Triple Point Social Housing REIT : SOHO REIT Impact Report 2023 View document

Triple Point Social Housing REIT Plc

Impact Report 2023

March 2024

THEGOODECONOMY.CO.UK

This report was commissioned by Triple Point Social Housing REIT plc ("SOHO"). The report has been prepared by The Good Economy Partnership Limited ("The Good Economy" and "TGE"), a leading, independent advisory firm with expertise in impact measurement and management.

The findings and opinions conveyed, via this report, are based on information obtained from interviews and portfolio data from SOHO. The information reviewed should not be considered as exhaustive and has been accepted in good faith as providing true and representative data pertaining to the schemes. Therefore, The Good Economy cannot and does not guarantee the authenticity or reliability of the third-party information it has relied upon. The Good Economy reserves the right to alter the conclusions and recommendations presented in this report in light of further information that may become available.

The Good Economy accepts no duty of care, responsibility, or liability (whether in contract or tort including negligence or otherwise) to any person other than SOHO for any loss, costs, claims or expenses howsoever arising from any use or reliance on this report.

		Triple Point Social Housing REIT plc - Impact Report 2023
	CONTENTS
	EXECUTIVE SUMMARY	4
	IMPACT REPORT - HEADLINE RESULTS	6
1	INTRODUCTION	8
	About Triple Point Social Housing REIT	8
	Impact Measurement and Management Framework	9
	This Report	10
2	IMPACT ASSESSMENT AND RESULTS	11
	Social Need	14
	Fund Sustainable Developments	17
	Case Study: Beach Road Supported Housing	19
	Increase Supply	20
	Quality Services and Partnerships	21
3	CONTRIBUTION TO OUTCOMES	24
	Improve Wellbeing	26
	Case Study: Crewe Supported Living	28
	Value for Money	30
4	IMPACT RISK	32
5	CONCLUSIONS AND RECOMMENDATIONS	35
	APPENDIX	36
	Appendix 1 - Data Sources	36
	Appendix 2 - SOHO Impact Data	38
	Appendix 3 - The Equity Impact Project	40

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EXECUTIVE SUMMARY

Triple Point Social Housing REIT Plc (SOHO or the Fund) was launched in 2017 by Triple Point Investment Management LLP. SOHO's mandate is to invest in social housing in the UK, with a focus on specialised supported housing (SSH), a form of housing provision which enables individuals with varying care and support needs to live independently within their communities. The Fund aims to increase the provision of high-quality SSH, deliver positive outcomes for residents and provide stable, long-term returns to shareholders.

This is SOHO'S seventh Impact Report. It has been produced by The Good Economy (TGE), an independent impact advisory firm specialising in impact measurement and management.

Increase Supply

- SOHO's portfolio is currently comprised of 493 properties,

with the potential to provide a home for 3,417 people.

- This represents a decrease in overall capacity over the

last 12 months - during this period, four properties were

sold, and no new acquisitions were made.

Quality Services and Partnerships

- Currently, 10 of SOHO's 18 partner RPs (managing 79%

of homes) have been declared non-compliant with

the Regulator of Social Housing's (RSH) Governance

and Viability Standards owing to its concerns with the

lease-based model.

- However, SOHO has undertaken well-defined steps to

actively address the RSH's concerns. Foremost

amongst these is a new lease clause designed by SOHO

which aims to rebalance risk between SOHO and its

partner housing providers, and generally facilitate its

RPs to respond to the RSH's observations about the

Triple Point Social Housing REIT plc - Impact Report 2023

STRENGTHS

POTENTIAL WEAKNESSES AND MITIGATING ACTIONS

The report provides an independent assessment of SOHO's impact performance. It covers the period from January to December 2023. As of 31 December 2023, SOHO had invested £595 million in acquiring 493 properties, providing homes for up to 3,417 people.

Impact Assessment

TGE assesses SOHO's impact performance according to its stated impact objectives (the areas over which it has direct influence) and the real-world outcomes to which it aims to contribute (which are contingent on many factors).

