Regulator's Report

5 April 2019

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

Regulator's Report

The Board of Triple Point Social Housing REIT plc (ticker: SOHO) notes the "Lease-based providers of specialist supported housing" report (the "Report") published on 4 April 2019 by the Regulator of Social Housing (the "Regulator").

The Report is an Addendum to the Sector Risk Profile 2018 which the Regulator has published annually for the last 6 years and which aims to draw attention to the strategic and financial risks facing the social housing sector. The main report was published in October 2018. However, because of the recent growth of the specialist supported housing sector, the Regulator has published an addendum to the main report focusing on specialist supported housing.

Whilst the Report does not highlight material new information, it does provide a helpful commentary on the risks of which both Registered Providers, who lease specialist supported housing assets, and investors, who invest into the sector, should be aware. It also notes that private investment plays an important role in supporting the much needed growth and sustainable development of the supported living sector and the positive impact this has on some of the most vulnerable people in society.

The Board and the Investment Manager are pleased that the Regulator intends to work with Registered Providers to help them develop an appropriate long-term business model, and naturally welcome any initiatives which improve levels of governance and helps ensure counterparties are financially robust. 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

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 assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), 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 an FRI lease with an Approved Provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development. 

There is increasing political and financial pressure on Housing Associations to increase their housing delivery and this is creating opportunities for private sector investors to participate in the market. The Group's ability to provide forward financing for new developments not only enables the Company to secure fit for purpose, modern assets for its portfolio but also addresses the chronic undersupply of suitable supported housing properties in the UK at sustainable rents as well as delivering returns to investors. 

Triple Point Investment Management LLP (part of the Triple Point Group) is responsible for management of the Group's portfolio (with such functions having been delegated to it by Langham Hall Fund Management LLP, the Company's alternative investment fund manager). 

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.