(Alliance News) - Triple Point Social Housing REIT PLC on Friday said its portfolio demonstrated "strong resilience" during 2022, expecting to lift annual dividend by 5%.
The London-based real estate investment trust said its portfolio of 3,456 units and 497 properties showed strong resilience during the period, "underpinned by growing excess demand for Specialised Supported Housing which represents 88.5% of the group's portfolio by rent roll".
It said 91.7% of rent due was collected for the period, compared to 99.8% in 2021.
SOHO said it remains committed to propose an annual dividend target of 5.46 pence per share for 2022, up 5% from a total dividend of 5.20 pence per share a year prior.
Looking ahead, SOHO said it continues to maintain "significant covenant headroom within its credit facilities alongside additional liquidity in the form of GBP26.9 million of cash".
Chair Chris Phillips said: "The board recognises the ongoing resilience of the company's portfolio, notwithstanding the sector-wide pressures social housing providers are experiencing. SOHO's focus on Specialised Supported Housing, and excess demand for more homes underpins our confidence in the group's outlook."
Shares were up 2.8% at 52.24 pence each on Friday afternoon in London.
By Xindi Wei, Alliance News reporter
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Triple Pnt Soc (SOHO)