IMPACT OBJECTIVES

Social Need

• SOHO's operational occupancy rate has continued to increase steadily across the portfolio.
• The Fund's properties are helping to meet an important social need, providing housing for individuals requiring a high level of support.
• 47% of SOHO's residents require more than 50 hours of care per week.1
• • 
    Fund Sustainable Developments
  • 71% of SOHO's homes have an EPC rating of C or higher.
  • Four properties underwent retrofit works in 2023 as part of the pilot phase of a retrofit programme, which aims to bring all properties up to a minimum EPC grade C.
  • 91% of respondents to a resident survey indicated that they were satisfied with the quality of their home.

sector. The clause has been signed on all of the Fund's

leases with Inclusion, its biggest tenant, and SOHO is

close to implementing the clause on its leases with

several other housing provider partners.

OUTCOMES

Improve Wellbeing

• A survey conducted with a sample of 117 residents (approximately 3% of the portfolio) revealed broadly positive feedback across a range of aspects relating to resident wellbeing. This included 63% of respondents experiencing improvements in their confidence, and 59% reporting an improvement in the quality of their support network.

Value for Money

• A value for money calculation revealed that SOHO's portfolio delivered £116.8m in Total Social Value in the year to December 2023. This includes £17.5m of Social Impact and £99.8m of Fiscal Savings. Overall, we estimate that these figures represent a Social Return on Investment (SROI) ratio of £3.08. This means that, for every £1 invested, SOHO's portfolio generates £3.08 in social value per year over the duration of the investment.

New lease clause - During 2023, SOHO finalised a new lease clause to redress the balance of risk-sharing with partner housing providers. This clause has now been signed on all the Fund's leases with its largest tenant, Inclusion Housing, and conversations are ongoing with several other partner housing providers. This represents significant progress in SOHO's efforts to address the RSH's concerns with the lease-based model.

Occupancy - Operational occupancy rates have continued to increase steadily across the portfolio every period since we started receiving data. This suggests strong and increasing demand for the Fund's homes.

Retrofit progress - SOHO has continued to move ahead with the pilot stage of a retrofit programme to upgrade the energy efficiency of its older stock. We have heard very positive feedback in terms of the Fund's approach so far, with a partner housing provider describing SOHO as "sector leading" in this area. We note that these learnings and this approach will now need to be rolled out on a larger scale across the portfolio to meet Fund's target of achieving 100% of properties rated EPC C or higher.

Addressing RSH concerns - The RSH continues to highlight concerns with the level of risk faced by housing providers in the SSH sector operating a lease-based model. Currently, 79% of SOHO's homes are managed by organisations that have been declared non-compliant with the RSH's Governance and Viability Standards. In addition, two of SOHO's partners were issued with Enforcement Notices during 2023 as a result of serious concerns over their governance and viability. We note the new lease clause as a positive step in addressing RSH concerns, and the progress that has been made at the two providers

in strengthening boards and management. However, the Fund must continue to monitor these situations and respond accordingly to prevent disruption to residents.

Compliance data - SOHO's compliance data for December 2023 shows that two providers have not provided complete compliance information. We understand that SOHO are following up with these providers to obtain full information. Full compliance data is necessary to avoid the risk that the Fund's housing providers are failing to carry out the property management requirements under the terms of the full repairing and insuring (FRI) lease.

Reduction in size of portfolio - This year, the Fund made no new acquisitions and sold four properties. This has led to a year-on-year reduction in the overall capacity of the Fund's portfolio. We understand that this was an isolated case and that a responsible exit was undertaken in this instance, with no disruption experienced by residents as a result of the sale. However, we note that the strategy of the Fund continues to be to supply new housing to tackle a sector-wide under supply. Therefore, if such a trend continues, this would limit the Fund's contribution to increasing the supply of SSH to deliver on its strategy.

