Civitas Social Housing

Care-based housing and healthcare real estate investment trust Civitas Social Housing today announced its full-year results for the year ending 31 March 2021.

The company’s portfolio value increased by 4.2% from £878.7 million to £915.6 million and its IFRS net asset value increased to 108.3p per share, with an IFRS valuation average net initial yield of 5.24%.

Civitas’s annualised rent roll increased to £50.8 million and EPRA earnings per share (diluted) increased to 4.93p per share. EPRA earnings (diluted) increased to £30.6 million

The company has a portfolio of 619 properties providing homes to 4,295 working age adults with learning disabilities, autism and mental health disorders whose average age is 32 years. The properties are located across 164 local authorities in England and Wales and leased to 16 approved providers, with support provided by 118 care providers. More than a third of the portfolio is on back-to-back 25-year leases, with care providers.

Civitas Social Housing’s non-executive chairman Michael Wrobel said: “In an extremely challenging year due to the global pandemic, the board gives its heartfelt thanks to the staff at all our partners for their dedicated efforts to provide for some of the most vulnerable members of our society.

“I am delighted to announce that the company has reported a strong set of financial results, unaffected by Covid-19. During the year, our investment advisor has continued to acquire new properties following the signing of a new debt facility. It has also implemented a number of initiatives to enhance our future prospects including environmental improvements to the portfolio, recruitment of additional skills and launching real-time data systems to both manage properties and rent collection.

“Unfortunately, the UK has a substantial and structural mismatch between the need for social housing and its availability, especially bespoke specialist care based social housing. Civitas is leading in the sector, helping to reduce this deficit by creating long-term, suitable and sustainable community-based housing solutions for vulnerable adults with lifelong care needs. The company has identified a strong pipeline of acquisition opportunities.

“The board views the future with confidence based on the strength of our portfolio and financial position, such that we have raised the dividend target for the coming year to 5.55p per share, an increase of 2.7%.”

Date published: June 30, 2021

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