arrears have not
been detrimental to the Group's credit metrics, and that they
intend to resolve the negative outlook upon resolution of these
arrears (which may include the completion of a transfer of leases,
as is currently being progressed by the investment manager), as
well as understanding the outcome of the Group's independent review
of the investment management arrangements.
The Fitch Rating Action Commentary
can be read in full here:
https://www.fitchratings.com/research/corporate-finance/fitch-revises-triple-point-outlook-to-negative-affirms-idr-at-a-01-08-2024
FOR FURTHER INFORMATION ON THE
COMPANY, PLEASE CONTACT:
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Triple Point Investment Management
LLP
(Investment Manager)
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Tel: 020 7201 8989
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Max Shenkman
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Isobel
Gunn-Brown
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Akur Capital (Joint
Financial Adviser)
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Tel: 020 7493 3631
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Tom
Frost
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Anthony
Richardson
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Siobhan
Sergeant
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Stifel (Joint Financial Adviser
and Corporate Broker)
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Tel: 020
7710 7600
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Mark Young
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Rajpal
Padam
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Madison
Kominski
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Brunswick
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Tel: 020 7404 5959
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Nina Coad
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Robin Wrench
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Mara James
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The Company's LEI is
213800BERVBS2HFTBC58.
Further information on the Company
can be found on its website at www.triplepointreit.com.
NOTES:
The Company invests in primarily
newly developed social housing assets in the UK, with a particular
focus on supported housing. The majority of the assets within the
portfolio are subject to inflation-linked, long-term, Fully
Repairing and Insuring ("FRI") leases with Approved Providers
(being Housing Associations, Local Authorities or other regulated
organisations in receipt of direct payment from local government).
The portfolio comprises investments into properties which are
already subject to a lease with an Approved Provider, as well as
forward funding of pre-let developments but does not include any
direct development or speculative development.
The Company was admitted to trading
on the Specialist Fund Segment of the Main Market of the London
Stock Exchange on 8 August 2017 and was admitted to the premium
segment of the Official List of the Financial Conduct Authority and
migrated to trading on the premium segment of the Main Market on 27
March 2018. The Company operates as a UK Real Estate
Investment Trust ("REIT") and is a constituent of the FTSE
EPRA/NAREIT index.