1. Based on resident info collected by partner housing providers, covering 55% of portfolio.

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IMPACT REPORT - HEADLINE RESULTS AS OF 31 DECEMBER 2023

Triple Point Social Housing REIT plc - Impact Report 2023

TRIPLE POINT SOCIAL HOUSING REIT PLC

£595

MILLION

INVESTED

IN 493

PROPERTIES

PROVIDING HOMES FOR UP TO 3,417 PEOPLE2

HOMES ARE MANAGED BY 27 HOUSING PROVIDERS

RESIDENTS

SUPPORTED

BY 115 CARE

PROVIDERS

47% OF RESIDENTS RECEIVE MORE THAN 50 HOURS OF CARE PER WEEK

FOR EVERY £1 INVESTED, SOHO GENERATES £3.08 IN SOCIAL VALUE PER YEAR

OVER THE DURATION OF THE INVESTMENT 3

PROPERTIES ARE LOCATED ACROSS

153 LOCAL AUTHORITIES

75% OF HOMES

ARE LOCATED IN THE 40% MOST DEPRIVED LOCAL AUTHORITIES

9% OF HOMES FORWARD-FUNDED BY SOHO

71% OF HOMES HAVE EPC RATINGS OF A-C

61% OF HOMES ARE NEW TO SSH SECTOR AT THE POINT OF ACQUISITION

63% OF RESIDENTS REPORTED AN IMPROVEMENT IN THEIR LEVEL OF CONFIDENCE SINCE MOVING INTO THEIR CURRENT HOME*

91% OF RESIDENTS REPORTED FEELING SATISFIED WITH THE QUALITY OF THEIR HOME*

1. SOHO's portfolio consists mostly of supported housing (with a small portion of residential care/children's services). Supported housing properties provide a home for multiple people (usually c.5-20 depending on size and type of property) who either have their own self-contained apartment or a room within a shared house. Therefore, when this report describes 'number of homes' or 'potential to house number of people', this refers to the number of units across the Fund's properties at full occupancy.
2. We are 90% confident that the SROI ratio is between £2.54 and £3.61 (based on the survey findings which underpin this calculation and, where relevant, the findings of previous survey samples).

*Based on a survey carried out with a sample of 117 residents between January and February 2024.

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1 / INTRODUCTION

About Triple Point Social Housing REIT

Triple Point Social Housing REIT (SOHO or the Fund) is a Real Estate Investment Trust (REIT) established in 2017. The Fund focuses on specialised supported housing (SSH), a form of community housing provision in which homes are built or specially adapted for individuals requiring support in their daily lives.

SOHO has raised capital from investors through equity issuances on the public market and by structuring long-term,fixed-rate debt facilities. This capital has been strategically deployed to acquire SSH properties across the UK. The Fund then leases these properties to housing providers (typically Registered Providers) to manage on long-term lease agreements. This model is designed to unlock capital constraints to enable the delivery of much-needed SSH.

SOHO is managed by Triple Point Investment Management LLP, an FCA-regulated investment manager overseeing assets of more than £3.5 billion. Positioned within Triple Point's Social Housing division, SOHO aligns with the broader investment strategies of Triple Point, a purpose led investment manager, which encompass Social Housing, Digital Infrastructure, Energy, Private Credit and Venture Capital.

SPECIALISED SUPPORTED HOUSING

SSH is housing designed or adapted for individuals with diverse care needs, spanning from learning and physical disabilities to mental health diagnoses. Properties are designed with modifications to facilitate independent living for residents and are generally located in community-based settings. Residents have their own personalised care packages, while usually having the security of 24-houron-site support staff.

SSH has been recognised for the important role it plays in housing vulnerable individuals, and this is reflected in government policy. The Care Act 2014 and NHS England's Transforming Care Agenda seek to reduce dependence on institutional and residential services, encouraging a shift towards more community-based settings, such as SSH.4

The 2021 Adult Social Care White Paper also identifies the need for a range of new supported housing options. Projected demand for supported housing in England is estimated to increase by 125,000 by 2030.5

SUPPORTED HOUSING REGULATION

During 2023, two pieces of regulation were introduced which are relevant to the supported housing sector and therefore to SOHO. These are:

Triple Point Social Housing REIT plc - Impact Report 2023

Impact Measurement and Management Framework

SOHO's impact goal is to increase the provision of high-quality SSH that delivers positive outcomes for people with care and support needs.

Under this overall impact goal, SOHO has established the following set of impact objectives and target outcomes:

1. The Transforming Care and Commissioning Steering Group, 'Winterbourne View
   - Time for Change', 2014.
2. Department of Health and Social Care, People at the Heart of Care: Adult social care reform white paper, December 2021.

The Social Housing (Regulation) Act 2023 - a bill introduced in July 2023 to improve the standards, safety and operation of social housing.

The Supported Housing (Regulatory Oversight) Act

2023 - a bill introduced in August 2023 which plans to introduce new standards for supported exempt accommodation and make changes to how this type of accommodation is regulated.

Overall, both pieces of regulation aim to increase the overall quality of homes and services for residents and the level of regulatory oversight within the social and / or supported housing sector.

The Supported Housing Act allows the government to create new National Supported Housing Standards and introduce minimum standards and licensing regulations for supported accommodation. There is no set date for these standards to be introduced and it is not currently known what the standards will specify. TGE and SOHO will continue to monitor these standards and will respond appropriately once they are published.

IMPACT OBJECTIVES

The areas under SOHO's direct control or influence.

SOCIAL NEED

FUND SUSTAINABLE

DEVELOPMENTS

INCREASE SUPPLY

QUALITY SERVICES

AND PARTNERSHIPS

Contribute towards

TARGET OUTCOMES

The real-world outcomes for people, planet and place: these depend on many factors, including the activities of SOHO.

IMPROVE WELLBEING

VALUE FOR MONEY

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Triple Point Social Housing REIT plc - Impact Report 2023

2 / IMPACT ASSESSMENT AND RESULTS

This Report

This is the seventh Impact Report produced for SOHO by The Good Economy (TGE), an independent impact advisory firm specialising in impact measurement and management. This report covers the twelve-month period from January to December 2023.

Since 2019, TGE has acted as the social impact advisor for SOHO. In this capacity, we developed an Impact Measurement and Management (IMM) framework to enable the Fund to measure, manage and report on the impact of its investments. On an ongoing basis, we produce bi-annual impact reports, evaluating SOHO's performance against its impact objectives and target outcomes.

SOHO is also continuing to report against the Equity Impact Project (EIP), a sector-wide collaboration project led by The Good Economy and Big Society Capital to develop a common approach to impact reporting for equity investors in the social and affordable housing sector.6 Ultimately, this collaborative project aims to drive greater comparability and benchmarking of investors' contribution to positive impact.

SOHO was involved throughout the consultation phase for the EIP and became one of the first investors to disclose according to the framework in its Half-Year Impact Report in September 2022. The Fund is once again disclosing against the EIP in this report (see Appendix 3).

In the 12 months to December 2023, SOHO has made no new acquisitions and sold four properties. This brings the overall portfolio to 493 properties, comprised of 3,417 homes, a reduction in overall capacity of 1%.

In February 2023, SOHO publicly announced its plan to introduce a new risk-sharing clause into its existing leases. This clause has now been signed on all of SOHO's leases with its largest housing provider, Inclusion Housing, and discussions are ongoing with several other providers. The clause has been shared with all of SOHO's housing providers as well as wider stakeholders across the wider sector.

SOHO is also currently undertaking the pilot phase of a retrofit programme, which aims to bring all properties to a minimum EPC rating of C across the portfolio. As of December 2023, four properties had completed retrofit works as part of the pilot, with EPC ratings rising from E to B.

METHODOLOGY

TGE's independent impact assessment is informed by a mix of quantitative and qualitative data. This includes:

Portfolio data provided by SOHO Interviews with SOHO's partners (including housing providers and care providers) Interviews with Triple Point Investment Management staff

Site visits to selected schemes

A Resident Outcomes Survey conducted with a representative sample of residents.

See Appendix 1 for a full breakdown and description of the data sources used to inform the impact assessment contained in this report.

Overall, we take a stakeholder-driven and outcomes- focused approach to assessing the impact of SOHO's investments. This incorporates a focus on residents' lives and aims to align with guidance outlined by the Impact Frontiers.

6. In July 2021 The Good Economy and Big Society Capital, on behalf of the Equity Impact Project, published two reports explaining the project's purpose and framework. Both reports are viewable via: https://thegoodeconomy.co.uk/collaborations/the-equity-impact-project.

OVERALL IMPACT GOAL	PORTFOLIO SUMMARY	DEC 2022	DEC 2023	% CHANGE
	Value of capital deployed	£602	£595	-1%
	million	million
Increasing the provision	Number of properties	497	493	-1%
of high-quality supported	Number of homes	3,456	3,4177	-1%8
housing that delivers positive
outcomes for people with care	Number of local authorities in which	153	153	0%
and support needs	properties are located
	Number of housing providers	27	27	0%
	Number of care providers9	122	115	N/A

1. Note this includes one property, consisting of 10 units, where the lease has been surrendered. An alternative lessee is currently being sought for this property.
2. The year-on-year decrease in number of units is the result of a sale of a portfolio of four properties.
3. The number of care providers SOHO works with appears to have decreased by 5% since December 2022. This is partially the result of SOHO consolidating the number of care providers, as some of the organisations operate under different names but are in fact the same care provider or are part of the same group.

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Triple Point Social Housing REIT plc - Impact Report 2023

Key Performance Indicators (KPIs) and Targets

IMPACT
OBJECTIVE /	IMPACT TARGETS
OUTCOME AREA

PERFORMANCE AGAINST IMPACT OBJECTIVES

DEC 2022 RESULTS

DEC 2023 RESULTS

2022-23

% CHANGE

TARGET MET?

SOCIAL NEED	70% of homes in 40% most
	75%	75%		0%
	deprived local authorities
	95% of homes are SSH	96%	96%		0%
FUND						SOHO has implemented minimum criteria
					for new acquisitions, ensuring that it does
SUSTAINABLE
DEVELOPMENTS						not invest in homes rated below an EPC C.
	80% of homes have an					Additionally, the Fund has successfully begun
	71%	71%		0%	the pilot phase of its retrofit programme,
	EPC rating of C or higher
					aimed at enhancing the energy efficiency
						of its existing housing stock by 2030. The
						properties retrofitted thus far have seen
						improvements to EPC B's
INCREASE	25% of homes	30%	30%		0%
are new-build10
SUPPLY
	50% of homes are new SSH	62%	61%		-1%
	at the point of acquisition
QUALITY						SOHO's performance is below its target here,
90% of stated Care Quality					but marginally above the average for England
SERVICES AND
				as a whole (83%). Where care providers
Commission (CQC) ratings of
PARTNERSHIPS
85%	84%		-1%	receive sub-standard ratings, we have
	partner care providers are
					heard from SOHO that it engages with those
	'Good' or 'Outstanding'
					organisations to understand the action plan
						that is being undertaken to improve the rating
CONTRIBUTION TO OUTCOMES
	SOHO's contribution to wellbeing outcomes is assessed
IMPROVE	through a Resident Outcomes Survey. For this report, we
WELLBEING	carried out a survey with a sample of 117 residents from Jan	No target11
	to Feb 2024. The results showed generally positive feedback,
	though there was a smaller proportion of respondents
	reporting improvements compared to the previous sample.
VALUE FOR	£2.50 created in social value
MONEY	for every £1 invested by	£3.30	£3.08		-12
	SOHO over the duration of the
	investment

1. A new-build property was constructed or fully renovated as SSH in the last 10 years at the point of acquisition.
2. SOHO has not set a target for a wellbeing metric due to its subjective nature. However, SOHO aims to collect feedback on wellbeing through an annual Resident Outcomes Survey as well as regular site visits to selected properties.
3. Assessment of year-on-year change not deemed appropriate as value for money figures are calculated based on relatively small samples which may not be representative of changes/improvements across the wider portfolio during that period.

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	IMPACT OBJECTIVE - Social Need
	IMPACT OBJECTIVE	IMPACT METRICS		DEC 2022		DEC 2023		% CHANGE
		Number of homes		3,456		3,417		-1%
		Percentage of homes in the 40% most deprived local		75%		75%		0%
		authorities (based on the IMD)
	SOCIAL NEED
	Residents' breakdown of weekly care hours*
		0 - 19 hours		29%		23%		N/A
		20 - 49 hours		22%		30%		N/A
		50 - 99 hours		21%		18%		N/A
		100+ hours		28%		29%		N/A

*Figures based on resident info collected by partner housing providers. In Dec 2022, the sample covered 50% of portfolio and Dec 2023 covered 55% of portfolio. Percentage change year-on-year not calculated due to difference in the samples on which this information is based.

Triple Point Social Housing REIT plc - Impact Report 2023

RESIDENT DEMOGRAPHICS

CATEGORY OF CARE NEED

58%	25%		14%
Multi diagnosis	Learning disabilities		Mental health
Based on resident info collected by partner
1% Autism and complex needs
housing providers, covering 87% of portfolio.
	3% Other / homelessness

AGE BREAKDOWN

Under 19 years <1%

SOHO's portfolio addresses the crucial demand for specialised community-based housing and care for individuals with identified needs. To be eligible for investment, schemes must receive confirmation of support from local authority commissioners as part of the Fund's due diligence process.

The properties cater to diverse support needs, including learning disabilities, mental health diagnoses and physical disabilities. Nearly half of the Fund's residents receive more than 50 hours of care per week (see 'Resident Demographics' for more information).

As of December 2023, SOHO's portfolio had the capacity to provide homes for 3,417 people. This is a significant number of homes which shows that the Fund is playing an important role in providing appropriate housing for people living with support needs.

Over the last 12 months, we have seen operational occupancy rates increase steadily across the portfolio. This continues the trend of SOHO's overall occupancy rate increasing every period since we started receiving data (in 2020). Excluding those properties undergoing works or ramp-up periods, most of the Fund's properties are at or close to full occupancy.

There is a small proportion of properties where occupancy rates are relatively low. This is to be expected within a large, diversified portfolio, particularly where many residents have complex needs. For this report, we engaged with SOHO

on these under-occupied properties and asked the Fund to provide an explanation of the situation. Overall, we are confident that the Fund has good visibility over any issues and is being proactive in working with housing providers and care providers to resolve them. Examples of common reasons cited for lower than average levels of occupancy include:

Works required prior to occupation Issues with staffing preventing referrals Change of care provider

Compatibility issues with existing residents, particularly those with very complex needs (this is particularly an issue at smaller schemes).

20 - 29 years 14%

30 - 39 years 45%

40 - 49 years 26%

50 - 59 years 12%

60+ years 3%

Based on resident info collected by partner housing providers, covering approximately 60% of portfolio.

WEEKLY CARE HOURS

30
					20 - 49 hours
							100+ hours
25					30%
					29%
20			0 - 19 hours
		23%
15					50 - 99 hours

18%

10

5

0

Based on resident info collected by partner housing providers, covering 55% of portfolio.

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The homes in SOHO's portfolio are located in 153 local authorities across the UK.		Index of Multiple Deprivation
75% of the Fund's homes are in the 40% most deprived local authorities.
			Most Deprived
			Deprived
			Average Deprivation
			Less Deprived
			Least Deprived

Location of Property

SOHO Property

Triple Point Social Housing REIT plc - Impact Report 2023

IMPACT OBJECTIVE - Fund Sustainable Developments

IMPACT OBJECTIVE IMPACT METRICS	DEC 2022	DEC 2023	% CHANGE
	Percentage of homes with EPC rating B+13		31%	-1%
	32%
	Percentage of homes with EPC rating C+	71%	71%	0%
	Percentage of homes with EPC rating E+	99.8%	99.8%	0%
FUND SUSTAINABLE
Number of EPCs improved in last 12 months	N/A	9	N/A
DEVELOPMENTS
Percentage of residents satisfied	91%	91%	0%
	with the quality of their home*
	Breakdown of total homes by housing type
	Specialised supported housing	89%	88%	-1%

Scotland

Shetland and Orkney Islands

Supported housing	7%	8%	+1%
Registered care or Children's services	4%	4%	0%

*Based on Resident Outcomes Surveys conducted for each year's Impact Report. For Dec 2022 this is based on a sample of 60 residents and for Dec 2023 this is based on a sample of 117 residents.

North East

North

West

Yorkshire and The Humber

East Midlands

West Midlands

ENVIRONMENTAL SUSTAINABILITY

SOHO is aiming to improve the environmental performance of its portfolio and is incorporating environmental considerations into its investment strategy. As of December 2023, 31% of SOHO's units had an EPC rating B or higher, and 71% were rated C or higher.

Under the Fund's existing acquisition policy, renovated properties must attain a minimum EPC C rating, while newly constructed properties must achieve a rating of B or higher (or attain these grades through works at acquisition).

Introduced in 2020, this policy has led to evident enhancements in EPC grades, with the percentage of homes rated A to C increasing

SOHO continues to move ahead with its retrofit programme, which aims to improve the energy efficiency of all homes to a rating of at least EPC C by 2030. As of December 2023, SOHO had completed the retrofit of four properties to improve their EPC rating to either a B or C. The wider pilot phase is still ongoing, with 11 properties of different types involved in total. The pilot is expected to complete by the end of 2024. Its purpose it to provide learnings to inform the full roll out of a portfolio-wide retrofit programme, enabling the Fund to plan and cost the works, as well as incorporate learnings in terms of how to minimise disruption to residents.

We have heard that, throughout the pilot phase, SOHO has prioritised minimising disruption to residents. This has involved early communication with all stakeholders involved, including meetings with housing providers, care providers and contractors to gauge when best to schedule the retrofit works given the residents' schedules. For the works

Wales

East of England

London

South East

South West

from 59% in March 2020 to 71% in December 2023. These homes align with the target outlined in the government's Clean Growth Strategy, aiming for all homes to reach at least an EPC grade C by 2035.14

undertaken so far, SOHO stated that feedback from residents, staff and families has predominantly been very positive.

This was reinforced by a conversation with a partner housing provider who described SOHO's approach to retrofit as "sector leading" in terms of both the Fund's communication and its consideration of each individual property's required works.

Contains OS data © Crown copyright and database right (2024). Data source: English Indices of Deprivation (IMD) (2019), Scottish IMD (2020) and Welsh IMD (2019) - % of local areas (LSOAs) in the 20% most deprived nationally by local authority (England, Scotland and Wales treated separately).

1. This metric is new and has been included this year because EPC B+ is what has been defined as sustainable under the EU's Sustainable Finance Disclosure Regulation (SFDR). The metric was not reported in the last report, however, previous year's results have been included in this report for comparability.
2. HM Government, Clean Growth Strategy, October 2017.

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Triple Point Social Housing REIT plc - Impact Report 2023

Waiting on case study sign-off from United Response

CASE STUDY: BEACH ROAD

	Location: Littlehampton
Support Provider	Local Authority
United Response	Arun District Council

Housing Provider	Number of Residents
Falcon Housing Association CIC	6

SCHEME OVERVIEW

Beach Road is a supported housing scheme in Littlehampton which enables adults with learning disabilities, autism and mental health needs to live independently in the community.

The property is managed by Falcon Housing Association, who manage the repairs, maintenance, and upkeep of the property. Support services are provided to residents by United Response.

the high level of demand for supported housing options from local commissioners.

RETROFIT PROGRAMME

In 2023, Beach Road was the subject of retrofit works to enhance its energy efficiency. These works were carried out as part of the pilot stage of SOHO's retrofit program. As an older property, Beach Road originally had an EPC rating of D.

QUALITY OF HOMES

Based on a survey of SOHO residents, 91% reported that they were satisfied with the quality of their home.

This is in line with the results of the last survey, when 91% of respondents also reported feeling satisfied with the quality of their home. It is also marginally above the national average across all housing, with 89% of adults saying that they were satisfied with the quality of their accommodation in 2021-22.15

SOHO has recently finalised its revised Employer Requirements for refurbished properties (excluding new builds). These requirements offer a comprehensive description of the Fund's building specifications, intended for use in initial discussions with developers. The goal is to enhance existing standards and ensure that homes are designed to promote residents' health and happiness and meet their specific needs. The updated Employer Requirements have been completed and distributed to developers to be used for future acquisitions.

SOHO has comprehensive processes in place for the ongoing monitoring of the properties, which have been adapted to the portfolio's maturity. For all properties, a site visit is conducted within the first 12 months of acquisition, the subsequent 12 months of the defects period, and then again in the fifth year. Following this, inspections focus on strategic objectives like low occupancy or health and safety issues. Notably, property inspections now include data collection on ESG requirements, providing the Fund with greater oversight for potential property enhancements, such as the installation of electric vehicle charging points and creation of more green space.

In addition to property inspection, the Fund collects quarterly operational surveys and biannual compliance surveys from its partner housing providers to ensure the Fund is capturing sufficient data on its properties as part of its ongoing monitoring processes - see 'Quality Services and Partnerships' on page 21 for more information on the Fund's compliance results as of December 2023.

The property provides a home for six individuals, in a shared accommodation set-up. This means that each resident has their own bedroom, with shared communal facilities including lounge, kitchen and bathrooms. The bedrooms themselves are large and spacious and one bedroom had slight adaptations requested by the resident before moving in (to remove a fireplace).

The residents like having their own space, whilst having support available on site 24/7. Most of the residents can be relatively independent and can go out into the community by themselves. This is aided by the fact that the property is well-located, walking distance from the beach and town centre, including shops, transport links, GP surgery and a day centre. The property contains minimal adaptions, appearing as a normal residential property on a residential street, suitable for the residents needs as described by the care provider.

The scheme opened in 2019. Previously, United Response had another property located nearby, however it was older, required more maintenance and was less suitable to the needs of the residents. Therefore, United Response took the opportunity to move to Beach Road. This meant that most of the current residents of Beach Road moved together from their previous property.

At the time of our visit, we heard that the scheme had very low turnover rate - with all but one resident having lived there since they moved in in 2019. The site also had consistently high occupancy levels. United Response stated that this was due to

To improve its energy performance, the property underwent relatively substantial works. This involved replacing the roof alongside installing solar panels as well as improving insulation, improving air flow, and draft proofing.

During out visit, we heard that the retrofit works did not cause any significant disturbances to the residents. There was a good level of communication between parties, including SOHO, Falcon and the contractors, regarding the works that would be taking place. We heard that the contractors were accommodating to the needs of residents - this included ensuring appropriate start times and, where possible, minimising their presence in the property through the use of an outdoor cabin.

For the resident in the top floor flat (where the roof was being replaced), the situation was managed through temporarily moving her to another supported housing property in the local area while the works were undertaken. This other scheme was also with United Response as the care provider, and the resident had friends living there, so she informed us that she was happy with this solution.

Overall, as a result of the works, the property's EPC rating has improved from a D to a B. We heard that the house is now a more comfortable temperature, particularly the top floor bedroom which was consistently either too hot or too cold. It is currently too early to comment on the impact of the works in terms of household bills, but it is wholly expected that there will be a significant reduction over time.

15. Office for National Statistics, English housing survey data on attitudes and satisfaction, July 2023.

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